Notice of 2011 AGM

RNS Number : 3296O

Argos Resources Ltd

16 September 2011

 



16 September 2011

Argos Resources Limited

("Argos" or "the Company")

Notice of Annual General Meeting

Argos Resources Limited (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin, announces that its 2011 Annual General Meeting ("AGM") will be held in the Falkland Islands at the Chamber of Commerce, West Hillside, Stanley, FIQQ 1ZZ on Thursday 13 October 2011, commencing at 5.00 pm (local time). Notice of the AGM has today been sent to shareholders.

-ENDS-

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

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 1126 sq kms 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 late 2011 or early 2012.

Argos was admitted to AIM on 29 July 2010 following the successful completion of a Placing of new shares to raise gross proceeds of approximately £22.0 million.  The net proceeds of the Placing are principally being used to finance the Company's 3D seismic acquisition and interpretation programme.  Additional capital will be required to finance drilling.

 

END

 

 

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