Argos Resources Limited, the Falkland Island based exploration company which holds a 5% Overriding Royalty Interest in Licence PL001 in the North Falkland Basin, announces that its Working Interest partners in the Licence, Noble Energy Falklands Limited ("Noble") and Edison International S.p.A ("Edison") have served notice of their intention to withdraw from the Licence.
The Company intends to take a reassignment of the Licence from Noble and Edison, as provided for under the Participation Agreement entered into between the Company, Noble and Edison in February 2016. The Company is already in contact with the Falkland Islands Government to seek the required approvals to transfer the Working Interests back to Argos.
Ian Thomson, Chairman of Argos, commented:
"The Company remains very positive about the potential of Licence PL001. We have sufficient cash reserves to meet our ongoing requirements while we progress discussions with the Government on the reassignment of the Licence and seek to secure other partners to participate in its development".
