Argos Resources to sell its Falkland oil licence and wind up the company

LONDON, UK: Argos Resources Limited, an oil and gas exploration company, has announced that it will sell its PL001 Production Licence interests in the North Falkland Basin to JHI Associates Inc., a Canadian energy company, and wind up the company after receiving shareholder and government approval.

The Disposal and the Cancellation of the company’s shares from trading on AIM, a sub-market of the London Stock Exchange, were approved by shareholders at a general meeting on 26 May 2023. The company will seek shareholder approval for the proposed winding up and the appointment of joint liquidators at another general meeting on 22 September 2023.

The Falkland Islands Government has consented to the transfer of the licence, which covers an area of 1,126 square kilometres and contains several prospects and leads. Argos and JHI are expected to complete the licence acquisition agreement in the next few days.

If the agreement is completed before the general meeting, and the resolutions are passed, the company will go into members voluntary liquidation immediately after the meeting, as part of the planned process to distribute surplus assets to shareholders.

The company’s shares will be cancelled from trading on AIM from 7am on 26 September 2023, assuming the liquidation proceeds on 22 September 2023.

The company will provide further updates on these matters at 7am on 25 September 2023.

The company also announced that its nominated adviser and broker has changed its name from Cenkos Securities plc to Cavendish Securities plc following its own corporate merger.

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