Falklands explorer Argos Resources said today it had identified “considerable additional prospectivity” on its North Falkland Basin licence.
This included a prospect, Rhea, with similar sandstone reservoir qualities to Rockhopper Petroleum’s Sea Lion prospect – so far the only prospect in the region said to be commercial.
Argos, based on the Falklands but listed on AIM, said a new competent persons report by Senergy had given a prospective resource estimate of 2.1billion barrels of oil, 182% more than previously estimated.
It also confirmed six prospects and identified 22 new ones, including Rhea, over its 100%-owned licence.
This followed new seismic data it had acquired on the area.
It said it planned to start drilling later this year or early 2012. Financing options were being actively considered.