REG - Argos Resources Ltd - PL001 Licence Extension

Argos ResourcesAnnouncement

31/10/2019 18:30

RNS Number : 8916R
Argos Resources Ltd
31 October 2019
 


 
 
 
 
31 October 2019
 
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 that the Falkland Islands Government  has extended the second term of the Company's PL001 Licence by eighteen months, to 1 May 2021, with no additional work commitments.
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. While the extension is welcome, it remains our intention 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 over 500 million barrels of recoverable resource. A decision to proceed with the development of the Sea Lion field is pending.
  
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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