Environment Impact Statement

RNS Number : 7430F

Argos Resources Ltd

03 May 2011

 



 03 May 2011

ARGOS RESOURCES LIMITED

("Argos" or "the Company")

Environment Impact Statement

Argos Resources Limited (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin, is pleased to announce that its Environment Impact Statement (EIS) was submitted to the Falkland Island Government on the 2^nd of May 2011. There now follows a statutory 42 day period of public consultation.

The EIS has been produced following a thorough Environmental Impact Assessment carried out for the Company by RPS Energy and the Marine Resource Assessment Group. That work has assessed the potential impact of exploration drilling on the existing environment within the Company licence acreage and along the adjacent coastlines. Data on year round environmental sensitivities were collected and are analysed within the EIS. The EIS document can be downloaded from the Argos Resources website at http://www.argosresources.com/docs/ARG-EIS-May-2011.pdf

Commenting on this progress, Ian Thomson, Chairman of Argos, said:

"The submission of an Environmental Impact Statement and its acceptance by the Falkland Island Government is a pre-drilling requirement and, upon approval by the Government, will take the Company another step closer towards being ready for drilling operations in the North Falkland Basin in Q4 2011 or early 2012."

For further information:

Argos Resources Ltd ([phone])

www.argosresources.com 

Ian Thomson, Chairman

John Hogan, Managing Director

Evolution Securities Limited ([phone])

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 PL032 where the Sea Lion oil discovery was made by Rockhopper Exploration plc, who are undertaking a new and extensive drilling campaign in their licence.

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 has completed a 3D seismic programme over 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 or early 2012.

 

END

 

 

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