According to reports in early-October 2018, Noble Energy and Edison International have notified Argos Resources of their intention to withdraw from the PL001 License. Noble was the block operator with 75% interest as partner Edison held the remaining 25%, while Argos held a 5% overriding interest in the block by virtue of the farm out agreement signed between the companies in April 2015. Once the exit is complete, Noble and Edison will have no assets left in the Falklands. It was said that Argos plans to maintain the license while seeking new partners.  PL001 covers 1,126 sq km in the North Falkland Basin and located west of Premierâs Sea Lion discovery, which is still awaiting a final investment decision.  Noble and Edison initially planned to drill an exploration well on the Rhea prospect in the block, but plans were terminated in 2016. The partners disclosed plans to drop the Northern and Southern licences in 2017, following the non-commercial results of the Humpback 1 exploration well.    Background Information    Argos Resources received an official approval for a three year extension to the PL001 License in August 2016. The extension pushed the current 2nd exploration phase expiration date out to November 2019.
Noble Energy (75% op.) and Edison International (25%) have notified Argos Resources (->100%) of their intention to withdraw from the PL001 License. Once the exit is complete, Noble and Edison will have no assets left in the Falklands.