Argos said the weak capital markets combined with the planned departure of the rig in December will not allow a meaningful multi-well exploration drilling programme within the company's licence area to be undertaken at the present time.
Chairman Ian Thomson said: "We have identified a large inventory of attractive prospects from excellent quality 3D seismic data acquired earlier this year.
"This inventory justifies several exploration wells being drilled to test adequately the potential of our acreage.
"However, the current weak state of the capital markets and the restricted availability of the 'Ocean Guardian' rig will not allow a meaningful drilling programme to be undertaken.
"We have rejected the option of drilling only one well at this time as we remain convinced of the value of the acreage and the merits of a more extensive drilling programme."
Kazakhstan-focused Roxi Petroleum [LON:RXP] has spudded the NK-10 well following the successful drilling of the NK-9 well.
The well is planned to drill to a total depth of 1500 metres to appraise the Arskum discovery and the Upper Jurassic formation in the south channel of the Galaz block.
Drilling operations are being coordinated by Roxi's operating partners LGI and are expected to take approximately 30 days, after which a further announcement will be made.
CEO David Wilkes said: "This is the next planned appraisal well on NW Konys that should firm up our understanding of the amount of oil in place, as well as provide us additional information on the reserves within the existing reservoir."
Ithaca Energy [LON:IAE] has announced that the Crathes exploration well, 21/13a-5, encountered a 52ft light oil column in excellent quality reservoir sands.
The well is currently undergoing wireline logging, before drilling ahead to intersect the Moon prospect.
The recent corporate acquisition of Challenger Minerals (North Sea) Limited by Ithaca included a dual target exploration opportunity in Block 21/13a alongside the Scolty and Torphins undeveloped discoveries.
The primary exploration target is the Crathes prospect which lies within the Palaeocene section.
The secondary target is the Moon prospect within the deeper Upper Jurassic section.
The operator, EnQuest, will evaluate the potential commerciality of the joint development of Scolty, Torphins and Crathes/Moon.
The joint venture Partners are: Enquest, operator (40%), Wintershall (E&P) (50%), Ithaca (10%).
EnQuest [LON:ENQ] has sanctioned the development of the Alma and Galia fields, subject to anticipated regulatory approvals.
The $850m project will add a fourth hub to EnQuest's existing operating base, will increase its net 2P oil reserves by 29 MMboe and is expected to increase production levels to over 40,000 Boepd in 2014.
CEO Amjad Bseisu said: "The Alma and Galia development shows the continuing growth of EnQuest and the breadth and depth of its capabilities, from subsurface to production.
"The project reuses existing facilities and is designed to ensure that abandonment costs will be minimised.
"Alma, formerly the Argyll field, was the first oil field in the UK and was abandoned at relatively low water cut using the technology available at the time.
"With current technology field life can be extended significantly. This type of opportunity fits the EnQuest model of finding fresh opportunities in mature assets."
[LON:ARG] ArmorGroup International share price was -6.75p at 11p
[LON:AUR] Aurum Mining share price was +0.01p at 2.88p
[LON:BOR] share price was -0.87p at 60.63p
[LON:CHAR] share price was +1.88p at 128.63p
[LON:DES] Desire Petroleum share price was -0.75p at 22p
[LON:DGO] Dragon Oil share price was -11.37p at 480.63p
[LON:ENQ] share price was +10.65p at 101.65p
[LON:FOGL] Falkland Oil and Gas Limited share price was +1.63p at 49.63p
[LON:GKP] Gulf Keystone Petroleum share price was +1.13p at 163.38p
[LON:GPX] share price was +2p at 201.5p
[LON:IAE] share price was 0p at 127.25p
[LON:INDI] share price was +7.5p at 648.5p
[LON:PET] Petrel Resources share price was -0.12p at 7.13p
[LON:RKH] share price was +3.25p at 238.75p
[LON:RPT] Regal Petroleum share price was -1.75p at 35.13p
[LON:RXP] share price was +0.25p at 4p
[LON:XEL] share price was -2.37p at 115.38p
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