Result of Annual General Meeting

RNS Number : 2644Q

Argos Resources Ltd

11 October 2013

 



11 October 2012

ARGOS RESOURCES LIMITED

("Argos" or "the Company")

Result of Annual General Meeting

Argos Resources Limited (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin, is pleased to announce that at the Annual General Meeting of the Company held in the Falkland Islands on 10 October 2013, all resolutions were duly passed by shareholders.

For further information:
Argos Resources Limited Ian Thomson, Chairman                John Hogan, Managing Director www.argosresources.com	([phone])
Cenkos Securities plc Jon Fitzpatrick Neil McDonald	([phone]) ([phone])
Citigate Dewe Rogerson Martin Jackson Priscilla Garcia	([phone])

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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