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.

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.

http://www.argosresources.com/
http://www.falklands-oil.com/
http://www.desireplc.co.uk/
http://www.rockhopperexploration.co.uk/

http://www.argosresources.com/docs/AIM-Admission-Document.pdf

The Opportunity
•Proven commercial petroleum system
•52 oil prospects, defined by excellent quality 3D seismic data
•CPR attributes 3.1 billion barrels of prospective recoverable resource to the prospects, with upside of 10.4 billion barrels
•40 additional leads identified and under review
•Several prospects similar to Sea Lion
•Prospects have been de-risked by the Sea Lion discovery
•Potential extension of Johnson gas discovery into licence
•Licence 100% owned by Argos Resources
•Benign operating environment
•Stable Government with a competitive tax regime

hbmarkets Reasearch Paper

The Company intends to carry out a 3D seismic programme in 2010/2011 over a number of the prospects identified from its earlier 2D seismic programme. These prospects have a total unrisked potential of 747 million barrels of prospective recoverable resource in the most likely case, and up to 1.75 billion barrels in the upside case. On completion of the seismic interpretation, which should be completed in the second half of 2011, the Company expects to be in a position to high-grade prospects and identify drilling locations. This process will be aided by the results of the current drilling programme being undertaken by the adjoining licencees


Indicative Timetable
Q4 2010 / 2011 Acquire up to 1,000 km2 3D seismic
Q1 2011 Process and interpret 3D seismic data
Q3 2011 Report on prospect inventory
Q4 2011 High-grade drilling targets, submit environmental impact statement
Q4 2011 / 2012 Drilling campaign


The Directors believe that the encouraging results from the adjoining licences materially de-risk the likely outcome of Argos's own programme.

MARKYMAR

Have you heard anything on the listing price wednesday
what we can expect

Sheppo all the info you need is in front of you......31p

http://www.argosresources.com/docs/AIM-Admission-Document.pdf

Thanks for that
Are you having a punt

Not sure!!!! Drilling 2012 is a long way off but on the other side of the coin any sucess from RKH or DES drilling and hitting oil the share price will follow as all 3 in the NFB.

http://proactiveinvestors.co.uk/companies/news/19346/argos-resources-to-join-aims-falkland-oil-explorers-19346.html

Argos Resources to join AIMs Falkland oil explorers
Tuesday, July 27, 2010 by Jamie Ashcroft

Looks like all went well and she is up a little

taken a small position in ARG as marky points out their concession is in the NFB next to RKH'S sealion so even if ernest turns out to be a duster they should not be badly affected.

http://www.moneyweek.com/investment-advice/share-tips-argos-resources-falklands-oil-exploration-03108.aspx

Is this the next billion-barrel Falklands oil stock?

Good choice Halifax the 3 stocks in the NFB should follow each other and this should be the safer one to hold i would of thought.

Hope you have a few RKH if not a defnite dive in for Sea Lion for flow test what ever happens to Ernest.

marky waiting for ernest news before going back in.

Good idea Hal i am holding tight with what i have and a little left to buy in after news of Ernest.

Roll on Monday as thats a possibility in my eyes of the RNS wireline crew flew on to the OG today.

Quiet with out Cynic i bet those shaven legs of his are getting a tan.

COME ON ERNIE!!!!!

I'm watching this one closely.

ARG sp should rise as any good news from RKH's sealion discovery should be a boost.

Why ?

Sea Lion is East - Argos is far West.

So far anything remotely West (Liz from DES) has seen no commercial oil.

Argos remains high risk until they drill and find something, simple as that. With RKH holding so many Eastern prospects and with RKH having found oil, regional seal etc.... then it makes the East falklands the focus point and ignore the West.

pp so you think geography is the answer to finding oil in the FI what a simplistic view. If sealion proves to be as good as you suggest then we can expect renewed interest in neighbouring blocks, it would appear to us drilling in the FI successfully will be like drilling in the North Sea.

Perhaps, however, the most "likely" place to find more oil is around where there is already proven oil + reservoir + seal and that is the East North Falklands, which just happens to be the RKH license area :)

Nobody will assign much value to the far west until oil is found, now when is the drilling ? In the case of Argos they only raised enough for sesimic work, they do not have funds for any drilling.

Therefore, why not buy at the next big fundraising where they will have to get money to do drilling, and perhaps it might be at a lot lower price than today as they have, as yet, no oil finds to support the price, only a license and soon, seismic BUT what has Toroa and Ernest taught everyone ? and that is that seismic and CSEM can lead to dry wells............. ;)

They have found gas straddling the ARG and RKH border.

Robnickson

RKH said that the Johnson prospect was a gas find , that prospect over laps in to Argos acreage but Argos acreage is un-drilled to date it has only ever had 2D seismic carried out over it.

And nobody wants gas at this stage, its all about oil.

http://www.investorschronicle.co.uk/Companies/ByEvent/Risk/Analysis/article/20100908/cf021134-bb2e-11df-81fc-00144f2af8e8/Back-to-the-Falklands.jsp

Back to the Falklands

Created:8 September 2010Written by:Martin Li

When John Hogan last drilled in the Falklands in 1998, an oil price that had crashed to $12 per barrel forced LASMO, of which he was chief operating officer, and its peers to abandon any meaningful aspirations there. They drilled the cheapest wells that satisfied their lease obligations and withdrew, despite finding a thick, rich source rock (where hydrocarbons form) and oil and gas in five of the six wells drilled. That leaves unfinished business that Mr Hogan intends to complete as managing director of Argos Resources, which became the fifth Aim-traded Falklands explorer when it floated in July, raising 22m.

First movers are generally thought to hold the advantage, but this time Mr Hogan and Argos chairman Ian Thomson espouse the benefits of coming to the Falklands party late. Argos holds a 100 per cent interest in acreage in the North Falkland basin, adjacent to licences held by Rockhopper Exploration and Desire Petroleum. Rockhopper's spectacular 242m-barrel success with its Sea Lion well provides valuable geological clues to help Argos evaluate its licence area, particularly in identifying Sea Lion lookalikes. Rockhopper and Desire will drill further exploration wells to the south and west of Argos's acreage, which should further help the company target its prospects.

Oil and gas discoveries are easier to commercialise when clustered together so as to be able to share infrastructure and facilities. The Sea Lion discovery and Rockhopper's re-interpretation of a 1998 Shell well, Johnson, also as a discovery holding several trillion cubic feet of gas (even though not commercial on its own) greatly reduce the threshold for any further discoveries to be commercial.

Another key advantage of Argos's timing may be rig availability. The inability to secure a rig to travel the long distance to the South Atlantic delayed Falklands drilling by several years until Desire finally secured the Ocean Guardian rig last September. Further exploration and testing of Sea Lion could keep the rig busy in the Falklands until mid-2011, by which time Argos hopes to be nearly ready to drill.


IC VIEW:
GoodValueAs Mr Hogan points out, "oil fields are herd animals", and Rockhopper's success in an adjacent block bodes well for Argos. Its prospects would improve significantly if successful seismic studies attract a suitable partner and allow it to tag onto the end of the current drilling campaign. Good value at 31p.

"Johnson also a discovery holding several trillion cubic feet of gas greatly reduce the threshold for any further discoveries to be commercial".

Steady Rob tant amount to treason that comment......With Liz only a quarter the distance from sea lion and coming up dry, compaired to ernest imo argos is 100-1 against any oil show.

With every prospect identified there is a risk of hitting oil or not, forget what some reporter has wrote. Use you own judgement and read up.

Thats why seismic is done 2D then 3D Argos have some canny prospects on 2D and after 3D it will slash them odds eg RKH if you read up

100 to 1 balerboy I would bet you a pile of money at them odds.

Not much down side on this stock as in NFB and oil has been found..Fact

The more success with DES or RKH the more the price will riseFact

DES has yet to strike..

Des have only drilled one hole...............early days.....Desire found Gas in Liz.

That rig is not leaving the NFB in a hurry.....Fact!!!!!

chill marky...only putting another point of view... i want to make money as much as everyone else here.:))

2 wells were drilled by Shell on the Argos acreage back in 1998, but where plugged and abandoned as uncommercial after having oil shows . So we know there is oil to be found.

only offered by 4 x MMs and in blocks of only 10,000
interestingly, sp is still below opening price when it came to market

"Shell abandoned some small finds near the Sea Lion discovery " Would be nice to know how much they found ".

I bought just a top up of 3000 shares the other day no problem ( Natwest )

my post is accurate! .... natwest would have had to buy from MMs, so sp potentially distorted and controlled

no problem getting a CFD.

i know that, but those are still governed by 4 x MMs in tranches of +/-3,000 .... merely a caveat

From tips thread:

The Guardian

Argos barometer indicates possibility of a cold Christmas.

bb which Argos?

Could not find them in the catalogue anywhere...!?...strange.....loads of kettles...electrical goods...pick up or delivery .....bizarre.....but no oil....

rf maybe bb is looking to become a toy boy!

I have always wanted to become one with some beauty.......you just hang around...great job with loads of perks....

No oil here.

I've learnt not to click on things...what is that link ?, skinny ?...

To the article in the grauniad

pardon ?.......which newspaper....the Guardian.....?...

Yes :-) just hover over the link and the address will show at the bottom of your screen.

ROFLOL.....got so much oil in my head thought they meant this lot......gave you something to laugh at.....silly b*gger.,.

Taken from ii . 14/9-1 Amerada 2590. 14/9-2 Amerada 2345 oil stains, in current Argos are, subsequent seismics show wells poorly positioned to hit reservoir target.

if i have read the RKH file correctly, the next wells/fields to be spudded (in 2011) are Jason, Fox and Stephens ..... it is worth noting that these are (just) to the EAST of the proven Sea Lion field and NOT to the north or to the west towards the Argos prospects .... to me, that indicates that RKH do not believe their holdings to N+W of Sea Lion are (particularly) strong contenders for riches

East of Sea Lion that would be cynic....... not Ernest.

quite right .... sorry chaps .... now corrected above

Online bid price is massive compared with the monitor bid.

They are showing 33-33.75p spread but bidding 33.61p online so there has
to be a large buy order.

Think i will take a small position at 33.75p..(edit bought 10k)

hey ravy what's happened with that GBO you were pumping last week lad? You moved onto this sack now then?

I'll believe that when i see it.,.

Fisrt warning CR.

I left advfn to get away from parasites like you so if you continue then you
know what will happen.

Quite funny how you first few posts were all denial but now you are showing
your true colours.

ps...i hold all sorts of stocks, i still hold Spmg and Dcd and Cltv but rarely post on those threads, i still hold 50% of my Gbo, it's looking solid to me
with buys to match the sellers.

EVO target price for Argos Res 52p.

When compared to the likes of Desire Petroleum or even FOGL and BOR : it looks undervalued as these three have not exactly set the world alight with drilling results (BOR has yet to spud a well).....in the long term, after drilling its first well not so sure but for the moment the market cap is lot,....lot less than the others....and should react like the others to excellent Rockhopper flow tests.

Took a quick profit at 36p bid for 2p gain after charges.

Have to keep an eye on it though, they go nuts for these stocks when
they do find oil.

try IF!

This one up 6% also!!! (Marky, any chance of a chart in the header please?)

I have some of these...for the potential and low market cap compared to DES...

They would be up more if Novum let it go.

Strange but everytime a stock hits a price where Novum are offering
it takes a huge amount of buying to shift them.

They are the mm alone on 38p offer not budging on mostly buys.

This will play catch up because of a tiddler sp .....next week....starting now...

I reckon that next week will see the sp here climb....just on possible potential (if that's what you can call it)....

their licences are a long way away from the only proven oilfield of Sealion and if the shares are marketed by just a single MM, the chances of being treated fairly at all times are pretty slim

:-))

There's a lot of market makers in this stock cynic and it's extremely liquid, i was
making reference to the mm Novum who have a habit of sitting on the offer in a
lot of stocks with endless amounts of stock to sell, as it happens they did move
up a short while after my post, why sell for 38p when you can sell for higher when
the herd chase on momentum, refreshing this one is not a sets stock, thats why
i trade it, i hardly touch sets thesedays.

ah; thanks ..... it's on my watch list, but can't currently get very excited about its prospects, and i am always wary of MM only stocks as it's impossible to see any underlying orders

I actually prefer mm only stocks, L2 is all false and always will be but if you
check online limits regularly you will know the real positions of the mm's, sxx
was a good example, lots of shakes all bar one mm was very short of stock.

cynic, also they only have enough cash to do the seismic survey.

They have to come back to the market in the future to raise the big money needed to do any drilling.

Which is why I am waiting. Its only risen in the past days as Evolution and RHPS are doing a marketing job on it presently it seems to drum up buyers.

The sp should rise on potential....why should DES rise so much with diddly squat.....and not a little bit : Argos......

DES is indeed rising on very little EXCEPT its fields relative proximity to the proven Sealion, and of course that it has the rig booked for the next pop at finding something

ARG, doing very well on the back of RKH results, plus alot of ramping on ii. Even if ARG has no oil we can get out now for a profit that would take years to earn in a high yield bank account.

What a remarkable share.

With the others all quite high,.... this had play "catch-up"....

I agree rf.. up 25% today.

my fear is that this whole FI scenario is becoming ridiculously frothy with the lemmings piling into everything ..... it should not be forgotten that RKH is the only one to have actually found oil so far, and though that looks to be pretty significant, even that is a good time off being extracted

Then shorting might be the order of the day soon...bought and sold this one twice now....just taken profits at the earliest top......could go higher but not sure...by the way : everytime I see FI...the first thing I think is formula one....

Totaly agree with you Cynic......

ARG - must assuredly be too far too fast and ripe for shorting .... they're not even drilling for another 2 years!

Check out DES...starting to drop and no short from me...

Barring a few exceptions, the whole market is taking a bit of a hit today, so may not be FI related. Of course, frothy stocks take a bigger hit.

i have shorted both ARG and FOGL, but continue to hold RKH and DES though on a much reduced level from what i had a couple of days back

This will come down with a bang, i have sold all my holding, it hasent even done 3D its a crazy price its not worth 132 million just on 2D.

just shorted some more at 60.5 ..... that's now quite sufficient, so fingers crossed that common sense takes over, which it has patently NOT done with FOGL!

cynic moving against you.

happy enough to stay put ..... indian ropes have a habit of collapsing, and even if i'm wrong this time, i can think of plenty of others where i have had a complete disaster .... shorting ARG will not be one of those

closed my short here with sufficient profit to pay for one dinner at the Waterside + taxi home! ...... had a staggeringly good meal there on saturday for Beloved's b'day ...... bill was truly eye-watering, but nevertheless passed the acid test of us wanting to return

Completely forgot about this one! There was money to be made on the bounce here, but sp now recovered.

What I was thinking here was that the OG will still be in the Falklands when they want to use it but will they get a borrow it is the question.

If Desire hits oil then I would think another rig will have to come to the Falklands one for RKH and one for Desire so they can both carry on drilling.

Good to see theym are sharing and keeping cost down.

Argos and Rockhopper sign up Polarcus to carry out Falklands survey

Falkland Islands oil explorer Argos Resources (LON:ARG) has signed a contract for marine seismic acquisition services with Polarcus.

It will carry out a substantial 3D seismic survey covering all of the Argos acreage in licence PL001, as well as adjacent areas.

The seismic vessel MV Polarcus Asima will be available by early January next year and it is estimated the survey will take 50 days.

Proactiveinvestors recommends
Petroceltic International raising 81m for appraisal work in Algeria and ItalyJupiter Energy strikes oil in primary target of J-50 wellGulfsands Petroleum - making big strides towards strategic goals Rockhopper Exploration (LON:RKH), which owns the Sea Lion field adjacent to the Argos acreage in the North Falkland Basin, has signed an identical contract with Polarcus, allowing Argos and Rockhopper to share the vessel and costs.

A separate contract to process the acquired data will will be put out to tender shortly.

However, Monarch Geophysical Services has been retained to provide specialist acquisition and processing supervision throughout the 3D seismic project.

Argos chairman Ian Thomson said: At the time of our listing in July we stated that it was our aim to secure a seismic vessel to commence shooting in the austral summer of late 2010/early 2011, allowing the possibility to commence exploration drilling as early as the fourth quarter of 2011.

Signing this contract secures the front end of this timetable. The MV Polarcus Asima is a state-of-the-art vessel which should ensure an efficient seismic acquisition programme.

We are also delighted to have been able to sign this contract in a co-operative arrangement with Rockhopper.

This allows both companies to share mobilisation and demobilisation costs and to capture the technical and cost efficiencies resulting from a larger programme.

As a result of these savings, I am pleased to note that Argos should be able to acquire more 3D coverage, over the whole of PL001 and adjacent areas, than originally envisaged at the time of listing.

http://www.diamondoffshore.com/ourFleet/rigStatus.php

October update

Ocean Guardian 1,500' Falkland Is.
Current Contract AGR/Desire/ Rockhopper Eight firm wells plus two remaining optional wells mid 240's mid Feb. 2010 late Jan. 2011

WTE holding Argos Resources Plc - 1,200,000

Argos Resources Limited, oil and gas exploration company, has announced that the MV Polarcus Asima seismic vessel is in transit to the Falkland Islands and is expected to arrive within the company's license area to commence 3D seismic acquisition in the first half of January 2011.
The Company plans to acquire 3D seismic data over the entire area of License PL001, and also intends to acquire additional 3D data in open acreage to the north of the license.
The seismic vessel has been contracted in a co-operative arrangement with Rockhopper Exploration plc, who are also participating with Argos in the 3D acquisition in the open acreage.
Commenting on this progress, Ian Thomson, Chairman of Argos, said: "Argos is on schedule to acquire 3D seismic over our license area in the austral summer weather window, allowing us the possibility to commence exploration drilling as early as the fourth quarter of 2011."

Time to start stockpiling ARG shares then?

I have a few at moment Harry and hope to continue topping up before result are know on the 3Dthere is lots of work to be done here but the prospects so far look quiet exciting especially with them so near to Sea Lion where RKH hit.


http://offshore.no/international/article/Falklands_seismic_to_start_

Argos has previously indicated, based on 2D seismic data, that its licence area contains seven prospects and five leads with a total unrisked potential of up to 747 million barrels of prospective recoverable resource, and up to 1.75 billion barrels in an upside case

Slide 11 and zoom in 3D seismic pre plot

http://www.polarcus.com/assets/0000/1209/Polarcus_Company_Presentation_SEB_12_Jan.pdf

Getting weak as the sells are taking over v buys, closing positions mos likely after the rise and MMs not letting sells on size online, Max was 3K @ 45 / 45.0p

Overlaid the 3D map from Polarcus with the NFB prospect/license map and you can now see where the 3D is being done in relation to the targets.

http://www.proactiveinvestors.co.uk/companies/news/30229/argos-resources-says-fast-tracked-3d-yields-encouraging-early-results-30229.html

Argos Resources says fast-tracked 3D yields encouraging early results

Been slowly building up a stake here when its been in its low 20s

Intresting trades going through.

Hoping that this might fall further been buying in at 20p mark when can through out the year.

Topped up in here very happy at this price to hold for 6 months expect to treble by the time they drill.

15p would be a good buy... not now.

This could be another Desire Petroleum.

well if it hits 1.50 like Desire did i will be a rich man again.....

Just bank some bl**dy profit this time!!! ;o)

On the march 18% up!!!!! as said been buying these when ever they were near 20p looks like the gamble paying off now,lets hope they raise some money soon so they can get the 3rd slot.

good jump

Wednesday, September 28th 2011 - 22:18 UTC

http://en.mercopress.com/2011/09/28/falklands-argos-needs-additional-capital-for-drilling-set-to-begin-at-end-of-year

Falklands Argos needs additional capital for drilling set to begin at end of year

Falklands based Argos Resources expects to drill its first well on license PL001 in the North Falkland basin in late-2011 or early-2012, using the semi submersible rig Ocean Guardian, currently operating in the Islands waters.
PrintShareComment


Chairman Ian Thomson, 3D data quality is excellent


However, Chairman Ian Thomson admits that the company will need additional capital to finance drilling, and the board is reviewing its options.
Interpretation of recently acquired 3D data is well advanced, Thomson said. The two structural prospects, Zeus and Demeter, have been confirmed and are considered to be robust closures. Mapping of other structural prospects continues and early indications are encouraging that these, too, will be confirmed.
One of the main features of the northern part of the basin, close to PL001, he added, is the presence of a major delta system.
The 3D data quality over the delta is excellent and we are now using that data to identify new stratigraphic prospects.
Several new prospects and leads which were not evident on the old 2D data [from 1996] have already been mapped from the 3D data. We are very encouraged that additional prospectivity is being identified in our license area, said Chairman Thomson.
Argos licence area adjoins licence areas being explored by Rockhopper and Desire, who between them are involved in a multi well drilling campaign in the North Falkland Basin in 2010 and 2011.

AGM tom so one to watch on Friday to see if the FI buy in to the story.

http://moneyam.uk-wire.com/cgi-bin/articles/201110140700101581Q.html

CPR out, well worth a read still no details on funding as of yet


Highlights



New prospective resource estimate of 2,107mmbo

The six structural prospects mapped from earlier 2D seismic data confirmed

22 new stratigraphic prospects identified, creating significant new opportunities

Good quality sandstones predicted, with several prospects, including Rhea, exhibiting similar seismic anomalies to those seen at Sea Lion

Progress made towards being drill ready in late 2011 / early 2012

Various financing options to fund drilling costs are being actively considered

Argos Resources eyes Falklands prospects containing 2.1 billion barrels of oil
8:02 am by Jamie Ashcroft
http://bit.ly/pOp3fT

the CPR defines a new prospective resource for the companys acreage with best estimates of 2.1 billion barrels of oil.

Falklands oil explorer Argos Resources (LON:ARG) today unveiled its hotly anticipated competent persons report following the 3D seismic programme it completed earlier this year.
The CPR confirms that the 3D seismic was very successful. It confirmed six structural prospects, which were previously mapped in 2D seismic, and identified twenty two new ones. The group said that several prospects exhibit similar seismic anomalies to those seen nearby at Rockhopper Explorations Sea Lion oil discovery.
Importantly the CPR defines a new prospective resource for the companys acreage with best estimates of 2.1 billion barrels of oil. This represents a 182 per cent increase from the past estimate of 747 barrels of oil.
The high estimate sees 7.3 billion barrels of oil on the license.
At the time of planning the 3D seismic programme Senergy (the groups consultant) estimated that some 522 million barrels of new prospects might be identified, said chairman Ian Thompson.
In fact we have identified almost three times that level of prospectivity, with additional leads still being mapped. We are therefore delighted that the seismic programme has proven to be so successful.
Following the release of the CPR Argos reiterated its desire to join the current drilling campaign in the Falklands during late 2011 or early 2012. It said that various financing options are being actively considered to fund the drilling costs.
Argos also explained that preparations for drilling are continuing apace. These preparations include gaining approval for an environmental impact statement and purchasing three wellhead assembly packages which are held in storage to avoid long lead-order item delays.
The 3D seismic programme was completed in April. It covered 1,415 square kilometres, spanning the entire licence area as well as a halo outside the licence boundaries, and tie-ins to key wells.
Argos subsequently had the entire data package fast-tracked and it was very pleased with the results.
"The 3D seismic we have obtained is the best quality data seen in the (North Falkland) basin to date, Thompson said.
This has allowed us to map with confidence numerous new stratigraphic prospects associated with the early Cretaceous delta system that is a principal feature of the licence area and which is intimately associated with proven oil source rocks of the same age.
We have also confirmed as robust the six structural prospects identified from earlier 2D seismic data.
He added: Identifying new stratigraphic prospects which were not evident on the old 2D seismic was one of the key objectives in acquiring 3D seismic data.
This objective has been more than achieved, with the results reported above of 22 new stratigraphic prospects considerably exceeding expectations.

Argos explained that its prospects fall broadly into two groups. The first group is a combination of structural and stratigraphic traps, while the other group is made up of fault bounded and four-way dip closed structural traps, with closures at several horizons providing multiple reservoir targets.
In the first group 22 new prospects have been mapped, four of which are within the previously identified Boreas prospect area. The other 18 prospects were not apparent prior to the 3D data being acquired, it said.
These prospects are expected to contain good quality sandstone reservoirs with several, including Rhea, exhibiting similar seismic anomalies to those seen at the Sea Lion oil discovery, it added.
In four areas a number of prospects are vertically stacked, meaning that there is potential to drill multiple prospects within a single well. Argos explained that in these four areas there is a stacked Best Estimate potential of 216, 118, 800 and 69 million barrels of oil respectively.
In all the best estimate net un-risked potentially recoverable prospective resource totals 1.5 billion barrels for group one.
Meanwhile the second group of prospects, the structural traps, were confirmed by the 3D seismic. In the new CPR these prospects are estimated to contain 599 million barrels of oil.
Argos said that the final processed data is due to be received around year-end, and it expects to further improvements in data quality. This will help the groups prepare seismic modelling studies.
Todays resource estimates exclude the Johnson gas discovery which, according to Argos, appears to extend into the licence from Rockhoppers adjacent acreage. It said that it plans to model potential reservoir sands within the Johnson gas discovery in the future.

Got a smallish punt on this one and will wait until they spud a well....

Smallish???????.........what are you doing rf? If these boys hit oil then we will be rich!!!! Another fledgling RKH in the making! Just your type of high risk stock I would have thought! :o)

Well it is....I'm in but very small % when compared to my RKH %....this is a pure gamble 100%....it might turn out like DES...and then it might not.....might increase my holding...

Harry a lot smaller prospects than RKH but i wonder if the oil all went North....hence Argos could be a good bet or punt

Don't forget that RKH was 35p if I remember when they struck the sealion prospect...and was dropping all the time...so this is very risky with this 100% pure explorer...the johnson gas prospect might not be commercial.....

They have it down as a discovery RF,30% of it is in Argos block.......its huge and i mean huge.

RKH have some big prospect in there blocks Argos a lot smaller.

Well.....bought some more ARG.....now no longer a punt but a serious small investment......

You are familiar with the ;o) icon I trust, rf? I hope you won't hold me accountable if this should end in a duster!!!

It will be your fault Harrycat (:))

This is worth 15-20p.

This is worth 25p ( 24.75 / 25.25p ) now after dropping to 24.25p

managed to get some at 24.75p, as MMs will not allow online at offer 24.50p

Level 2 of 4 v 1

RECA the only one at Offer since earlier, rising the price by 0.25p and yet the next MM is at 25.75p

Mistimed my buy here.....it's a 'orrible sp 'arry.....

Its been bouncing from 20p to 30p for ages so been buying near 20s selling near 30s so hoping for a little more drop before i buy again.

Will hold at some point just waiting for funding news then we might get an idea on how many holes they may drill.

Argos Resources Hogan confident in Sea Lion lookalike prospects after pivotal report
1:00 pm by Jamie Ashcroft
http://bit.ly/plr9gL

The CPR confirms that the licence hosts prospects that are similar to Rockhoppers Sea Lion discovery
Argos Resources (LON:ARG) managing director John Hogan has declared himself "delighted" with the results of the recent independent report on its Falklands acreage which was far better than he or the team expected.
The report gave the group a major uplift in estimated resources, which rose more than 180 per cent to 2.1 billion barrels of oil, and uncovered 22 new exploration prospects. It follows a busy summer of seismic exploration for the firm.

Importantly Hogan highlights that, as expected, the CPR confirms that the licence hosts prospects that are similar to Rockhopper Explorations (LON:RKH) Sea Lion discovery, which is on the neighbouring licence.

The most notable of these prospects is Rhea, a 103 million barrel target that is likely the first to be drilled by Argos.

Speaking with Proactive Investors Hogan explained that the latest interpretation of 3D seismic and Rockhoppers continued appraisal success very much backs up the groups previous expectations of a Sea Lion lookalike on the Argos licence.

In fact following a data sharing exercise with its neighbour Hogan and his team are now more confident than ever about the potential Sea Lion lookalike.

"We've got all Rockhoppers seismic data, Hogan said.

"We have their information on Sea Lion and we can make our own assessments and make comparisons between the Sea Lion discovery and our new prospects. We can see what they are drilling, what looks like on the 3D seismic and use that on our respective prospects.

"Rhea has a lot of the characteristics that the Sea Lion field displays. But we've got other prospects that do that too, I'm pleased to say.

The Sea Lion Field was major a breakthrough not just for Rockhopper, but also all those companies operating in the South Atlantic. It has continued to prove up and expand is oil resources, and in just 18 months it has taken the discovery to the verge of the development phase.

Indeed last month Rockhopper unveiled a US$2 billion plans to produce the Falklands first oil by 2016. It is currently preparing to drill its eighth well on the Sea Lion field.

"We are pleased to see Rockhopper continuing the drilling programme on Sea Lion, which just keeps getting bigger and bigger, Hogan added.

For a much smaller company like Argos having such a successful peer working nearby has been a real bonus as it has helped capture the imagination of investors and has stoked up the excitement among AIMs speculators.

"Good results from Rockhopper draws industry and investor eyes onto what's going on in the Falklands and we all benefit from that attention.

Aside from the obvious Rockhoppers continued success has had another important benefit for Argos. Importantly it has meant that the Ocean Guardian rig has remained in the isolated waters of the South Atlantic.

Because of that Argos is now preparing for its own drilling programme which is expected to get underway towards the tail-end of this year or early next year. However before that Argos must first get the financial backing to support its ambitions.

Taking the temperature of investor sentiment on the ubiquitous internet bulletin boards and forums it seems that this funding issue is a lingering concern which has somewhat overshadowed the better-than expected CPR result.

A farm-out deal is one potential funding option being mooted, by some investors, as a potential means to bring in cash to cover the initial costs of drilling. It is also a theory seemingly reflected by Evolution Securities analyst Keith Morris.

The analyst, which sees Argos as a buy, has a 79p a share price target for the stock. And in a note to clients on Friday he said that his valuation assumes that Argos will farm out a 50 per cent stake in the licence and be carried for the costs of drilling the two lowest risk prospects, Rhea and the 118 million barrel Poseidon prospect.

While not ruling anything out, Hogan distanced the company from the plans that could potentially be construed from Evolutions assessment.

He explained: "(A farm-in) was merely the analysts chosen method of putting a valuation on the acreage that other analysts and the industry would recognise.

"It is not being led by any particular route that weve mentioned to him. It's not because we were telling the analyst that was what we're planning or anything like that.

"At the moment we are just keeping our options open.

While investors await some breaking news on the financing front, eyes will no doubt be fixed on the ongoing developments in the Falklands where things tend to move very quickly indeed.

"There has been a lot of good news from the Falklands of late from Rockhopper, Desire and ourselves, Hogan surmised. "There is a lot going on and I don't want to tempt fate by guessing what might happen next."

I have a modest holding in ARG, rf, and am happy to hold whilst they drill. I prefer to invest here & hold rather than trade them, as potential is good and I have a nasty habit of missing out by not having cash available at the right time. Will try and invest more when the rig is mobilised.

Staying put as well......will wait for the drilling to start....sp will shoot up then....

After reading Desire RNS today I am wondering what part if any ARG will play, Once RKH finish with the rig there will be 2 max drill slots available now I would of thought Desire would want both of them so that leaves ARG where?

Interesting times not sure how this is going to play out.

RNS no drilling in the immediate future..... sp tanked.

Ouch !.....not having much luck with my picks as of late.....in for the long term anyway....it's all 'Arry's fault....

Hmmmm..... could be a longer wait than I first anticipated!

I was lucky i sold out the other day in to Desire still holding a few ARG.....luck full stop as i had thousands of them.

Off down the pit Chav for a long shift end of week keep an eye on them clogs.

indeed it has!

Tuesday, January 17th, 2012 | Posted by admin
FoxDavies views from the trading floor


http://refinerynews.com/foxdavies-views-from-the-trading-floor-3/

The rush of blood continued in Argos Resources today, jumping another 28% to 17.5p as investors continued to chase the Falklands plays higher. It would not be a surprise if part of this rally is attributed to short covering here, as the market was not expecting news from Argos for some time. The last RNS said ‘it won’t proceed with a drilling campaign in the North Falkland Basin which was due to end in December, citing weak capital markets and the limited availability of the drilling rig. As the rig is leaving the region in December, Chairman Ian Thomson said the company had rejected the option of drilling only one well because it remained convinced of the value of the area and the merits of a more extensive drilling program. The firm expects to complete the work in the first half of 2012 before looking for an industry partner to help fund its drilling program.’

trouble with ARG is that is an MM-only stock so easily manipulated .... not for me this one; i'll stick with rkh

12p to 21p in four days! Amazing and missed opportunity on my part....damn!

No reason for the rise Harry apart from the Johnson prospect and maybe a partner in tow.....early days

Hope Desire does the same soon as i have a boat load,still at a loss why this is up so much.

Might just be a case of 'no real reason for the sp to drop that far and that fast' and now just recovering lost ground? No complaints from me, though holding now until drilling starts.

More likely to do with Anadarko....(hope it's spelt like that )...and the possibility that they could be involved as well.....

http://www.proactiveinvestors.co.uk/columns/fox-davies-capital/8071/

Gravity defying Argos Resources (LON:ARG) continued its moon bound trip today, pushing another 20% higher to 22.75p during trading. This really is a puzzler, as the company said in a previous announcement “it won't proceed with a drilling campaign in the North Falkland Basin which was due to end in December, citing weak capital markets and the limited availability of the drilling rig. As the rig is leaving the region in December, Chairman Ian Thomson said the company had rejected the option of drilling only one well because it remained convinced of the value of the area and the merits of a more extensive drilling program. The firm expects to complete the work in the first half of 2012 before looking for an industry partner to help fund its drilling program.” This one will be a very interesting one to watch play out, as the RNS says clearly they want to look for funding partners.

sp is surely rising purely on the back of the possibility of an interested party looking over rkh rather than for logical and fundamental reasons

The sp is risig on the fact that the drilling campagn in the region (fogl/bor) has attracted worldwide interest with institutions already jumping on board. Arg remains at a reletively low price and when they get funding they and a rig on route the sp will take off to many times its current value. Even without its own sucessful drills a stike by Bor or fogl in the next 4 months will further raise the sp of arg

Profit taking today....stll do not understand why it went up the way it did.

Argos Resources: Your questions answered
By Stephen McDowell | Tue, 28/02/2012 - 11:54

Editor in Chief Stephen McDowell reports from Houston: Falklands player Argos Resources answers Interactive Investor user questions at the NAPE.

Argos Resources (ARG) is the quiet man of the Falklands Basin.

Less diluted than the others, with a different profile of shareholder, it sits aside from the seething excitement of Rockhopper (RKH) and its Sea Lion junior partner Desire (DES).

Answering one Interactive Investor user's questions, the firm’s spokesman, Peter Thomson, said: "Rockhopper’s Sea Lion is key for everyone in the Falklands basin. It’s world class as oil finds go."

Interactive Investor user question: What level of interest they are receiving with regard to ARG prospects, and as they are data sharing with RKH, whether people looking at RKH will also be able to learn more about ARG at this same expo event?

Thomson: “We have a different kind of shareholder though, quite different, ours tend to be much broader in outlook. Everyone is on a slow hold-of-breath awaiting the results of Rockhopper’s farm-out plans, it seems.

“The way the oil business works is that when you get one big company the others will follow. As for us - we had a fund raising in 2010 and raised £22 million so we are continuing to be drill-ready and happy. It is a lot about financing and finding partners. The Darwin spud in the South, owned by Borders and Southern (BOR), is another story in which the islands' entire industry is keenly eying.”

“No-one knows yet just how big it could be. It's serious wild-catting. The story, as far as Argos concerned is as much about the North Falklands Basin, as the single firm.

He concluded: "We talk to each other all the time, we sit ten feet away from each other mostly. There is a great deal of interest in the whole Falklands story. People think we are competitors but we regard ourselves as colleagues in the North Falklands project."

Argos Resources Limited (AIM: ARG.L), the Falkland Islands based explorationcompany focused on the North Falkland Basin, is pleased to announce its financial results for the year ended 31 December 2011.



Highlights



· Acquisition of 3D seismic data over the entire PL001 licence area was completed in April 2011 with further 3D data acquired in open acreage to the north of the licence through to mid-May



· Argos now has access to some 4,500 sq kms of high quality 3D seismic data covering most of the northern half of the North Falkland Basin



· The 3D data is the best quality seismic data that has been acquired in the basin to date and has transformed the Company's understanding of the prospectivity of its licence



· To date, a total of 28 stratigraphic and structural prospects have been mapped; further prospects may be added as detailed mapping continues



· Of 22 stratigraphic prospects, several bear close analogies to Sea Lion. The 6 structural prospects evident on the original 2D data have been confirmed by 3D data as robust closures



· 3D data quality over Johnson, a potential multi-TCF wet gas discovery by Shell which appears to extend into the Argos licence, is much improved. Extensive mapping and seismic modelling studies are underway



· The best estimate of unrisked prospective recoverable resource has been increased to 2.1 billion barrels, and to 7.3 billion barrels in the high case



· The Company's cash position is sufficient for its ongoing overheads

StockMarketWire.com
Argos Resources has issued 1,250,000 shares following the exercise of options by three directors.

The options were granted on 12 November 2009 prior to the company's admission to trading on AIM on 29 July 2010.

http://www.proactiveinvestors.co.uk/companies/news/45564/argos-resources-city-analyst-eyes-more-falkland-farm-outs-and-rig-news--45564.html

Argos Resources: City analyst eyes more Falkland farm-outs and rig news
1:30 pm by Jamie Ashcroft

28 August 2012


ARGOS RESOURCES LIMITED

("Argos" or "the Company")


2012 Interim Financial Results


Argos Resources Limited (AIM: ARG.L), the Falkland Islands based explorationcompany focused on the North Falkland Basin, is pleased to announce its interim financial results for the six months ended 30 June 2012.



Highlights

· With the final processed 3D seismic now available, ongoing work is identifying additional prospects and leads

· Best estimate of prospective recoverable oil resources, currently 2.1 billion barrels, is expected to increase

· A farmout programme seeking industry partners is under way

· Premier Oil's commitment to develop Sea Lion and undertake further exploration drilling is an endorsement of North Falkland Basin prospectivity and a major boost to its commerciality



Mr. Ian Thomson, Chairman of Argos, said:

"We are delighted with the early results of our 3D seismic with a best estimate 2.1 billion barrels of recoverable oil in 28 prospects, and upside of 7.3 billion barrels. Mapping of the 3D data continues and is identifying additional prospects and leads which we expect will add further to the resource potential of the licence.



Premier Oil's farm-in to the adjacent Sea Lion oil field and its commitment to develop the field is a significant milestone in the exploitation of the North Falkland Basin and a major step towards the commercialisation of discoveries.



Further exploration drilling is planned and we are extremely well placed to participate in this activity."

Nearly doubled in value in the last two months. Not bad for a company which hasn't yet done anything!

Your bang on the button there Harry,there still in the same starting blocks from 7 years ago.

There in no hurry,so no reason for price to rise as it has,when you go up a hill you come down one.

Up another 8% today. Looking for 40p and will then consider my options!

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 19 October 2012, all resolutions were duly passed by shareholders.

At the Annual General Meeting, Ian Thomson, Chairman of the Company, made the following statement:

"The Company has made significant progress in interpreting the substantial database of 3D seismic we have acquired and processed. The Competent Person's Report issued in October 2011 was based on fast-tracked processed data. We are now interpreting the final processed version of the seismic data which indicates that many of the existing prospects are larger than reported. In addition a significant number of new leads have been identified which do not fall within the scope of the existing CPR. These are in the process of being mapped in detail and high-graded.

A copy of the presentation to be delivered by John Hogan, Managing Director of the Company, is available on the Company's website - www.argosresources.com. In particular, the presentation highlights two specific examples of this new prospectivity. The first, Tyche, is potentially an extension of Rockhopper's Chatham prospect in the adjacent licence. The second, Big Metis, is a significant upgrade in the resource attributable to the prospect formerly known as Metis, which forms part of the Helios Stack and lies entirely within the Company's licence area.

The Company continues to seek an industry partner for exploration drilling and will issue an update in this regard at the appropriate time."

Video with Argos Resources (AIM-ARG)
John Hogan, Managing Director
AIM-quoted Argos Resources holds a production licence in the North Falkland Basin, adjacent to Sea Lion, the first commercial oil strike in the Falkland Islands.

Click the link below:
http://www.brrmedia.co.uk/event/106557/john-hogan-managing-director

ARG is now the most over-valued company in the Falklands - £55m market cap, with only $6m cash.

The bubble has burst and so will this SP

"most over-valued" is probably a bit of an exaggeration, but over-valued for sure .... as far as i remember, it really has no proper assets at all .... +/-10p might be fair value

http://www.brrmedia.co.uk/event/106557/john-hogan-managing-director

55th Oilbarrel Conference Argos

StockMarketWire.com
North Falkland Basin-focused Argos Resources has commissioned a new competent person's report.

This will independently verify the increase in resource potential identified by the company following receipt and interpretation of final processed 3D seismic data acquired during a survey of the entire licence area between January and May 2011.

A CPR, prepared by Senergy, was issued in October 2011 and was based on the interpretation of fast-tracked processed data. Based on the fast-tracked data, 28 prospects were described with a total unrisked potential of 2.1 billion barrels of prospective recoverable resource in the most likely case and up to 7.3 billion barrels in the upside case.

Not bad from 2.1 to 7.3 billion barrels Harry

They still need a partner and to raise funds thats the problem,lots of rumours flying around at the moment but they were very pleased with the performance of Ocean Guardians and the way problems were sorted.

Currently on contract to Shell in in NS - on a 2 year contract to june 2014 wuth a 1 year extension option. ........watch and see

2012 Financial Results

Argos Resources Limited (AIM: ARG.L), the Falkland Islands based exploration company focused on the North Falkland Basin, is pleased to announce its financial results for the year ended 31 December 2012.

Highlights
· Final processed 3D seismic data was received in January 2012 and proved to be of exceptionally good quality, helping to de-risk the numerous stratigraphic prospects in the licence

· Many of the stratigraphic prospects described in the October 2011 Competent Person's Report (CPR) are larger than originally described

· Over 30 new prospects and leads, not reported in the CPR, have been identified

· Estimated prospective recoverable resource figures are expected to increase substantially from those reported in the 2011 CPR

· New CPR commissioned to independently document the full potential of the licence as now identified. Publication expected in 2Q 2013

· Both Premier Oil and Noble Energy, two substantial independent oil companies, have committed to the Falkland Islands through farm-ins

· The Falkland Islands Government is investing in new infrastructure projects and updating its legislation and approval procedures in readiness for field development and production.

http://www.moneyam.com/action/news/showArticle?id=4560750

StockMarketWire.com
North Falkland Basin-focused Argos Resources says a new competent person's report has raised the prospective resource to 3,083 million barrels of oil barrels of oil.

This is an increase from 2,107 mmbo identified in the competent person's report published by the company in 2011.

Argos says 52 prospects have been confirmed and described, an increase from 28 described in the 2011 CPR and high case prospective resource estimate now exceeds 10 billion barrels recoverable.

The CPR - which was prepared by Senergy (GB) Ltd - identifies considerable additional prospectivity resulting from further detailed interpretation of the Argos's 3D seismic data acquired in 2011 over its 100% owned licence PL001.

Based upon the CPR, the total best estimate of unrisked recoverable prospective resource on the licence area amounts to 3,083 mmbo, an uplift of 46% on the resource estimate of 2,107 mmbo included in the 2011 CPR.

Argos chairman Ian Thomson said: "The 3D seismic data we have obtained is the best quality data seen in the basin to date. This has allowed us to map with confidence numerous stratigraphic prospects associated with the early Cretaceous delta system that is a principal feature of the licence area.

"New proprietary geochemistry studies have also confirmed that two proven oil source rocks within the licence area are mature for significant volumes of oil generation, and this has added to the improved estimated chances of success for most of the prospects."

But will anyone lend them some money to go drilling with Harry for next year.

http://oilbarrel.com/news/new-cpr-adds-another-billion-barrels-of-prospective-resources-to-argos-resources-north-falkland-basin-block

July 29, 2013

New CPR Adds Another Billion Barrels Of Prospective Resources To Argos Resources' North Falkland Basin Block



Having crunched through its 3D data set, described by managing director John Hogan as the best quality he's seen in his 35 year career, AIM-quoted Argos Resources has delivered a massive uplift in prospective resources for its acreage in the North Falkland Basin. A CPR from Senergy gives the block a new best estimate prospective resource of more than 3 billion barrels of recoverable oil, up by almost a billion on the last CPR in 2011, while the high case estimate now tops 10 billion barrels


The £38 million market cap company acquired 1,415 sq km of 3D over its PL001 licence in 2011, giving complete coverage of the 1,126 sq km block as well as a “halo” outside the licence boundaries and tie-ins to key wells (Argos participated in the first ever drilling bout in the Falklands, participating in two exploration wells in 1998 alongside Amerada Hess. Both wells, 14/09-1 and 14/09-2, found oil shows but neither were commercial.)

The 2011 CPR was based on fast-track processing of this data but, having spent the past two years working up a thorough interpretation and analysis of the survey, the company believed the increased prospectivity deserved a new CPR. That would appear to be vindicated by Synergy's findings, with the CPR confirming 52 prospects, up from 28 in 2011, and identifying an additional 40 leads. It's worth noting that before Argos shot the 3D in 2011, its prospect inventory tallied just seven so the US$20 million survey has delivered a real uplift in value.

The upgraded prospect inventory can be divided into two categories: fault bounded and four-way dip closed structural traps and combined structural and stratigraphic traps defined by seismic amplitude anomalies. It is the latter category that has Argos excited, with the company highlighting the similarities with the seismic anomalies of Rockhopper's 2010 Sea Lion oilfield in the neighbouring block, still the only commercial oil strike in the Falklands. A number of these prospects are vertically stacked, which means several could be tested with a single well. The Rhea stack, for example, carries a combined potential of 449 million barrels of prospective resources that could be tested by one well.

“The data shows that a big delta has migrated over time in the Lower Cretaceous from north to south across our licence area, creating Sea Lion type sandstone traps,” says Hogan, who as chief operating officer at Lasmo had a front row seat in the 1998 campaign. Argos has increased its confidence following a proprietary basin modelling study by a North American company that concluded the source rock had generated 30 billion barrels of oil on Argos' licence alone. “That should be more than enough to charge our prospects,” says Hogan.

Of course, all of this is just theory until tested by the drillbit. As oilbarrel.com regulars are only too aware, there have been plenty of AIM companies boasting multi-billion barrel prospect inventories complete with seismic anomalies, seeps and DHIs that have gone on to sink millions of pounds of shareholders' funds into expensive wildcats, only to come back empty handed.

Argos, which ended 2012 with US$5.7 million in cash, is perhaps better placed than most. Not only is the quality of the 3D exceptional - “We used a state-of-the-art vessel on only its second job and the rocks were just very conducive to good imaging so we were able to map everything in really fine detail,” says Hogan – but the company is also next door to the only commercial oilfield in the Falklands. “Oil fields are herd animals,” says Hogan, “and you never find one in isolation. We're sure that Sea Lion will be one of several in the North Falkland Basin.”

Now the company, which holds 100 per cent of the licence, needs to get other explorers to share its conviction. It has been searching for partners since last year and it is, admits Hogan, taking longer than he would have liked. “It's a new country for the vast majority of the industry and they have to go through a prolonged process of due diligence.”

News of a farm-out is going to be the next catalyst for the share price. Hogan, already in talks with interested parties, is looking for partners with industry credibility and the financial muscle to commit to a multi-well campaign. It helps that the North Falkland Basin, while remote, is actually a fairly benign place to operate. All of the Argos prospects are less than 500 metres of water and the targets are 3,000 metres down, well within the capability of conventional anchored semi-subs. It's easy drilling, with the wells reaching TD in 15 days and even the weather conditions aren't particularly challenging.

“The weather record for the Ocean Guardian campaign was less than half the waiting on weather time than the North Sea,” says Hogan. “The North Falkland Basin is actually in the lea of the South American continent so it's relatively benign.”

He puts drilling costs at around US$35 million per well and would hope to share rig time with other local operators to help shoulder the mobilisation and demobilisation costs.Because Argos holds one of the original licences here, there's no particular hurry to rush into drilling: it has until November 2015 until it needs to drill its next well. Even so, Hogan doesn't want to wait around as it is drillbit activity that is going to revive the drifting share price. The shares ticked up 1.5 per cent to close at 17.75 pence on news of the CPR. “Given that the AIM oil sector is really out of favour at the moment, no one had any expectations that it would trigger a correction in the share price,” says Hogan. “We're just pleased it didn't go down.”

StockMarketWire.com
Argos Resources managing director John Hogan will be presenting at the Proactive Investors Annual Hydrocarbons One2One Forum in London tomorrow (22 August).

Hogan's presentation will focus on the Falkland Islands-based exploration company's recently published competent person's report and will contain no new price sensitive information.

http://en.mercopress.com/2013/09/02/falklands-argos-considering-drilling-finance-options-and-confident-about-new-exploration-round

Monday, September 2nd 2013 - 12:28 UTC
Falklands’ Argos considering drilling finance options and confident about new exploration round


Falkland Islands Argos Resources oil and exploration company have said that they are extremely well placed to participate in the next round of exploration drilling in the Falklands and they are continuing to consider various ways to finance drilling.

According to the AIM quoted Falklands based company their best estimate of un-risked potentially recoverable prospective resources on their licence area is around three billion barrels of oil, with 40 additional leads still to be evaluated. The highest estimate is 10.4 billion barrels of oil, the company said in its half-year statement.

Argos says that still to be undertaken on the 3D data includes, where appropriate, mapping potential reservoir sands within the Johnson gas discovery, which appears to extend into the licence area.

Chairman of Argos Resources Ian Thomson says that the 3D seismic data they have obtained is the best quality data seen in the basin to date. Thomson says that new studies have also confirmed that two proven oil source rocks within the licence area are mature for significant volumes of oil generation, and this has added to the improved estimated chances of success for most of the prospects.

Thomson points out that the company’s directors continue to actively consider various financing options to facilitate exploration drilling.

While financial results are not very meaningful for a company at this stage of development, the company said that they made a half-year loss of 1.1million dollars.

Argos principal asset is a 100% interest in production licence PL001 covering an area of approximately 1,126 square kilometres in the North Falkland Basin. The 3D seismic survey acquired in early 2011 covering the entire licence area identified of 52 prospects and 40 leads within the licence area.

The Argos licence area adjoins licences PL032 and PL004b. The Rockhopper/Primer 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, according to Argos half year report.

StockMarketWire.com
Falkland Islands-based exploration company Argos Resources will hold its annual general meeting at the Falkland Islands Chamber of Commerce, West Hillside Estate, Stanley, on 10 October at 5 p.m. (local time).

StockMarketWire.com
North Falkland Basin-focused Argos Resources posts a loss attributable to owners of the parent of $1.8m for the year to the end of December - up from $1.6m last time.

Administrative expenses rose to $1.8m from $1.7m while fincnace income fell to $17,000 from $37,000.

Chairman Ian Thomson said: "The next key step is to secure financing for exploration drilling to test the prospect inventory. We are focussed on finding an industry partner to finance drilling operations with the capability and track record of progressing discoveries through to development. We now have a number of companies who have been through the farm-out data room and are expressing interest. Negotiations are under way at the time of writing.

"The farm-out effort has been an extended process with the main contributing factor being the timing of rig availability with every potential farminee wanting to participate in a shared drilling programme to realise the considerable cost savings. The operators in the region are making progress in arranging a shared drilling programme with a rig identified and under negotiation for a drilling programme commencing in early 2015.

"While Argos Resources cannot make a commitment to this rig contract until we have completed a farm-out, we have remained in close contact with the other operators to ensure there is an option to join this drilling programme once financing is secured."

StockMarketWire.com
Argos Resources subsidiary, Argos Exploration Limited, has entered into a farmout agreement with Noble Energy Falklands Limited and Edison International which will allow exploration drilling on its Licence PL001.

The licence covers an area of approximately 1,126 square kilometres in the North Falkland Basin and the agreement will enable drilling to proceed as part of the current 2015 drilling programme.

Chairman Ian Thomson said: "We are delighted to have entered into this agreement with such highly-regarded and financially robust partners as Noble and Edison. The innovative nature of the transaction means that there is no material Shareholder dilution or further Shareholder funding required by the Company for any future investments in Licence PL001. In addition, with ongoing working capital requirements catered for by the terms of this agreement and the Second Exploration Term work obligation on our Three Exploration Term Licence now covered, the financial position and outlook for the Company is robust.

"We are pleased to be participating in the 2015 drilling campaign in the North Falkland Basin, which is already underway, and look forward to the drilling of the first exploration well to test the Rhea Stack. Rhea has always been our top-ranked prospect in which we estimate a resource potential of 449 million barrels of recoverable oil. We are especially delighted that, following their own extensive technical work, Noble and Edison have selected this as their first exploration target on the Licence. We believe that success at Rhea will de-risk other prospects in the Licence."

Will be keeping a keen eye on this.....I think they (Argos) have commercial hydrocarbons......

Little risk with some upside if a discovery is made.....hence sp rising...

On the move....for no immediately apparent reason.

StockMarketWire.com
Argos Resources, the Falkland Islands based exploration company, posts a loss of $1.3m for the year to the end of December - down from $1.8m in 2013.

The losses in both years were primarily due to administrative expenses. There were foreign exchange losses of $85,000 in 2014 and $15,000 in 2013.

Chairman Ian Thomson said: "We are delighted to have entered into a farm-out agreement with such highly-regarded and financially robust partners as Noble and Edison. "The innovative nature of the transaction means that there is no material Shareholder dilution or further Shareholder funding required by the Company for any future investments in Licence PL001. In addition, with ongoing working capital requirements catered for by the terms of this agreement and the Second Exploration Term work obligation on our Three Exploration Term licence now covered, the financial position and outlook for the Company is robust.

"We are pleased to be participating in the 2015 drilling campaign in the North Falkland Basin, which is already under way, and look forward to the drilling of the first exploration well to test the Rhea Stack. Rhea has always been our top-ranked prospect in which we estimate a resource potential of 449 million barrels of recoverable oil.

"We are especially delighted that, following their own extensive technical work, Noble and Edison have selected this as their first exploration target on the licence. We believe that success at Rhea will de-risk other prospects in the licence."

Argos Resources Limited announces that it has today received notification from Noble Energy, the Operator of Licence PL001, in which Argos holds a 5% Overriding Royalty Interest, that it is exercising its rights under the terms of a Farmout Agreement between Noble and Argos to declare Force Majeure.

Noble had been planning to drill an exploration well on Licence PL001 which was due to commence shortly using the Eirik Raude drilling rig, which is currently operating in the North Falkland Basin. Due to operational issues with the rig, Noble has cancelled the Rig Contract, leading, in turn, to the notification to Argos of Force Majeure.

Noble intends to apply to the Falkland Islands Government for an extension to the current phase of the Licence. The licence requires the drilling of a commitment well to move to the next phase.

In addition to the continuation of the Overriding Royalty Interest in the Licence, Noble have confirmed that future cash payments to Argos will be made which will be sufficient to meet the ongoing running costs of the Company.

A new Participation Agreement between the parties to reflect the various changes created as a consequence of Force Majeure will replace the Farmout Agreement.

Ian Thomson, Chairman of Argos, commented:
"We are, of course, very disappointed to have been so close to drilling commencing on our Licence, only to suffer this delay. We respect Noble's judgement in this matter and we are working closely with them. Our Overriding Royalty Interest in the Licence will continue into any extension period agreed and our future running costs are covered, so we remain well positioned. Both Noble and the Company continue to be very positive about the exploration potential of the Licence Area".

StockMarketWire.com
North Falkland Basin-focused Argos Resources posts a loss of $4000 for the six months to the end of June (2015: $0.8 million) giving a loss per share of 0.002 cents (2015: 0.35 cents).

Administrative expenses were $0.3 million compared to $0.7 million for the corresponding period in 2015.

Net assets of $29.3 million have decreased marginally by $4 thousand since December 2015 as a result of the small loss incurred.

Chairman Ian Thomson said: "It was very disappointing to have been so close to drilling commencing on our licence, only to suffer the delay which ensued from the cancellation of the rig contract.

"However, a new participation agreement was completed promptly and in a very co-operative way between the parties ensuring that our overriding royalty interest in the licence continues into the future and our ongoing running costs are covered, so we remain well positioned. Both Noble and the company continue to be very positive about the exploration potential of the licence area."

StockMarketWire.com
North Falkland Basin-focused Argos Resources' losses fell to $16,000 in the year to the end of December from $1.15m in 2015.

Chairman Ian Thomson said: "It was very disappointing to have been so close to drilling commencing on our licence, only to suffer the delay which ensued from the cancellation of the rig contract.

"However, a new participation agreement was completed promptly and in a very co-operative way between the parties ensuring that our overriding royalty interest in the licence continues into the future and our ongoing running costs are covered, so we remain well positioned.

"The company continue to be very positive about the exploration potential of the licence area."

Up 40% this morning....for some unkown reason.

EDIT - seems it's on the back of RKH intention to drill Sealion.

Premier oil might be in talks with the two companies about development.....if they come to some sort of agreement...sp's will go a lot further...

Smoke and mirrors,but intresting shell have sold all there garages in Argentina.

http://en.mercopress.com/2018/04/25/brazilian-company-buys-shell-downstream-assets-in-argentina

so maybe expecting to get back in to the Falklands now garages sold they cant be held so ransom by Argentina

Crude still rising.....tensions with Iran..Palestine/Israel troubles....doubts about the USA shale production.....Opec grip on barrels per day....can't do the sp any harm.....au contraire.....makes Sealion and others much more viable....plus a mini market cap....

Chap on CNBC today predicting oil to reach $80-85 pb by the end of the year as he doubts Saudi will increase their production. Venezuela broke and US producers only starting to fill the gap.
All good for the RKH / ARG sp's but any kind of production way off in the future for the Falkland drillers.

looks like bubble has burst,no good reason for it going up as more or less a shell.

well there's a surprise .... rocket and stick!

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".

Makes you wonder how long they can survive without an income from Noble and Edison,they will need to get there cap out soon to stay afloat.


They have sat on there hands for years, cant see them getting a partner either as RKH and PMO been wanting a farm in and nothing as of yet come forward and its all guns blazing at moment.