Argos Resources Falklands said on Tuesday that the government of the Falkland Islands has agreed to the transfer of Argos's PL001 production license interests in the North Falkland Basin to JHI Associates based in Toronto, Canada.
Falkland Islands oil and gas exploration Argos Resources Ltd has announced changes in its board of directors, until a general meeting of shareholders is announced, and the executive directors finalize the sale of its PL001 production license interests in the North Falkland Basin to JHI Associates. The Argos sold asset is expected to be a shareholding in JHI.
Oil and gas exploration company Argos Resources is set to sell its sole asset, the PL 001 production license in the North Falkland Islands, which is estimated to hold around 3 billion barrels of oil, to JHI. After completing the transaction, Argos plans to seek to delist from AIM and wind up the company.
Positive news for Falklands' oil industry development. All regulatory consents for the transaction between Harbour Energy plc and Israel's Navitas Petroleum LP of its Falkland Islands offshore license interests have been approved by the Falkland Islands government and the United Kingdom minister of state.
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, confirms it will be hosting a retail investor meeting this Thursday, 30 September 2021.
Argos Resources has successfully secured a 12-month extension to the second term of its Production Licence in the North Falkland Basin, the company announced this week. The extension, which runs until 1 May 2022, was approved by the Falkland Islands Government’s Executive Council on March 24.
The Falkland Islands government has agreed to extend each of Rockhopper Exploration plc’s offshore North Falkland basin petroleum licenses, including the Sea Lion discovery area, until Nov. 1, 2022. The extension includes no additional license commitments. The previous expiry date was May 1, 2021.
Falkland Islands' based Argos Resources Ltd said on Friday its interim loss widened on foreign exchange movements, but it has enough cash to continue for another year as some costs have been delayed.
Argos Resources Ltd on Monday swung to an interim loss and said it is adequately financed for the next 12 months as it continues to receive quarterly cash payments from two companies that withdrew from a production license offshore the Falkland Islands.
Oil and gas exploration firm Rockhopper Exploration, with interests in the Falklands and preparing to advance with the Sea Lion project, has agreed to sell its assets in Egypt to United Oil & Gas in a US$ 16m deal. The sale of Rockhopper Egypt includes a non-operated 22% interest in the Abu Sennan concession onshore Egypt and the existing assets of the business.