Holdings in Company

RNS Number : 9295C

Argos Resources Ltd

08 May 2012

 



   Argos Resources Limited

("Argos" or "the Company")

Holdings in Company

The Company was notified on 8 May 2012 by JP Morgan Chase & Co. that as at 8 May 2012 JP Morgan Asset Management Holdings (UK) Limited had an aggregate interest in 16,510,765 ordinary shares of 2p each in the Company, representing 7.64 per cent. of the Company's issued share capital.

-ENDS-

For further information:

Argos Resources Ltd ([phone])

www.argosresources.com 

Ian Thomson, Chairman

John Hogan, Managing Director

Evolution Securities Limited ([phone])

Chris Sim

Jeremy Ellis

Neil Elliot

Citigate Dewe Rogerson ([phone])

Martin Jackson

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.

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.

 

END

 

 

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