29 Jun 2012 07:00
Argos Resources Ltd
Change of Adviser
Argos Resources Ltd is pleased to announce the appointment of Cenkos Securities plc as its NOMAD and Broker with immediate effect.
For further information please contact:
Argos Resources Ltd
Ian Thomson, Chairman www.argosresources.com
John Hogan, Managing Director +500 22685
Cenkos Securities plc
Jon Fitzpatrick +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Citigate Dewe Rogerson
Martin Jackson +44 20 7638 9571
Kate Lehane
Notes to Editors:
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 per cent. interest in production licence PL001 covering an area of approximately 1,126 square kilometres in the North Falkland Basin.
A 3D seismic survey was acquired in early 2011 covering the entire licence area. The quality of the seismic data acquired is excellent and clearly demonstrates a material increase in the prospectivity of the licence over that which could be identified from the older 2D seismic data. Twenty eight prospects have been identified by Argos in the licence area. These prospects have a total unrisked potential of 2.1billion barrels of prospective recoverable resource in the most likely case and up to 7.3 billion barrels in the upside case.
The licence area adjoins licences PL032 and PL004b. The Sea Lion oil discovery was made in licence PL032 in 2010 and a total of nine wells have now been drilled to complete the appraisal of this large discovery. An extension of the Sea Lion field into licence PL004b was proven by drilling in late 2011 and additional shallower stacked oil and gas accumulations above the Sea Lion field have also been proven in the Casper, Casper South and Beverley discoveries.
The presence of gas in these latest discoveries, together with gas in the Johnson discovery and gas condensate in the Liz discovery to the south points to a second deeper source rock generating commercial volumes of hydrocarbon into the basin, in addition to the Lower Cretaceous oil source rock.
The Company has a strong and experienced management team with extensive experience in both the oil and gas industry and the Falkland Islands.