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Falklands Argos Resources oil explorer confident on its farm-out outlook

Saturday, August 30th 2014 - 06:41 UTC
Full article 23 comments

Falkland Islands Argos Resources Ltd posted Friday a narrowed pre-tax loss for the first half, saying it is more confident on the outlook for its farm-out efforts following the recent contracting of the Eirik Raude deep water rig by Noble Energy Inc and Premier Oil PLC. Read full article


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  • Think

    Would some of the “Oil Geniuses” in here be so kind to explain something to this humble and ignorant Argie?

    Why would ANY of the other actors in the English Pirate Oil Adventure in Malvinas pay ANY money to farm in into Argos?

    Considering that Argos Resources oil licence expires at the end of 2015 if the MANDATORY exploration drill is not completed...

    All the other companies have to do is wait for the above to happen, let Argos Resources go the Desire Petroleum way and and grab that PL001 licence for free...

    Aug 30th, 2014 - 07:51 am - Link - Report abuse 0
  • Papamoa

    As there is oil and gas available you will always have people prepared to invest and yes there will be loss to begin with but those losses will be made up with the future profits from those licenced areas.

    Aug 30th, 2014 - 10:26 am - Link - Report abuse 0
  • Monkeymagic


    Because more than one party might want it when it becomes available. So farm in at a cheap cost...the whole company is only worth £30m, and then you get a guaranteed share rather than a competitive chance at the licence.

    I would have thought that was obvious, even for you.

    Aug 30th, 2014 - 10:31 am - Link - Report abuse 0
  • Think

    I asked for “Oil Geniuses”..., not Turnips.

    Aug 30th, 2014 - 10:40 am - Link - Report abuse 0
  • ChrisR

    @ 4 Lunatic

    Why don't you ask the “Oil genius” presently making a spectacular disaster of YPF with the latest 'announcement' of 370 bpd he clearly knows what he is doing, NOT?

    He is not a Turnip, he’s a numb-nut argie bastard: but that’s one up on you, isn’t it?

    Aug 30th, 2014 - 11:20 am - Link - Report abuse 0
  • Think

    Did somebody just mentioned the latest successfull conventional natural gas well drilled in my neighbour province of Santa Cruz...?:

    But... How much is...: “200,000 cubic meters of gas per day”...?
    Well..., Roughly about 1/1000th of Argentina's yearly gas consumption, that's how much...

    Not bad at all for a single new well, drilled way deeper, in an already known and well developed gas area...

    Aug 30th, 2014 - 11:59 am - Link - Report abuse 0
  • Conqueror

    @4. Please explain how you would recognise an “Oil Genius” even if one had its drill up your borehole?

    Aug 30th, 2014 - 12:46 pm - Link - Report abuse 0
  • Think

    Turnips everywhere...
    As far as my sight can reach...

    Aug 30th, 2014 - 01:11 pm - Link - Report abuse 0
  • ilsen

    I quite like turnips, especially with a little butter and some freshly ground black pepper. The Scottish call them 'neeps. Which is quite sweet I think.

    Parsnips are nice too, especially roasted with a dash of honey on top.

    Swede must be mashed, it's some kind of rule I believe.

    Aug 30th, 2014 - 01:29 pm - Link - Report abuse 0
  • Monkeymagic

    Gee...I asked for oil geniuses not Turnips....

    Hahahahahah Think

    Tell us again what's in the “Argentine National Archives” Stink.

    Was it that 55 people were “evicted” from the Falklands in January 1833 and the longest any of them had been there is 6 weeks.

    This is in the “Argentine National Archives” you say....

    So the Argentine government KNOW they are lying when they claim a “population” was evicted, or Argentine “authorities”..they know they are lying, and so do you.

    They only difference is you admit you are lying, and they don''re more stupid than CFK...that's a hell of an achievement.

    Aug 30th, 2014 - 02:23 pm - Link - Report abuse 0
  • EscoSes Doido

    She looks like a well set up rig. I've not been aboard her though.

    Here's to wishing the Falkland Islands a good R.O.P.

    (I'll leave out any metaphors aimed at the RG's)

    Aug 30th, 2014 - 03:01 pm - Link - Report abuse 0
  • Islander1

    Think - like you am no expert - but I would guess that if Argos do not drill then FIG takes back the licence and puts it up for sale.
    If the survey results are looking positive then it may well be cheaper for a midsized company to buy into Argos now and get the survey detail, and use the rig already in the area as much cheaper (minimal startup and wind-down costs) rather than bid for the area in future and have to finance the whole thing - new survey included.
    That,s my calculated logic guess anyway - but who knows!

    Aug 30th, 2014 - 04:19 pm - Link - Report abuse 0
  • paulcedron

    “The company has been focusing on attracting partners to its PL001 production licence in the Falkland Islands...”
    attracting partners?
    and where are they looking for?
    at the madhouse?

    “...and said a number of companies have expressed an interest in the licence.”
    yep, a number equal to zero (0), nil, nada, cero, nulo, null, zéro

    Aug 30th, 2014 - 04:41 pm - Link - Report abuse 0
  • Think

    (12) Islander1

    Finally a bright red poppy in the interminable grayish turnip field...;-)

    “It may well be cheaper” you say....
    But, most probably, it will not...

    I don't see any queues on Ross Road to buy all those hundreds of vacant licences................, do you?

    Neither do I detect any interest by any Oil Company in the World to help Premier Oil Plc. out of the huge financial quagmire they waded into...

    Aug 30th, 2014 - 04:55 pm - Link - Report abuse 0
  • ilsen

    Not really an oil genius as such, but I like to contribute on the subject of root vegetables and tubers...

    Roast carrots in a minimal amount of olive oil (and fresh rosemary) works quite well, but you must make sure the oil is very hot , otherwise they just soak it up.

    Equally, the sunflower oil (higher boiling point, temperature wise) for one's roast potatoes should be pratically smoking in order to achieve a crispy edge and fluffy interior. A little Maldon sea-salt brings out the flavour of a King Edward (red) or Marris Piper (white) potato, depending on one's preference. Don't forget to blanch in boiling water first and allow the steam to air-dry the spuds in a colander first!

    Peanut/groundnut oil is best for stir-fries I find.

    Toasted sesame oil is a truly wonderous thing, especially when cooking Thai or Vietnamese food.

    HTH! (hope that helps)


    Aug 30th, 2014 - 05:58 pm - Link - Report abuse 0
  • ChrisR

    @ 6 Lunatic
    “But... How much is...: “200,000 cubic meters of gas per day”...?
    Well..., Roughly about 1/1000th of Argentina's yearly gas consumption, that's how much.”

    Well, you only need another 1,000 wells to come in the same and TDC would be self-sufficient.

    Just remind me how many NEW drills are operating at the moment? 16, 18?

    And how much reserves in actual USD are there to pay for the gas that you haven’t got?

    You stand more chance converting the soy that hasn’t been exported yet into methane, BUT, TDC doesn’t have the technology OR the hardware needed.

    Not looking too bright now is it?

    Aug 30th, 2014 - 06:54 pm - Link - Report abuse 0
  • ilsen

    When you’re cooking at a high heat, you want to use oils that are stable and don’t oxidize or go rancid easily.
    When oils undergo oxidation, they react with oxygen to form free radicals and harmful compounds that you definitely don’t want to be consuming.
    The most important factor in determining an oil’s resistance to oxidation and rancidification, both at high and low heat, is the relative degree of saturation of the fatty acids in it.
    Saturated fats have only single bonds in the fatty acid molecules, monounsaturated fats have one double bond and polyunsaturated fats have two or more.
    It is these double bonds that are chemically reactive and sensitive to heat.
    Saturated fats and monounsaturated fats are pretty resistant to heating, but oils that are high in polyunsaturated fats should be avoided for cooking.

    When it comes to high heat cooking, coconut oil is your best choice. Coconut oil also has powerful health benefits. It is particularly rich in a fatty acid called Lauric Acid, which can improve cholesterol and help kill bacteria and other pathogens. The fats in coconut oil can also boost metabolism slightly and increase feelings of fullness compared to other fats.

    An obvious winner when it comes to discussing OIL.

    Do I make onto Stinky's genius league table yet?

    Aug 30th, 2014 - 08:08 pm - Link - Report abuse 0
  • Anglotino

    Success or failure, the simply fact is that Argentina has never been able to stop the Falkland Islanders exploiting their resources.

    Month after month and year after year, Argentinean posters on here attempt to downplay what is happening.

    Downplay.... nothing more.

    Aug 30th, 2014 - 10:37 pm - Link - Report abuse 0
  • Islander1

    Think - I guess its all still in the melting pot and a lot will be decided with who finds what where, or at least good near misses - or does not find anything positive next year.
    If positive probably Premiere will get a partner and others including Noble will also start exploiting their areas- if nothing then Premier have to try and go it alone- I imagine it will all get pushed onto the back burner for a few years, and Noble and others will likley fade away - who knows!
    The only thing that is for sure is that FIG have money in the bank and are not spending silly thinking oil will come - it may within a few years - it maybe not for 10yrs - or it maybe not at all.
    The evidence so far though does point to one of the first 2 perhaps.
    But we will have to wait and see.
    Where is Beef? - he will have a better idea than both of us!

    Aug 30th, 2014 - 11:14 pm - Link - Report abuse 0
  • ilsen

    Avocado Oil is wonderful! I am currently arranging a minor import deal from Mexico to the UK. Small bottles for sale in high-end London deli's.

    The composition of avocado oil is similar to olive oil. It is primarily monounsaturated, with some saturated and polyunsaturated mixed in.
    It can be used for many of the same purposes as olive oil. You can cook with it, or use it cold on salads...

    Fish Oil is another favourite,
    Fish oil is very rich in the animal form of Omega-3 fatty acids, which are DHA and EPA. A tablespoon of fish oil can satisfy your daily need for these very important fatty acids.
    The best fish oil is cod fish liver oil, because it is also rich in Vitamin D3, which a large part of the world is deficient in.
    My own dear Mother used force some down me before school everyday, which is why I have such a strong consitution now!
    However, due to its high concentration of polyunsaturated fats, fish oil should never be used for cooking. It’s best used as a supplement, one tablespoon per day. Keep in a cool, dry and dark place. Mother knows best!

    Am I allowed into El Stinko's College of Oil Geniuses yet? Do I really have to discuss bloody Palm Oil, or f*ckin' Rapeseed Oil?
    Really? You are annoying me now...

    Aug 31st, 2014 - 12:01 am - Link - Report abuse 0
  • Anglotino

    Avocado.... yeck no thanks

    Not unless you have an epi-pen handy.

    Aug 31st, 2014 - 04:41 am - Link - Report abuse 0
  • yankeeboy

    YPF is drilling 16 wells a year, the very best O/G companies in the world avg a 50/50 hit. That means less than 8 will be commercial.
    My guess is every year for the foreseeable future Arg will need to buy more O/G. than the previous year.
    Except they don't have the U$ to buy it
    There's the rub

    Sep 02nd, 2014 - 10:11 pm - Link - Report abuse 0
  • ilsen

    There's the rub.

    I'd recommend tea tree oil for that!

    Sep 03rd, 2014 - 10:48 am - Link - Report abuse 0

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