Oil companies Noble Energy and Edison have decided to relinquish their stakes in the PL001 offshore license in the Falkland Islands according to Offshore Energy Today. Argos Resources had held a 100% in the PL001 block before the two companies’ farm-in back in 2015. Argos’ shares fell 30% following the announcement.
The oil and gas operations being undertaken by Italy's Edison International S.p.A. on the Argentine continental shelf near the disputed Falkland Islands are illegal and clandestine, the Argentine Energy Ministry said Tuesday.
Falklands focused Argos Resources Limited confirmed the completion by its wholly owned subsidiary, Argos Exploration Limited of a farm out agreement with Noble Energy Falklands Limited and Edison International S.p.A in respect of its Licence PL001.