Argos Resources gets two-year extension to North Falkland licence

North Falkland Basin-focussed exploration company Argos Resources announced the planned extension of production licence PL001 on Thursday, to 31 December 2024.

The AIM-traded firm said the licence was due to expire at the end of December this year.

After applying for a two-year extension, it said it had now received confirmation from the Falkland Islands government that the licence would be extended.

“The company intends to undertake 3D seismic reprocessing and has a commitment to drill one exploration well within the licence area by the end of the second term of the licence,” the board said in its statement.

At 1528 GMT, shares in Argos Resources were down 10.29% at 1.57p.

Reporting by Josh White for Sharecast.com.