Argos Reports Progress on Seismic Interpretation

Argos Resources is processing and interpretating newly acquired 3D seismic data over its 100%-owned license PL 001. Recently, the company completed the acquisition of 349,654 acres (1,415 square kilometers) of 3D seismic data, including coverage over the entire license area, a halo outside the license boundaries and tie-ins to key wells.

Argos stated that the data covering the northeastern area of the license was prioritized for processing on a fast-track basis. This processing was completed in May and interpretation of the data is now well advanced. The structural prospects, Zeus and Demeter, are considered robust closures. In the competent person’s report of June 2010, these prospects were attributed best estimates of unrisked prospective resources of 258 MMb and 63 MMb of oil resepectively, based on 2D seismic data.

New stratigraphic prospects and leads were identified, and are subject to ongoing, detailed mapping, stated the company. Thus far, fast-track processing results are encouraging, so the company has commissioned similar fast-track projects in the southeastern area and the western half of its license, with results due for interpretation in July and August, respectively. Final processing of the data over the entire survey area is due around year-end. Once obtained, the company expects to be ready to drill in late 2011/2012 using the Ocean Guardian semisub. 

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