LONDON (Alliance News) - Argos Resources Ltd said Thursday it has been reassigned a 100% interest in licence PL001 in the North Falkland Basin after its partners withdrew.
Argos Resources shares were trading up 58% at 4.35 pence each on Thursday.
"The company remains very positive about the potential of licence PL001. We have sufficient cash reserves to meet our ongoing requirements," Chair Ian Thomson said.
Thomson added after securing the reassignment of the licence, the exploration company will work to get new partners to participate in its development.
Back in October, Argos's partners in the licence, Noble Energy Falklands Ltd and Edison International SpA, gave notice of their withdrawal from PL001. The reason for the two companies' withdrawal was not specified.