Admission to Trading on AIM

RNS Number : 1206Q

Argos Resources Ltd

29 July 2010

 



This announcement and the information contained herein is not for publication, distribution or release, in whole or in part, in, or into, directly or indirectly, the United States, Canada, Australia, the Republic of South Africa, the Republic of Ireland, Japan or in any other country outside of the United Kingdom where such distribution may lead to a breach of any applicable legal or regulatory requirements.

29 July 2010

Argos Resources Limited

("Argos" or "the Company")

Admission to trading on AIM and completion of placing

Further to its announcement on 27 July 2010, Argos, the oil & gas exploration company with assets in the North Falkland Basin, announces that its entire issued share capital, comprising 216,113,205 ordinary shares of 2p each, has today been admitted to trading on the AIM market of London Stock Exchange plc, under the EPIC code "ARG".  Argos also announces that the placing announced on 27 July 2010 ("Placing") has become unconditional in all respects.

Further information about the Company, including all of the information required to be disclosed pursuant to AIM Rule 26, is available on the Company's website, www.argosresources.com.  

Evolution Securities Limited acts as nominated adviser and broker to Argos Resources Limited.   

-ENDS-

For further information:

Argos Resources Ltd ([phone])

www.argosresources.com 

Ian Thomson, Chairman

John Hogan, Managing Director

Evolution Securities Limited ([phone])

Robert Collins

Tim Redfern

Neil Elliot

Adam James

Citigate Dewe Rogerson ([phone])

Martin Jackson

George Cazenove

Kate Lehane

Notes to Editors 

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.

Admission marks completion of Argos' successful Placing.  The Placing Price was set at 31 pence per Placing Share.  The gross proceeds of the Placing are approximately £22.0 million.  Argos will use the net proceeds of the Placing principally to finance its planned 3D seismic acquisition and interpretation programme. 

The admission document is available to the public free of charge during normal business hours on any day (Saturdays, Sundays and public holidays excepted) at the registered office of Argos Resources Limited at John Street Chambers, Stanley, Falkland Islands, at the offices of Peachey & Co LLP, 95 Aldwych, London WC2B 4JP and on the Company's website www.argosresources.com.  The announcement has been issued by Argos Resources Limited and is the sole responsibility of Argos Resources Limited.

 

END

 

 

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