Falklands Oil Co Argos Resources To Raise GBP22M, Join AIM

27th Jul 2010 11:45

LONDON (Dow Jones)--Falkland Islands-focused oil and gas explorer Argos Resources Ltd. Tuesday said it agreed to raise GBP22 million in an admission to London's junior Alternative Investment Market. Argos said the money raised will be used to fund seismic surveys of its license in the North Falkland Basin, which lie near the Sea Lion discovery made by peer Rockhopper Exploration PLC (RKH.LN) earlier this year. Argos said the seven prospects so far identified at license PL001, which covers 1,126 square kilometers, are estimated to contain up to 747 million barrels of recoverable oil. The company said it agreed to place almost 71 million shares with investors at 31 pence a share. Evolution Securities is the company's nominated adviser and broker. Dealings in the company's shares are expected to begin July 29. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; [email protected] (END) Dow Jones Newswires July 27, 2010 06:45 ET (10:45 GMT)