The company, in a statement, told investors that the process to reassign a 100% interest in the asset is now complete.
It comes after Noble Energy (NYSE:NBL) and Edison International (NYSE:EIX) withdrew from the project last year. Argos had the rights to a 5% share of future revenues from Licence PL001, had the two prior owners taken the project that far.
Instead, the AIM-quoted explorer was able to retain 100% of the project equity under the terms of an agreement struck between the three parties in February 2016.
Prior to their withdrawal, Noble and Edison had intended to drill an exploration well back in 2017 before a problem with the contracted rig led to the partners declaring force majeure in relation to their exploration commitments.
Argos is now looking ahead to new possibilities and as sole licence holder, it will seek to partner up again.
“The company remains very positive about the potential of Licence PL001,” said Ian Thomson, Argos chief executive.
“We have sufficient cash reserves to meet our ongoing requirements.
“Now that the reassignment of the licence has been completed the company will work to secure other partners to participate in its development."