Argos Resources Ltd PL001 Licence Extension (6473W)
April 27 2021 - 2:00AM
UK Regulatory
TIDMARG
RNS Number : 6473W
Argos Resources Ltd
27 April 2021
27 April 2021
This announcement contains inside information
ARGOS RESOURCES LIMITED
("Argos" or "the Company")
PL001 Licence Extension
Argos Resources Limited (AIM: ARG.L), the Falkland Islands based
exploration company focused on the North Falkland Basin, is pleased
to announce t hat the Falkland Islands Government has extended the
second term of the Company's PL001 Licence by twelve months, to 1
May 2022.
The Company has a commitment to drill one exploration well
within the licence area by the end of the second term of the
licence.
Commenting on the extension, Mr Ian Thomson, OBE, Chairman of
Argos, said:
"We are very pleased that the Falkland Islands Government has
awarded a licence extension. This reflects the collaborative
approach we seek to maintain with the government. Our intention is
to secure partners and commence exploration drilling as soon as
possible."
For further information:
Argos Resources Ltd (+500 22685)
www.argosresources.com
Ian Thomson, Chairman
John Hogan, Managing Director
Cenkos Securities plc (Nomad & Broker)
Derrick Lee (+44 131 220 9100)
Neil McDonald (+44 131 220 6939)
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 some 530 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.
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END
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