Argos Resources Limited, the Falkland Islands based exploration company focused on the North Falkland Basin, has received notification that the Falkland Islands Government (FIG) has extended the second term of the Company’s PL001 Licence by one year, to 25 November 2016, with no additional work commitments.
The extension follows changes to the licensing conditions introduced by FIG in 2012 and is in return for having acquired over 1000 sq kms of 3D seismic within the licence area.
The Company has a commitment to drill one exploration well within the licence area by the end of the second term of the licence after which a third exploration term of 10 years is available.
Commenting on the extension, Ian Thomson, Chairman of Argos, said:
“We are very pleased that the Falkland Island Government has awarded a licence extension in recognition of the investment we have made in the licence area, and this reflects the collaborative approach we continue to enjoy with the government. While the extension is welcome, it remains our intention to commence exploration drilling at the earliest possible date.”
Press Release, April 9, 2013