May 10 (Reuters) - Zargon Oil & Gas Ltd ZAR.TO :
* 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: ZAR.TO