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.
Noble Energy announced Monday that it has acquired additional acres offshore the Falkland Islands and plans to start drilling, despite opposition from Argentina’s government. The Houston-based oil company now holds a 75% interest in a license in the North Falkland Basin from Argos Resources Limited, an oil and gas exploration company based in the Falkland Islands.
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.
Argos Resources Limited, the Falkland Islands based exploration company focused on the North Falkland Basin, reported on Tuesday it has decided not to participate in the current drilling campaign in the area with the Ocean Guardian rig, which is now likely to end in December 2011.
Falkland Islands exploration company Argos Resources released Monday morning interim results and CEO Ian Thomson told investors that the group is on schedule to be ‘drill ready’ in late 2011/early 2012 to begin off-shore exploration activities in the South Atlantic British Territory.
Falkland Islands Argos Resources Limited reports encouraging progress on the processing and interpretation of its recently acquired 3D seismic data over its 100% owned licence PL001 in the North Falkland basin. With fast track processing of the 3D data Argos could be ready for exploratory drilling in late 2011/2012.
Argos Resources is a step closer to starting a drill campaign in Falkland Islands waters, where it is targeting a high priority area adjacent to Rockhopper’s Sea Lion discovery.