AIM-listed Argos Resources has announced the planned extension of its Production Licence PL001 to 31 December 2024.
The Licence was due to expire on the 31 December 2022. After applying for a two-year extension, the Company is pleased to have received confirmation from the Falkland Islands Government that the Licence will be extended to 31 December 2024.
The Company intends to undertake 3D seismic reprocessing and has a commitment to drill one exploration well within the Licence area by the end of the second term of the Licence.
In a separate announcement, Argos has has announced that the Company and JHI Associates have entered into an agreement pursuant to which it is proposed that JHI will acquire Argos' PL001 Production Licence interests in the North Falkland Basin.
Source: Argos Resources