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REG - Argos Resources Ltd - PL001 Licence Extension

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RNS Number : 8815H  Argos Resources Ltd  11 April 2022

 

 

 

 

 

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 from 1 May 2022 to 31 December 2022, with no additional work
commitments.

 

 

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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