Argos Resources (LON:ARG) is a step closer to starting a drill campaign in the remote waters to the north of the Falkland Islands, where it is targeting a high priority target akin to Rockhopper’s adjacent Sea Lion discovery.
This morning it told investors that it has now submitted an Environment Impact Statement (EIS), which has assessed the potential impact of exploration drilling on the environment within the licence acreage and along the adjacent coastlines.
The Falkland Island Government will carry out a statutory 42 day period of public consultation.
Argos chairman Ian Thompson said: "The submission of an Environmental Impact Statement and its acceptance by the Falkland Island Government is a pre-drilling requirement and, upon approval by the Government, will take the Company another step closer towards being ready for drilling operations in the North Falkland Basin in Q4 2011 or early 2012."
In last week’s annual results statement Thompson said the group was excited about the potential of its Falklands acreage and it confirmed that it would require more cash to drill the area.
It recently completed a comprehensive 3D seismic survey of the high PL0001 area next to Rockhopper Exploration’s (LON:RKH) Sea Lion field in the North Falkland Basin, which was deemed commercial.
The survey began on the Argos licence area in January and the data for high priority area will be fast tracked for release mid-year. Subsequently Argos plans to start drilling with the Ocean Guardian rig.
The Ocean Guardian is currently being used by Rockhopper on the adjacent licence area. This morning Rockhopper announced the spudding of its latest well to appraise the Sea Lion discovery.