Result of Annual General Meeting

RNS Number : 1583P

Argos Resources Ltd

22 October 2012

 



22 October 2012

ARGOS RESOURCES LIMITED

("Argos" or "the Company")

Result of Annual General Meeting

Argos Resources Limited (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin, is pleased to announce that at the Annual General Meeting of the Company held in the Falkland Islands on 19 October 2012, all resolutions were duly passed by shareholders.

At the Annual General Meeting, Ian Thomson, Chairman of the Company, made the following statement:

"The Company has made significant progress in interpreting the substantial database of 3D seismic we have acquired and processed. The Competent Person's Report issued in October 2011 was based on fast-tracked processed data. We are now interpreting the final processed version of the seismic data which indicates that many of the existing prospects are larger than reported. In addition a significant number of new leads have been identified which do not fall within the scope of the existing CPR. These are in the process of being mapped in detail and high-graded.

A copy of the presentation to be delivered by John Hogan, Managing Director of the Company, is available on the Company's website - www.argosresources.com. In particular, the presentation highlights two specific examples of this new prospectivity. The first, Tyche, is potentially an extension of Rockhopper's Chatham prospect in the adjacent licence. The second, Big Metis, is a significant upgrade in the resource attributable to the prospect formerly known as Metis, which forms part of the Helios Stack and lies entirely within the Company's licence area.

The Company continues to seek an industry partner for exploration drilling and will issue an update in this regard at the appropriate time."

For further information:

Argos Resources Limited             

Ian Thomson, Chairman                                ([phone])

John Hogan, Managing Director

www.argosresources.com

Cenkos Securities plc

Jon Fitzpatrick                                   ([phone])

Neil McDonald                                  ([phone])

Citigate Dewe Rogerson              

Martin Jackson                                  ([phone])

Priscilla Garcia

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 was acquired in early 2011 covering the entire licence area. The quality of the seismic data acquired is excellent and clearly demonstrates a material increase in the prospectivity of the licence over that which could be identified from the older 2D seismic data. Twenty eight prospects have been identified to date by Argos in the licence area. These prospects have a total unrisked potential of 2.1 billion barrels of prospective recoverable resource in the most likely case and up to 7.3 billion barrels in the upside case. The licence area adjoins licences PL032 and PL004b. The Sea Lion oil discovery was made in licence PL032 in 2010 and a total of nine wells have now been drilled to complete the appraisal of this large discovery. An extension of the Sea Lion field into licence PL004b was proven by drilling in late 2011 and additional shallower stacked oil and gas accumulations above the Sea Lion field have also been proven in the Casper, Casper South and Beverley discoveries.

The presence of gas in these latest discoveries, together with gas in the Johnson discovery and gas condensate in the Liz discovery to the south points to a second deeper source rock generating commercial volumes of hydrocarbons into the basin, in addition to the Lower Cretaceous oil source rock.

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 35 years of experience in the petroleum industry.

 

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