Falklands' offshore license relinquished by Noble Energy and Edison

Friday, October 5th 2018 - 06:41 UTC

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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. Read full article

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Brit Bob
Ian Thomson, Chairman of Argos, said: “The Company remains very positive about the potential of Licence PL001. We have sufficient cash reserves to meet our ongoing requirements while we progress discussions with the Government on the reassignment of the Licence and seek to secure other partners to participate in its development.

Regarding Falklands oil exploration, Argentine Foreign Minister Jorge Taiana stated in February 2010, that his Government would take 'all measures necessary to preserve our rights' and also reiterated that Argentina had a 'permanent claim' on the islands, saying 'Buenos Aires would complain to the UN over the oil project and might take the case to the International Courts of Justice in the Hague.' (British Drilling for Falklands Oil Threatens Argentine Relations, Pope F. 13 Feb 2010 & Potential Drilling off Falklands Provokes Tensions Between UK & Argentina IRRU News 17 Feb 2010)

Why's it taking so long ?

Falklands – Territorial Waters: https://www.academia.edu/10574593/Falklands_Islands_Territorial_Waters
Oct 05th, 2018 - 08:55 am - Link - Report abuse 0
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