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Argos Resources ‘extremely well placed’ for future exploration of north Falkland basin

Argos Resources (LON:ARG) is ‘extremely well placed’ to participate in the future exploration of the North Falkland basin, says chairman Ian Thomson.

In this morning’s interim results statement the company said that it is currently working to identify additional prospects and leads now that the final processed 3D seismic data is available after last year’s extensive survey.

Some of the prospects identified so far were independently assessed, back  in October, and were estimated to contain 2.1 billion barrels of prospective recoverable resources. But Argos says this is expected to increase.

Argos also said it is currently pursuing a farm-out programme to seek industry partners.

It also added that the recent tie-up between Premier Oil and Rockhopper Exploration, for the development of the neighbouring Sea Lion oil field is a major boost.

"We are delighted with the early results of our 3D seismic with a best estimate 2.1 billion barrels of recoverable oil in 28 prospects, and upside of 7.3 billion barrels,” Thomson said.

“Mapping of the 3D data continues and is identifying additional prospects and leads which we expect will add further to the resource potential of the licence.

 “Premier Oil's farm-in to the adjacent Sea Lion oil field and its commitment to develop the field is a significant milestone in the exploitation of the North Falkland Basin and a major step towards the commercialisation of discoveries. 

 “Further exploration drilling is planned and we are extremely well placed to participate in this activity."

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