Argos, Rockhopper in Falklands vessel timeshare

Argos Resources has contracted the MV Polarcus Asima to acquire a large 3D seismic survey in License PL001 and adjacent areas in the North Falkland Basin.

Offshore staff

PORT STANLEY -- Argos Resources has contracted the MV Polarcus Asima to acquire a large 3D seismic survey in License PL001 and adjacent areas in the North Falkland Basin.

The vessel will be available to start the program by early January 2011. Argos says it should take 50 days to acquire the data.

A contract to process the acquired data will be the subject of a separate invitation to tender. Argos has retained Monarch Geophysical Services for specialist acquisition and processing supervision throughout the 3D seismic project.

Rockhopper Exploration has signed an identical contract with Polarcus, which will allow it to share the vessel with Argos for acquisition in each company’s adjacent licenses and other areas.

Ian Thomson, Chairman of Argos, said: “The MV Polarcus Asima is a state-of-the-art vessel which should ensure an efficient seismic acquisition program…This contract...allows both companies to share mobilization and demobilization costs and to capture the technical and cost efficiencies resulting from a larger program.”

Argos is looking to drill the first exploration well on its acreage in late 2011. Based on a 2D seismic survey conducted in 1996, the company has identified seven prospects and five leads in its license area. The company assesses their combined potential at 747 MMboe recoverable in the most likely case, rising to 1.75 Bbboe in the upside case.

10/21/2010

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