Project Profile
Value: unknown
Location: North Falkland Basin, northwest of PL032, Falklands
Area: 285,000 gross acres
Reserves: best estimate of 3,083 million barrels of prospective recoverable resource (high estimate of 10,412 million barrels)
Production: unknown
Depth: anticipated drilling location of 1,550 ft and target total well depth of 8,760 ft
Start-up Year: 2015
Argos Resources Ltd was initially the operator in Licence PL001 in the North Falkland Basin. The licence boundary is just 3km from the Sea Lion oil field, a significant discovery on course for production start-up in 2017. New 3D seismic data of excellent quality was acquired over the entire licence area in 2011 and has identified 52 prospects with a best estimate of 3,083 million barrels of prospective recoverable resource, and a high estimate of 10,412 million barrels. 40 additional leads have been identified which are not included in the above resource figures and which are the subject of ongoing work.
Noble Energy then acquired a 75% interest in, and operatorship of, the PL001 License in the North Falkland basin from Argos Resources Limited.
PL001 covers an area of nearly 285,000 gross acres and is located to the northwest of PL032, which includes the Sea Lion oil discovery. Edison International has obtained the remaining 25% interest in PL001; the companies will provide Argos with a 5% royalty override from all hydrocarbon development on the license. Noble Energy has identified the Rhea prospect as its initial target on PL001. Rhea is a Cretaceous-aged stratigraphic trap prospect with multiple reservoir targets and total estimated gross mean unrisked resources in excess of 250 MMbbl of oil. Water depth at the anticipated drilling location is approximately 1,550 ft, and the target total well depth is 8,760 ft. Rhea is anticipated to commence drilling in the third quarter of 2015.
The second phase of exploration was originally set to expire in November 2016, but was extended by three years until November 2019. Noble and Edison intended to drill a probe at PL001 to target the Rhea prospect in 2015/2016 using the Eirik Raude deep-water rig. However, the rig contract was cancelled in February 2016 because of operational issues with Eirik Raude, which prompted the application for an extension to the licence expiry date. As of March 2017, Argos Resources said it could not forecast when drilling operations might commence.
Operators:
Noble Energy: 75% interest
Edison International: 25% interest
Contractors:
Subcontractors: