Scandoil  

Argos Resources enters farm-out agreement for License PL001, North Falkland Basin


Published Apr 14, 2015
Argos Resources Ltd-2

Argos Resources Limited confirms that its wholly-owned subsidiary, Argos Exploration Limited, has entered into a farmout agreement with Noble Energy Falklands Limited and Edison International S.p.A which will allow exploration drilling on its Licence PL001, covering an area of approximately 1,126 square kilometres in the North Falkland Basin, to proceed as part of the current 2015 drilling programme.

Highlights •Noble will assume operatorship of Licence PL001 from Argos; •Noble and Edison will earn a 75% and 25% working interest in the Licence respectively; •Noble and Edison have committed to drill an exploration well in the Licence Area during the current drilling campaign at no cost to Argos; •Argos will retain an overriding royalty interest of 5% of gross revenues from all hydrocarbon discoveries developed within the Licence (the 'ORRI'); •Argos will have no requirement to contribute to any future capital or operating expenditures incurred over the life of the Licence; •Argos will receive US$2.75 million in cash upon completion of the Transaction and US$800,000 per annum from 1 January 2016 through to receipt of the first royalty payment pursuant to the ORRI (if any) as reimbursement for certain historic costs incurred by Argos in relation to the maintenance of the Licence and the acquisition of certain seismic and other data in respect of the Licence Area;

Tags: Argos Resources Ltd




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml