4th Oct 2018 11:23
LONDON (Alliance News) - Argos Resources Ltd on Thursday said its working partners in the PL001 licence in the north Falkland basin have served notice of their intention to withdraw.
Shares in the North Sea exploration company fell 17% to 5.18 pence on Thursday.
Both Noble Energy Falklands Ltd and Edison International SpA gave notice of their withdrawal from PL001, in which Argos Resources holds a 5% overriding royalty interest.
Argos Resources has declared its intention to take reassignment of PL001, and has contacted the Falkland Islands government to transfer the working interests.
"The company remains very positive about the potential of licence PL001," said Argos Resources Chairman Ian Thomson.
"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," Thomson added.
Related Shares:
ARG.L