12 April 2012
ARGOS RESOURCES LIMITED
("Argos" or "the Company")
2011 Annual Report
Argos Resources Limited (AIM: ARG.L), the Falkland Islands based explorationcompany focused on the North Falkland Basin, is pleased to confirm that the 2011 Annual Report and Accounts is now available via the Company's website www.argosresources.com and at the Company's registered Office, Argos House, H Jones Road, Stanley. Notification of availability will be sent to shareholders on 12 April 2012, and the Report will also be sent to shareholders where they have indicated that they wish to receive it by post.
For further information:
Argos Resources Ltd (+500 22685)
Ian Thomson, Chairman
John Hogan, Managing Director
Evolution Securities Limited (+44 20 7071 4300)
Citigate Dewe Rogerson (+44 20 7638 9571)
Notes to Editors
Argos Resources is an oil and gas exploration company listed on AIM and based in the Falkland Islands. The Company's principal asset is a 100 per cent. interest in production licence PL001 covering an area of approximately 1,126 square kilometres in the North Falkland Basin.
A 3D seismic survey was acquired in early 2011 covering the entire licence area. The quality of the seismic data acquired is excellent and clearly demonstrates a material increase in the prospectivity of the licence over that which could be identified from the older 2D seismic data. Twenty eight prospects have been identified by Argos in the licence area. These prospects have a total unrisked potential of 2.1billion barrels of prospective recoverable resource in the most likely case and up to 7.3 billion barrels in the upside case.
The licence area adjoins licences PL032 and PL004b. The 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 hydrocarbon into the basin, in addition to the Lower Cretaceous oil source rock.
The Company has a strong and experienced management team with extensive experience in both the oil and gas industry and the Falkland Islands.
This statement has been approved by John Hogan, Managing Director of Argos Resources and a qualified geologist with over 35 years of experience in the petroleum industry.