Argos Resources raised £ 22 million for hydrocarbons exploration in Falklands
Argos Resources with exploration licences in the North Falkland Basin expects its shares to be admitted to trading on AIM on Thursday 29 July. Argos Resources has raised £22 million (£20.6 million net of costs) in a placing of new ordinary shares at 31 pence per share which will give the company a market capitalisation of £67 million.
The company’s shares are expected to join the AIM market, under the symbol ‘ARG’, on the 29 July 2010.
Earlier this month, the Financial Times reported that Argos was hoping to raise £70 million with a £200 million market capitalisation. Evolution Securities is Argos Resources Broker and Nominated Adviser.
Led by John Hogan, a geologist, who joined the Board in 2005, Argos Resources has a 100% interest in Production Licence PL001 covering an area of approximately 1,126 square kilometres in the North Falkland Basin.
Two wells were drilled on the acreage in the first Falkland Islands drilling campaign in 1998 but the wells were plugged and abandoned as non commercial after having oil shows. The Licence Area also adjoins licence areas being explored by Rockhopper Exploration and Desire Petroleum, who are of course leading players in the ongoing 2010 Falkland Islands drilling campaign.
Argos Resources reckons that approximately 30% of the Johnson Gas discovery, drilled by Shell in 1998 but only declared as a discovery by Rockhopper Exploration in 2009, extends into Licence PL001.
Argos Resources has not had the benefit of access to Rockhopper Exploration’s 3D seismic or any of their proprietary studies and will no doubt have to enter negotiations with Rockhopper Exploration on the subject in due course.
Based on recently reprocessed and reinterpreted 2D seismic data acquired in 1997, Argos Resources has identified seven prospects and five leads in Licence PL001.
According to Argos Resources, the prospects have a total un-risked potential of 747 million barrels of prospective recoverable resource in the most likely case, and up to 1.75 billion barrels in the upside case.
With the funds raised Argos proposes to undertake a 3D seismic program in 2010/2011 to better define a number of those prospects, and potentially to identify new prospects, leading to the selection of possible targets for a subsequent drilling programme in Q4 2011 and 2012.
Suggested Stories
-
Feb 07th 2012
Oil rig operating in the Falklands signs three year contract off Norway
-
Feb 08th 2012
Repsol-YPF CEO holds “positive and constructive” meeting with Argentine officials
-
Feb 06th 2012
Argentina puts pressure on YPF: wants oil companies with long term investments
-
Feb 03rd 2012
Shell announces major investment drive to boost falling production
24 comments Feed
Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.
I suppose they'll be getting a nasty letter soon !
A childish plot to lure gullible Argentinean investors :-)
(Where can I buy some?)
david camaron has just sold you down the river,, we can no longer defend overseas, how long will it be before argentina cottens on, that there is no one to stop them now,
Different type of wars these days.
As for the Falklands .... no-one picked up on a comment at a recent meeting there? I quote “ ... felt that all people presently entitled to plots should be dealt with first because indications are the population could increase to 10,000 people...”
Now, are they getting geared up to breed like rabbits, or is an influx expected?
:-)
About Military Toys.....
A pity that Whitehall has seen the light.....
From the Argentinean position; it was nice seeing GB binding all their money into pharaonic projects doomed to obsolescence before completion.
About Squatter Sheilas
I suppose that if Her Majesty Government laced the Island’s feminine settler population's Tea with a proper cocktail of hormones, they could, theoretically, give birth to litters of 6 to 8 babies :-)
All good news for the Falklanders in my view.
Again a case of: “One little feather can easily grow into five Hens”
Somebody here seem to be under the impression that five companies are boring like hell around Malvinas.
Well........Status as for today:
As today, only one “shared” platform booooring in the area.
As today, this platform lease contract expires in November and has not been prolonged.
As today no lease contract signed yet for other platforms by any of the actors.
As today, Argos Resources the new “rising star” is having difficulty in selling their shares. (sold under £ 400.000 yesterday)
Big Influx?
What Big Influx?
It sounds more realistic for Her Majesty Government to lace the Island’s feminine settler population’s Tea with a proper cocktail of hormones so they could give birth to big litters :-)
The planning authority is certainly looking at making more plots available for development! Do they know something we don't?
Without knowing very much about the referred meeting at (5), and influenced by my socialistic suspicious mind I would ”Think” that the majority of “Real Islanders”, after being denied the right to own land in Malvinas by their ”Absentee Lords” until 1982... now witness how a new generation of ”Lords” are trying to take over.
And they are feed up with it..........
Oh yeah. Quote relevant law. Identify “Absentee Lords” by name.
A little pearl from the link below:
Lord Hatch of Lusby : My Lords, I wonder whether the noble Lord saw the television programme put out by the BBC on 14th February in “Panorama” on this subject? If he did not, may I suggest to him that he asks for a copy of the script? Is he aware that that programme showed clearly in direct interviews with the islanders that there was a great concern among the islanders that if they were going to remain on the islands, and particularly if there was going to be any chance for their children to remain on the islands, the crucial issue was their ability to get land, and that that ability was at the moment frustrated by absentee landlords?
hansard.millbanksystems.com/lords/1983/apr/18/the-falklands-land-purchase-and
The “Shackleton Report” makes good reading too...........
think, as much as we like you, and as you harbour thoughts of being british, we have decided that no you cannot have the islands , they dont want you, the falklands are to remain BRITISH sorry
Not exactly a “Popular Share”
C'mon Britons and Falklanders .....
Put your money where your mouth is ;-)
www.google.co.uk/finance?q=LON:ARG
(19) Hoyt
Of course they got those 22 million before from their “mates”.....
That's to insure their wages and lifestyle during the next 5- 10 years no matter what.
But now thy need “our”money...
Why aren't you buying? :-)
The whole shipping industry should change to something better...
Remember reading somewhere that a little cargo ship contaminates more than 10.000 cars.
Spooky
Falkland Islands forever!!
Rule Britannia!!!
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!