LONDON--Argos Resources Ltd. (ARG.LN) the Falkland Islands based
exploration company focused on the North Falkland Basin, confirm
Monday that its subsidiary, Argos Exploration Ltd. (AEL), has
entered into a farmout agreement with Noble Energy Falklands Ltd.
and Edison International S.p.A.
Argos said the agreement will allow exploration drilling on its
License PL001, covering an area of 1,126 square kilometers in the
North Falkland Basin, to proceed as part of the current 2015
drilling program.
As part of the deal, Noble will assume operatorship of License
PL001 from Argos and Noble and Edison will earn a 75% and 25%
working interest in the License respectively.
Argos said completion of the transaction is subject to
shareholder, government, regulatory and partner approvals.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
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