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Montevideo, March 21st 2023 - 20:28 UTC



Falklands oil company shares skyrocket following extension of license

Tuesday, April 12th 2022 - 10:09 UTC
Full article 23 comments
Argos Resources is an oil and gas exploration company listed on AIM and based in the Falkland Islands Argos Resources is an oil and gas exploration company listed on AIM and based in the Falkland Islands

Argos Resources shares surged 23% to 2.4p on news that the Falkland Islands government extended its second term PL001 license. The Falklands Islands-based explorer will not need to commit to any additional work to be granted the license between 1 May 2022 and the year-end.

Argos Resources shares have risen 92% since the beginning of 2022.

In a brief release the company said the Falkland Islands based exploration company focused on the North Falkland Basin, is pleased to announce that the Falkland Islands Government has extended the second term of the Company's PL001 License from 1 May 2022 to 31 December 2022, with no additional work commitments.

Argos Resources is an oil and gas exploration company listed on AIM and based in the Falkland Islands. The Company's principal asset is a 100% interest in production license PL001 covering an area of approximately 1,126 square kilometers in the North Falkland Basin.

A 3D seismic survey has been acquired over the entire license area. The quality of the seismic data acquired is excellent and has led to the identification of 52 prospects and 40 leads within the license area.

An independent Competent Person's Report attributes to these prospects a total unrisked potential of 3.1 billion barrels of prospective recoverable resource in the most likely case and up to 10.4 billion barrels in the upside case.

The license area is immediately adjacent to the giant Sea Lion oil discovery which contains over 500 million barrels of recoverable resource. A decision to proceed with the development of the Sea Lion field is pending.

This statement has been approved by John Hogan, Managing Director of Argos Resources and a qualified geologist with over 40 years of experience in the petroleum industry.

Top Comments

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  • Steve Potts

    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 and Potential Drilling off Falkland, Provokes Tension Between Argentina & UK, IRRU News, 17 Feb 2010).

    Why's this action taking soooooo long Jorge? Ja ja

    Apr 12th, 2022 - 10:17 am +3
  • border rover

    Never mind Taenk
    You don't need to worry about oil and gas supplies you can keep warm in the winter burning all your new Malvinas postage stamps ! Not much good for anything else given that they are fundamentally flawed in that none of what they claim is yours is in fact yours!

    Apr 12th, 2022 - 03:57 pm +3
  • border rover

    Not quite sure Taenk what your ramblings have got to do with oil and gas explorations around the Falklands ? But then I' m never sure what youre ramblings have got to do with anything of real substance .

    Apr 12th, 2022 - 06:40 pm +3
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