Falklands : Argos to Explore in North Falklands Basin
Submitted by Falkland Islands News Network (Juanita Brock) 07.06.2005 (Article Archived on 21.06.2005)
Argos Resources Limited (“Argos Resources” or “the Company”), is pleased to announce the extension of its exploration license for Tranche A in the North Falklands Basin.
Photo (c) Argos Ltd.
07 June 2005
ARGOS RESOURCES LIMITED
EXTENSION TO EXPLORATION LICENSE IN TRANCHE A, NORTH FALKLANDS BASIN
Argos Resources Limited (“Argos Resources” or “the Company”), is pleased to announce the extension of its exploration license for Tranche A in the North Falklands Basin. The extension of the license until November 2006 by Falklands Islands’ Department of Mineral Resources is on the same commercial terms as previously agreed. The Company plans to shoot a 3D seismic programme within the Tranche during 2006.
John Hogan, newly-appointed Chief Executive of Argos Resources, said:
“We are delighted that the Falkland Islands Government has agreed to extend the license which will allow Argos to pursue its programme for Tranche A. The Tranche contains several structural and stratigraphic prospects with multi million barrel reserves potential in play types that were not tested during the previous drilling campaign of 1998. Argos will conduct a 3D seismic programme in 2006 to further define and rank these prospects in readiness for later drilling.”
“A drilling campaign covering at least 3 wells has already been announced for the North Falklands Basin, commencing early in 2006. This extension will allow Argos to benefit from the results of such drilling and be in a position to respond promptly to any successes.”
Enquiries to:
John Hogan
Argos Resources Limited Tel: 07831 749271
Simon Rothschild/Sue Scott
Bankside Consultants Ltd. Tel: (020) 7444 4140
Notes to Editors
1. John Hogan has over 30 years experience in the oil industry, most notably with LASMO plc, which he joined in 1981 and where he was Managing Director of LASMO North Sea between 1989 and 1993, and Group Chief Operating Officer between 1993 and 2000.
2. The original licence for Tranche A was awarded in 1996. Argos Resources currently holds a 100 per cent. interest in the Tranche.
3. A map showing the location of Tranche A is attached.
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