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[posting]49209758[/posting]Da ist die News: LICENCE PL001 FARMOUT AGREEMENT Participation in Current Falkland Islands Drilling Campaign and Future Licence Development and Argos to Receive a Royalty Interest From all Developed Discoveries for the Licence Duration Argos Resources Limited (AIM: ARG.L) (the "Company"), the Falkland Islands based exploration company focussed on the North Falkland Basin, is pleased to confirm that its wholly-owned subsidiary, Argos Exploration Limited ("AEL"), (together "Argos") has entered into a farmout agreement (the "Agreement") with Noble Energy Falklands Limited ("Noble") and Edison International S.p.A ("Edison") which will allow exploration drilling on its Licence PL001 (the "Licence"), covering an area of approximately 1,126 square kilometres in the North Falkland Basin (the "Licence Area"), to proceed as part of the current 2015 drilling programme (the "Transaction"). 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; · The proceeds are expected to be sufficient to meet all anticipated transaction costs and running costs through to receipt of the first such royalty payment pursuant to the terms of the ORRI; · The initial exploration well will test the Rhea prospect and will fulfil the remaining work obligation on the Second Exploration Term of the Licence; · Should Noble and Edison elect to surrender the Licence following the drilling of the initial exploration well, Argos has retained the right to have 100% of the working interest reassigned to it, subject to appropriate Falkland Islands Government approvals; and · Completion of the Transaction is subject to Shareholder, government, regulatory and partner approvals. Completion of the Transaction is subject to the consent of Shareholders being obtained at a General Meeting of the Company and a notice convening a General Meeting for 5.00 p.m. on 4 May 2015 at Falkland Islands Chamber of Commerce, Stanley, Falkland Islands to consider the Resolution set out at the end of the Circular will be posted to Shareholders on 17 April 2015. All capitalised terms in this announcement are as defined in the Appendix. Ian Thomson, Chairman of Argos, commented: "We are delighted to have entered into this agreement with such highly-regarded and financially robust partners as Noble and Edison. The innovative nature of the transaction means that there is no material Shareholder dilution or further Shareholder funding required by the Company for any future investments in Licence PL001. In addition, with ongoing working capital requirements catered for by the terms of this agreement and the Second Exploration Term work obligation on our Three Exploration Term Licence now covered, the financial position and outlook for the Company is robust. We are pleased to be participating in the 2015 drilling campaign in the North Falkland Basin, which is already underway, and look forward to the drilling of the first exploration well to test |
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| aus der Diskussion: | Argos-die kleine Ölperle in den Falklands! |
| Autor (Datum des Eintrages): | Andrija (13.04.15 12:30:13) |
| Beitrag: | 62 von 83 (ID:49550354) |
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