Argos Resources Ltd is an AIM quoted oil and gas exploration company based in the Falkland Islands, ideally placed to make the most of an exciting new oil province heading towards production. Argos holds a 100% interest in Licence PL001, which covers approximately 1,126 square kilometres in the North Falkland Basin. The licence boundary is just 3km from the Sea Lion oil field, a significant discovery on course for production start-up in 2017.
28/08/13Argos Resources says 3D data is best quality seen in Falklands Basin to date
10/04/13Argos Resources extends Falkland exploration licence
26/03/13UPDATE: Argos Resources says search for farm-in partner continues
06/02/13Argos Resources orders new CPR to update resource estimate
24/12/12Argos Resources' Falklands portfolio looks an ideal blend
19/10/2010Argos AIM Admission document (Presentation)
No documents available.
New 3D seismic data of excellent quality was acquired over the entire licence area in 2011 and has identified 52 prospects with a best estimate of 3,083 million barrels of prospective recoverable resource, and a high estimate of 10,412 million barrels. 40 additional leads have been identified which are not included in the above resource figures and which are the subject of ongoing work.
The Company is now seeking an exploration partner to drill a selection of key prospects to unlock the value of this exciting opportunity.
The North Falkland Basin
The basin is relatively underexplored and continuing exploration drilling is expected to unlock the potential of this emerging oil province.
Drilling in 1998 encountered a world-class oil source rock across the northern part of the basin which analyses showed should be mature at depth for oil generation. The presence of a rich, mature source rock spurred continuing exploration and led to the discovery of the Sea Lion field in 2010. The operator of Sea Lion has stated its intention to develop the field, with first oil targeted in 2017. This will ensure the establishment of infrastructure which will, in turn, facilitate ongoing exploration drilling in the basin.
Resource estimates for Sea Lion are reported to be between 245 – 560 mmbo recoverable. 3D seismic has been key in identifying the Sea Lion prospect and this sizeable discovery has significantly de-risked the surrounding acreage. It is therefore reasonable to anticipate that additional discoveries will be made with the continuing application of 3D seismic.
It is believed that a second, deeper source rock, mature for gas, condensate and possibly light oil, is also present in the basin, adding further to its prospectivity.
Ian Thomson OBE - Executive Chairman
Ian is a Chartered Engineer and founded Argos in 1995. After an early career in the mining and energy equipment industry he became Managing Director of Evergreen Resources Inc’s exploration and production interests in the UK and Europe. Ian is a director of a number of Falkland Islands and overseas companies engaged in fishing and other sectors.
John Hogan - Managing Director
John joined the Board in 2005. John is a qualified geologist who has spent over 35 years in the oil industry. He was Chief Operating Officer of LASMO plc and Managing Director of LASMO North Sea between 1989 and 2000. Since 2000, he has been active at board level in a number of privately held and quoted energy businesses internationally.
Andrew (Drew) Irvine FCCA - Finance Director
Drew joined the Board in 2005. After qualifying as a Chartered Certified Accountant in Scotland, Drew managed the Pannell Kerr Foster related accounting practice in the Falkland Islands. Drew is now a Falkland Islands resident and is a director of a number of Falkland Islands companies. He is Chairman of the Falkland Islands Pensions Scheme and a member of the Board of the Falkland Islands Fishing Companies Association and a director of the Falkland Islands Chamber of Commerce.
Dennis Carlton – Senior Non-executive Director
Dennis joined the Board in 2005 having served on the board of Argos Exploration since 1995. Dennis is a qualified petroleum geologist and has been involved with the North Falkland Basin since 1995. He was Chief Operating Officer of Evergreen Resources Inc. between 1981 and 2004 and, following its merger, Vice President of Exploration, Western Division for Pioneer Natural Resources USA Inc. until 2008. He is currently a director of a number of other private companies operating in the energy and other sectors.
Christopher Fleming - Non-executive Director
Chris joined the Board in 2008. Chris graduated from Aberdeen University with an M.A. in Economics and Law and joined Morgan Grenfell in 1985. Between 1987 and 2005 he was involved in the development of the Gilt Sales operations of Bankers Trust, Deutsche Bank and SBC Warburg as Head of Sales of each of the Banks. From 2005 to 2009 he was Head of EMEA Flow rates, Credit and Currency Sales for RBS Global Marketing and Banks and is currently Global Head of Rates Sales for Nomura International PLC.
James Ragg LLB, FCA - Non-executive Director
James joined the Board in 2008. James qualified as a Chartered Accountant in 1995 and, after eight years with Saffery Champness, joined a Haines Watts accountancy practice as an audit and assurance partner in 2004. He subsequently managed the independence of his firm from Haines Watts and its renaming as Blue Spire South LLP where he was a Management Partner until September 2012. Now a non-executive partner in that firm, he is currently heading up the finance and development operations for a group of private companies.
Shares in issue: 217,363,205 2p Ordinary Shares in Issue, as at Last Close.
As at 11 June 2014 Argos Resources Ltd. is aware that 22.08% of shares are not in public hands.
There are no restrictions on the transfer of any of the company's securities.
1 Ian Thomson has a 46.46 percent interest in the issued share capital of Argos Georgia Ltd
2 Iain Aylwin has a 23.23 percent interest in the issued share capital of Argos Georgia Ltd
Argos Georgia Limited is an 'associate' of Ian Thomson for the purposes of the AIM Rules. The aggregate of Ian Thomson's and Argos Georgia Limited's interest in the share capital of the Company is 18.17%.
Information taken from Company website 04/07/2014
Argos Resources Limited
H Jones Road
Tel: +500 22685
H. Jones Road
Financial Communications Consultants
Citigate Dewe Rogerson
3 London Wall Buildings
London EC2M 5SY
Nominated Advisor and Broker
Cenkos Securities Plc
6.7.8 Tokenhouse Yard
Solicitors to the Company as to Falkland Islands Law
H. Jones Road
Solicitors to the Company as to English Law
Peachey & Co LLP
London WC2B 4JF
Senergy (GB) Limited
39 Charing Cross Road
Reporting Accountants and Auditors to the Company
BDO Stoy Hayward LLP
20-30 Kings Road
Reading, Berkshire RG1 3EX
Computershare Investor Services (Jersey) Ltd
St Helier, Jersey, JE1 1ES
Computershare Investor Services PLC
Bristol BS99 6ZZ
Standard Chartered Bank
Falkland Islands, FIQQ 1ZZ
Nomura International PLC
1 Angel Lane