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Latest Regulatory News
The North Falkland Basin -
an emerging oil and gas opportunity
Argos Resources Ltd is an AIM quoted oil and gas exploration company based in the Falkland Islands, ideally placed to make the most of an exciting new oil province heading towards production.
Argos holds a 5% Overriding Royalty Interest in Licence PL001, which covers approximately 1,126 square kilometres in the North Falkland Basin. The licence boundary is just 3km from the Sea Lion oil field, a significant discovery on course for development sanction in 2016.
3D seismic data of excellent quality was acquired over the entire licence area in 2011 and has identified 52 prospects with a best estimate of 3,083 million barrels of prospective recoverable resource, and a high estimate of 10,412 million barrels. 40 additional leads have been identified which are not included in the above resource figures and which are the subject of ongoing work.
The Company has entered into a Farmout Agreement with Noble Energy Falklands Limited and Edison International S.p.A. in which Noble assumed operatorship of Licence PL001 from Argos in September 2015 and Noble and Edison earned a 75% and 25% working interest in the Licence respectively. Argos retained an Overriding Royalty Interest of 5% of gross production from all hydrocarbon discoveries developed within the Licence. This royalty interest is free and clear of all future capital and operating costs for the life of the Licence.