PL001 Licence Extension

RNS Number : 6473W

Argos Resources Ltd

27 April 2021

 

27 April 2021

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 t hat the Falkland Islands Government has extended the second term of the Company's PL001 Licence by twelve months, to 1 May 2022.

The Company has a commitment to drill one exploration well within the licence area by the end of the second term of the licence.

Commenting on the extension, Mr Ian Thomson, OBE, Chairman of Argos, said:

"We are very pleased that the Falkland Islands Government has awarded a licence extension. This reflects the collaborative approach we seek to maintain with the government. Our intention is to secure partners and commence exploration drilling as soon as possible."

For further information:

Argos Resources Ltd ([phone])

www.argosresources.com 

Ian Thomson, Chairman

John Hogan, Managing Director

Cenkos Securities plc (Nomad & Broker)

Derrick Lee ([phone])

Neil McDonald ([phone])

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 some 530 million barrels of recoverable resource. A decision to proceed with the development of the Sea Lion field is awaited.

The licence is held under the name of Argos Exploration Ltd which is a wholly owned subsidiary of the Company.

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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