Argo Exploration Limited

Description

Argo Exploration Limited (ASX:AXT) is a mineral exploration company. It has 7,000,000 fully paid ordinary shares in Pantheon Resources Plc, a UK-based gas and oil exploration and production firm publicly traded on the London Stock Exchange. Its primary operating country is the United States, where it has a 50% working interest in four projects in Tyler and Polk Counties in East Texas and a 25% active interest in another project in Polk County. Vision Gas Resources LLC is the project's operator in Tyler County. Argo continues to seek, evaluating, and reviewing new corporate prospects and potential projects. The company always compares the potential upside of any acquisition to the relative potential of its existing Pantheon holdings when considering such deals. This analysis must consider that each new project purchase may necessitate some dilution, most likely in the form of an equity offering or the sale of a portion of Pantheon's stock. While Argo's board of directors cannot guarantee Pantheon's sustained success, it has yet to evaluate a new project with a comparable relative risk/reward ratio. It remains committed to its Pantheon investment, which it feels has significant capital appreciation potential. The Tyler & Polk County projects are development and exploratory play with two main targets, the Austin Chalk formations and Woodbine/Eagle Ford, spread across five discrete areas. Athena Mines Pty Ltd and Olympic Resources Limited are two of the company's subsidiaries.