Company Web Site : http://www.argosresources.com
Argos is an oil and gas exploration company based in the Falkland Islands. The principal asset of the Company is a 100 per cent. interest in Production Licence PL001, covering approximately 1,126km2 in the North Falkland Basin (the "Licence Area"). Based on the 2D seismic survey conducted in 1996, seven prospects and five leads have been identified by Argos in the Licence Area. The combined potential of the seven prospects is estimated to be 747 million barrels of unrisked recoverable oil, in the most likely case, and up to 1.75 billion barrels in the upside case. The Licence Area adjoins licence areas being explored by Rockhopper Exploration plc and Desire Petroleum plc, who have drilled the first two wells of a new eight well drilling campaign in the North Falkland Basin.
The Company has a strong and experienced management team with significant experience in both the oil and gas industry and the Falkland Islands. The Company's strategy is to undertake a 3D seismic programme during the next austral summer over a number of the prospects identified from the interpretation of 2D seismic data, with a view to better defining those prospects, and potentially identifying new prospects, leading to the selection of possible targets for an initial drilling programme in the fourth quarter of 2011 and in 2012.
3D seismic plans :
http://www.investegate.co.uk/Article.aspx?id=201010210700097469U
3D seismic update :
http://www.investegate.co.uk/Article.aspx?id=201012301630047431Y
I have been buying a big stake in these at around the 40p levels and added more of late.
Yesterday, 12th Jan 2011 - Jefferies come out with a buy note on ARG with a target price of 75p. I am bullish on them due to the likelihood of northerly oil migration from DES license area kitchens into the ARG reservoirs.
The 3D seismic might reveal some very big things ;)
