Director's Dealings

RNS Number : 8691T

Argos Resources Ltd

05 October 2010

 



05 October 2010

Argos Resources Limited

("Argos" or "the Company")

Director's Dealings

Argos, the oil & gas exploration company with assets in the North Falkland Basin, received notification on 04 October 2010 that, effective on 05 October 2010, Mr. Dennis Carlton, Non-executive Director, transferred his entire directly held shareholding of 3,250,000 ordinary shares of 2p each ("Ordinary Shares") in the Company (1.5 per cent of the issued share capital) into a nominee account of HSBC Client Holdings Nominee (UK) Limited.

For the avoidance of doubt, no acquisition or sale of Ordinary Shares was made by Mr. Carlton and he maintains an unchanged 1.5 per cent. direct interest in the issued share capital of the Company.

-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.

Argos was admitted to AIM on 29 July 2010 following the successful completion of a Placing of new shares at 31 pence per Placing Share, raising gross proceeds of approximately £22.0 million.  Argos will use the net proceeds of the Placing principally to finance its planned 3D seismic acquisition and interpretation programme. 

 

END

 

 

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