Information  X 
Enter a valid email address

Argos Resources Ltd (ARG)

  Print      Mail a friend

Thursday 04 October, 2018

Argos Resources Ltd

PL001 Licence Reassignment

RNS Number : 9934C
Argos Resources Ltd
04 October 2018
 

4 October 2018

This announcement contains inside information 

ARGOS RESOURCES LIMITED

("Argos" or "the Company")

PL001 LICENCE REASSIGNMENT

 

Argos Resources Limited (AIM: ARG.L), (the "Company", "Argos"), the Falkland Island based exploration company which holds a 5% Overriding Royalty Interest in Licence PL001 in the North Falkland Basin, announces that its Working Interest partners in the Licence, Noble Energy Falklands Limited ("Noble") and Edison International S.p.A ("Edison") have served notice of their intention to withdraw from the Licence.

The Company intends to take a reassignment of the Licence from Noble and Edison, as provided for under the Participation Agreement entered into between the Company, Noble and Edison in February 2016. The Company is already in contact with the Falkland Islands Government to seek the required approvals to transfer the Working Interests back to Argos.

Ian Thomson, Chairman of Argos, commented:

"The Company remains very positive about the potential of Licence PL001. We have sufficient cash reserves to meet our ongoing requirements while we progress discussions with the  Government on the reassignment of the Licence and seek to secure other partners to participate in its development".

For further information:

 

Argos Resources Limited (+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)

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCKZLBBVBFZFBZ

a d v e r t i s e m e n t