REG - Argos Resources Ltd - Extension of Falkland Islands Production Licence

Argos ResourcesAnnouncement

15/12/2022 07:00

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RNS Number : 7658J  Argos Resources Ltd  15 December 2022

This announcement contains inside information

 

ARGOS RESOURCES LIMITED

("Argos", the "Group" or "the Company")

 

 

Extension of Falkland Islands Production Licence

 

 

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)

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 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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