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8 Sep 2014 15:59
8 September 2014
ARGOS RESOURCES LIMITED
("Argos" or "the Company")
Exercise of options
Argos Resources Limited was notified on 8 September 2014 that, on the same day, a total of 1,500,000 options ("Options") were exercised by the following directors at an exercise price of 2 pence per share:
Director | Options Exercised | Resultant Shareholding | % of issued share capital |
Andrew Irvine | 500,000 | 1,750,000 | 0.80 |
Dennis Carlton | 500,000 | 3,750,000 | 1.71 |
Christopher Fleming | 500,000 | 2,350,000 | 1.07 |
The Options were granted to Mr Irvine, Mr Carlton and Mr Fleming on 12 November 2009, prior to the Company's admission to trading on AIM.
Application has been made for the new Ordinary Shares to be admitted to trading on AIM ("Admission") and Admission is expected to occur on or around 12 September 2014. The new Ordinary Shares will rank pari passu with the existing Ordinary shares.
Following Admission, the total issued share capital of the Company will increase to 218,863,205 Ordinary Shares, all of which have voting rights.
The above figure of 218,863,205 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.
For further information:
Argos Resources Ltd (+500 22685)
www.argosresources.com
Ian Thomson, Chairman
John Hogan, Managing Director
Cenkos Securities PLC
Neil McDonald (+44 131 220 6939)
Derrick Lee (+44 131 220 9100)
Citigate Dewe Rogerson (+44 20 7638 9571)
Martin Jackson
Shabnam Bashir
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 interpretation of the final processed data has led to the identification of 52 prospects and 40 leads within the licence area. A Competent Person's Report issued in July 2013 describes the 52 prospects and the leads. The prospects have a total unrisked potential of 3.1 billion barrels of prospective recoverable resources in the most likely case and up to 10.4 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 hydrocarbons 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.
This statement has been approved by John Hogan, Managing Director of Argos Resources and a qualified geologist with over 35 years of experience in the petroleum industry.
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