Argos Resources Limited (ARL) (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin , is pleased to announce the planned extension of its Production Licence PL001 to 31 December 2024.
The Licence was due to expire on the 31 December 2022. After applying for a two-year extension, the Company is pleased to have received confirmation from the Falkland Islands Government that the Licence will be extended to 31 December 2024.
The Company intends to undertake 3D seismic reprocessing and has a commitment to drill one exploration well within the Licence area by the end of the second term of the Licence.
For further information:
Argos Resources Ltd (+500 22685)
Ian Thomson, Chairman
John Hogan, Managing Director
Notes to Editors
Argos Resources is an oil and gas exploration company listed on AIM and based in the Falkland Islands. The Company’s principal asset is a 100 per cent interest in Production Licence PL001 covering an area of approximately 1,126 square kilometres in the North Falkland Basin.
A 3D seismic survey has been acquired over the entire licence area. The quality of the seismic data acquired is excellent and has led to the identification of 52 prospects and 40 leads within the licence area. An independent Competent Person’s Report attributes to these prospects a total unrisked potential of 3.1 billion barrels of prospective recoverable resource in the most likely case and up to 10.4 billion barrels in the upside case.
The licence area is immediately adjacent to the giant Sea Lion oil discovery which contains over 500 million barrels of recoverable resource. A decision to proceed with the development of the Sea Lion field is awaited.
The licence is held under the name of Argos Exploration Ltd, which is a wholly owned subsidiary of the Company.
The Company has a strong and experienced management team with extensive experience in both the oil and gas industry and the Falkland Islands.
This statement has been approved by John Hogan, Managing Director of Argos Resources, and a qualified geologist with over 40 years of experience in the petroleum industry.
