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Argos Resources Limited

Argos Resources Limited. October 2010. 1. History of Argos Resources. Management involved in the Falklands for 22 years Incorporated in the Falklands in 1995 Awarded PL001 license in 1996 as part of the Amerada Hess consortium Acquired 1,400km of 2D seismic data in 1997

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Argos Resources Limited

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  1. Argos Resources Limited October 2010 1

  2. History of Argos Resources Management involved in the Falklands for 22 years Incorporated in the Falklands in 1995 Awarded PL001 license in 1996 as part of the Amerada Hess consortium Acquired 1,400km of 2D seismic data in 1997 Two exploration wells on licence in 1998 encountered oil shows indicating a working hydrocarbon system Consortium transferred their 95% interest in the license to Argos by 2004, resulting in Argos owning 100% Phase 1 of the license continued to November 2008 Phase 2 approved to November 2015

  3. The North Falkland BasinLicences and Prospects

  4. 1998 Drilling History • 6 wells drilled in 1998, all in the northern half of the North Falkland Basin • 5 of the 6 wells encountered oil and gas shows. Both Argos wells had oil shows • The 2 wells in the adjacent Shell licence (now operated by Rockhopper), recovered 27o API oil to surface • from one well and recorded strong gas kicks from the other (Johnson discovery) • Well Results & Subsequent Conclusions • All encountered a thick, rich source rock between 80m and 1,000m thick • World class oil source rock • Higher organic carbon content than North Sea oil source rocks • Lower half of source rock mature for oil generation • Estimate over 70 billion barrels of oil generated • No prospects tested within or below source rock • Potentially a bypassed major oil province

  5. Main Structural ElementsNorthern North Falkland Basin ARGOS ROCKHOPPER WEST EAST Seabed Post-rift sag Late post-rift Middle post-rift Early post-rift Late syn-rift Early syn-rift Apollo Demeter Zeus Hermes Boreas Morpheus Johnson Sea Lion Pre-rift Approx 35km 5

  6. 2010 Drilling Campaign 2 5 1 4

  7. Argos 2D Prospect Summary

  8. The Value of 3D Seismic Stratigraphic Prospects Gross Mean Speculative Resource (Mmbo) Pre-3D Post-3D Desire Nil 954 Rockhopper 103 949 Argos 177* TBD * This represents the Boreas prospect

  9. Leads to be Matured with 3D SeismicEastern Graben, Leads 1, 2 & Morpheus PL 032 PL 001 Zeus Boreas Demeter Johnson Apollo Lead 2 W.Graben Rockhopper Sea Lion Lead 1 Glaucos Hermes Morpheus Istros Chronos 10km

  10. Forward Plan Q4 2010/ Q1 2011 Q2 2011 Q3 2011 Q4 2011/ 2012 Process / interpret 3D seismic data Report on prospect inventory Acquire 3D seismic High-grade drilling targets, design well, submit environmental impact statement Drilling campaign commences

  11. Summary An active petroleum system in the North Falkland Basin now proven First 2 wells in 2010 drilling campaign are discoveries Liz well encountered 3 separate oil and gas zones, but poor reservoirs Sea Lion is a significant oil discovery close to PL001 in the adjacent license The Directors believe Sea Lion is potentially world class in size, and extremely valuable in low tax regime At least 4 more wells to be drilled by RKH and DES in the current campaign, further de-risking Argos licence A 3D seismic programme in PL001 will improve detail on existing prospects, and should identify new prospects Contract signed for MV Polarcus Asima, a state-of- the-art vessel, to acquire a 3D seismic survey over all of PL001, commencing by early January 2011 Experienced management team with 22 year history in the Falklands with unrivalled local knowledge and presence

  12. MV Polarcus Asima 12

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