The development stages:Exploration drilling/2008-11.The Rhea prospect is located in the PL001 license area in the North Falkland basin, covering an area of 25,000 acres. It is close to Isobel Deep and Zebedee prospects. After a farm-in agreement, Noble Energy (75%) became the operator, with Italy-based Edison International (25%) holding the remaining stake. According to this agreement, former owner Argos Resources retains an overriding royalty interest of 5% of gross revenues from all hydrocarbon discoveries that may be developed within the license. According to Argos, 3D seismic data from 2011 indicates that PL001 is rich in prospectivity. Some 52 prospects and 40 leads have been mapped already, which indicate P90 estimates of 20mn barrels of oil.