PL001 Licence Extension

RNS Number : 8815H

Argos Resources Ltd

11 April 2022

 

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 from 1 May 2022 to 31 December 2022, with no additional work commitments.

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 over 500 million barrels of recoverable resource. A decision to proceed with the development of the Sea Lion field is pending.

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.

 

END

 

 

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