Argos Resources Ltd is engaged in exploration for oil and gas in the area licensed to it in the North Falkland Basin. The Company holds a 100% interest in Licence PL001, which covers approximately 1,126 square kilometers in the North Falkland Basin. The Rhea prospect is located in the eastern graben to the northwest of the Sea Lion field. The Kratos prospect is located in the northern part of the licence in the eastern graben. The Helios prospect is located in the western graben in the southwest quadrant of the licence.