Falklands focused Argos Resources has completed a farmout agreement with Noble Energy Falklands and Edison International over license PL001 in the North Falklands Basin.
The agreement will allow exploration drilling on the license, which covers about 1126sq km to proceed as part of the current 2015 drilling program.
Under the terms of the agreement, Noble will assume operatorship of license PL001, with Noble and Edison earning 75% and 25% stakes respectively in return for drilling an exploration well during the current drilling campaign to test the Rhea prospect at no cost to Argos. Rhea has prospective recoverable (P50) resources of 443 MMbbl.
Ian Thomson, Chairman of Argos, commented: "We now look forward to the drilling of the exploration well on Rhea which we expect to commence in the fourth quarter of this year. We believe that success at Rhea will de-risk other prospects in the license."
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