Argos upgrades resource total for offshore Falklands license

Offshore staff

PORT STANLEY, Falkland Islands -- Argos Resources (AIM:ARG.L) has issued details of a new Competent Person’s Report (CPR) on its acreage in the offshore North Falkland basin.

The report, prepared by Senergy (GB), identifies additional prospectivity in license PL001, following detailed interpretation of a 3D seismic survey acquired in 2011.

Senergy’s best estimate of unrisked recoverable prospective resources is 3.083 Bbbl, up 46% on the resource estimate in the 2011 CPR.

The prospects identified in the CPR are mainly in two categories:

1.  Forty-six combination structural and stratigraphic traps defined by seismic amplitude anomalies, in cases supported by isopach and structural conformance with the anomaly

2.  Fault bounded and four-way dip closed structural traps often with closures at several horizons providing multiple reservoir targets.

Some of the prospects are vertically stacked, offering the potential for drilling targets to combine several objectives to be tested by one well. One example is the Rhea stack, where up to 449 MMbbl of prospective resources could be tested by one well.

Argos has identified 40 additional leads which are currently undergoing mapping.

For second-category prospects - structural traps - mapping of the final processed 3D is unchanged from that reported in the 2011 CPR.

Future work planned on the 3D data includes mapping potential reservoir sands within the Johnson gas discovery, which appears to extend into the license area.

Ian Thomson, chairman of Argos, said: “The 3D seismic data we have obtained is the best quality data seen in the basin to date. This has allowed us to map with confidence numerous stratigraphic prospects associated with the early Cretaceous delta system that is a principal feature of the license area.

“New proprietary geochemistry studies have also confirmed that two proven oil source rocks within the license area are mature for significant volumes of oil generation, and this has added to the improved estimated chances of success for most of the prospects. “

7/30/2013

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