Falkland Islands: Argos sees PL001 prospects, leads

By OGJ editors
HOUSTON, July 5
– Argos Resources Ltd. said 3D seismic shot in 2011 on the PL001 license in the North Falkland basin has allowed it to identify stratigraphic prospects and leads that weren’t visible on older 2D data.

The company shot 1,415 sq km of 3D data, including coverage of the entire license, a halo outside the license boundaries, and tie-ins to key wells. The 3D data over the northeastern quarter of the license were processed on a fast-track basis. The Zeus and Demeter structural prospects have been confirmed and are considered to be robust closures.

One principal feature of the northern part of the North Falkland basin near PL001 is the presence of a major delta system that has prograded southwards across the license area but does not appear to extend beyond its southern boundary. The delta is at least age-equivalent to the organic rich oil source rock, and the company is using the 3D data to identify stratigraphic prospects in what is expected to be a sand-prone deltaic sequence.

The company has commissioned similar fast track projects on the rest the license. Argos hopes to drill in late 2011 or 2012 on PL001, in which it has 100% interest and which adjoins PL032, where Rockhopper Exploration PLC has made the Sea Lion oil discovery.



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