JHI Associates Inc. has entered into a license acquisition agreement (LAA) with Argos Resources Ltd. to acquire Argos' PL001 production license interests in North Falkland basin.
As consideration for the license, Argos is to be issued 8,467,820 JHI common shares credited as fully paid and £303,500 in cash, of which a non-refundable payment of £151,750 has already been made, JHI said on May 3.
The agreement comes after Argos was granted an extension of production license PL001 to Dec. 31, 2024 (OGJ Online, Dec. 15, 2022).
Before this acquisition, JHI was a Guyana pure-play deepwater exploration company testing the emerging Atlantic Margin play in Guyana-Suriname basin.
