Argos Resources, the Falkland Islands based exploration company focused on the North Falkland Basin, today issued a new Competent Persons Report (CPR) prepared by Senergy (GB) Ltd.
The CPR identifies the total Best Estimate of unrisked potentially recoverable prospective resource on the Argos licence area at 2,107 million barrels of oil, an uplift of 182 per cent. on the previous resource estimate.
The final processed data for the entire survey area is due to be received in December.
The Company aims to commence drilling in late 2011/early 2012, in order to have an option to contract the Ocean Guardian drilling rig.
Commenting on the results of the seismic interpretation, Ian Thomson, chairman of Argos, said: “The 3D seismic we have obtained is the best quality data seen in the basin to date. This has allowed us to map with confidence numerous new stratigraphic prospects associated with the early Cretaceous delta system that is a principal feature of the licence area and which is intimately associated with proven oil source rocks of the same age. We have also confirmed as robust the six structural prospects identified from earlier 2D seismic data.
“Identifying new stratigraphic prospects which were not evident on the old 2D seismic was one of the key objectives in acquiring 3D seismic data. This objective has been more than achieved, with the results reported above of 22 new stratigraphic prospects considerably exceeding expectations. At the time of planning the 3D seismic programme Senergy estimated that some 522 mmbo of new prospects might be identified. In fact we have identified almost three times that level of prospectivity, with additional leads still being mapped. We are therefore delighted that the seismic programme has proven to be so successful.”