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Argos Resources extends Falkland exploration licence

Published: 07:38 09 Apr 2013 BST

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Falklands oil firm Argos Resources (LON:ARG) has confirmed that the second term of its PL001 exploration licence has been extended by one year to November 2016.

The extension is the result of Argos acquiring more than 1,000 square kilometres of 3D seismic, and there are no additional work obligations related to the extension.

Argos is committed to drill an exploration well within the licence before the end of the second term, and after that it will get another exploration term for another 10 years.

"We are very pleased that the Falkland Island Government has awarded a licence extension in recognition of the investment we have made in the licence area, and this reflects the collaborative approach we continue to enjoy with the government,” said chairman Ian Thomson.

“While the extension is welcome, it remains our intention to commence exploration drilling at the earliest possible date."

 

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