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Falklands’ Argos needs additional capital for drilling set to begin at end of year

Wednesday, September 28th 2011 - 22:18 UTC
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Chairman Ian Thomson, “3D data quality is excellent” Chairman Ian Thomson, “3D data quality is excellent”

Falklands based Argos Resources expects to drill its first well on license PL001 in the North Falkland basin in late-2011 or early-2012, using the semi submersible rig Ocean Guardian, currently operating in the Islands’ waters.

However, Chairman Ian Thomson admits that the company will need additional capital to finance drilling, and the board is reviewing its options.

“Interpretation of recently acquired 3D data is well advanced,” Thomson said. “The two structural prospects, Zeus and Demeter, have been confirmed and are considered to be robust closures. Mapping of other structural prospects continues and early indications are encouraging that these, too, will be confirmed.”

One of the main features of the northern part of the basin, close to PL001, he added, is the presence of a major delta system.

“The 3D data quality over the delta is excellent and we are now using that data to identify new stratigraphic prospects.

“Several new prospects and leads which were not evident on the old 2D data [from 1996] have already been mapped from the 3D data. We are very encouraged that additional prospectivity is being identified in our license area”, said Chairman Thomson.

Argos licence area adjoins licence areas being explored by Rockhopper and Desire, who between them are involved in a multi well drilling campaign in the North Falkland Basin in 2010 and 2011.

Financial Tags: AORGF, DES, RKH.

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