2012 Annual Report

RNS Number : 3458B

Argos Resources Ltd

03 April 2013

 



3 April 2013

ARGOS RESOURCES LIMITED

("Argos" or "the Company")

2012 Annual Report

Argos Resources Limited (AIM: ARG.L), the Falkland Islands based explorationcompany focused on the North Falkland Basin, is pleased to confirm that the 2012 Annual Report and Accounts is now available via the Company's website www.argosresources.com and at the Company's registered Office, Argos House, H Jones Road, Stanley.  Notification of availability will be sent to shareholders today, 3 April 2013, and the Report will also be sent to shareholders where they have indicated that they wish to receive it by post.

For further information:

Argos Resources Ltd ([phone])

www.argosresources.com 

Ian Thomson, Chairman

John Hogan, Managing Director

Cenkos Securities plc

Jon Fitzpatrick ([phone])

Neil McDonald ([phone])

Citigate Dewe Rogerson ([phone])

Martin Jackson

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 percent interest in production licence PL001 covering an area of approximately 1,126 sq kms 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. A Competent Person's Report issued in October 2011 described 28 prospects based on mapping of an early fast-track processed version of the seismic data. These prospects have a total unrisked potential of 2.107 billion barrels of prospective recoverable resource in the most likely case and up to 7.301 billion barrels in the upside case.

Mapping of the final processed seismic data has identified more than 30 new prospects and leads not included in the earlier Competent Person's Report. The prospective resource potential in the licence area is expected to increase significantly as a consequence of this, and a new Competent Person's Report has been commissioned to determine this change.

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.

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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