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

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.....