May 10, 2017 / 9:57 PM / in 7 months

BRIEF-Zargon Oil & Gas reports Q1 net loss $0.02 per basic share

May 10 (Reuters) - Zargon Oil & Gas Ltd:

* Zargon Oil & Gas Ltd provides Q1 results

* Q1 2017 production averaged 2,579 barrels of oil equivalent per day, a five percent increase from preceding quarter rate

* For remainder of 2017, Zargon is budgeting $5.29 million of capital expenditures

* Guidance levels are maintained at 2,500 barrels of oil equivalent per day for remainder of year

* Qtrly funds flow from operating activities of $1.50 million compare to $0.92 million recorded in prior quarter

* Qtrly net loss $0.02 per basic share

* Q1 average daily production equivalent was 2,579 boe/d versus 4,176 boe/d Source text for Eikon: Further company coverage: (Reporting by Debanjan Bose)

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