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 exploration license PL001 for the exploration of oil and gas in the North Falkland Basin, which covers an area of approximately 1,126 square kilometers in the North Falkland Basin. The license area adjoins license PL032, where the Sea Lion oil discovery was made during the year ended December 31, 2010. The North Falkland Basin covers an area of approximately 250 kilometers in length from north to south. Falkland Islands is situated approximately 480 kilometers to the east of South America in the South Atlantic Ocean, and covers approximately 12,000 square kilometers of land and includes the two islands of East and West Falkland and about 200 islands. The Company�s prospects include Zeus, Apollo, Boreas and Demeter. In February 2010, the Company commenced well drilling in the North Falkland, and as of April 2011, it drilled 10 wells.