By Michael Susin

 

Argos Resources Ltd. said Friday that it is in discussions with the Falkland Islands government to extend its PL001 license, and that it will raise additional funds for the technical commitments of the project.

In addition, the oil-and-gas company, which is focused on the North Falkland Basin, said that Chairman Ian Thomson has agreed to provide it with a loan of up to 110,000 pounds ($134,871) that later could be converted into new shares.

Argos Resources said the loan, together with its existing resources, will provide sufficient working capital until July 2023.

 

Write to Michael Susin at michael.susin@wsj.com

 

(END) Dow Jones Newswires

June 24, 2022 09:21 ET (13:21 GMT)

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