Disappointing results from oil drilling to the south of the Falklands
Borders & Southern Petroleum reported on Monday disappointing results in the Falkland Islands from the latest well to be drilled as part of the controversial search for oil in the South Atlantic islands over which Argentina claims sovereignty.
Shares in the company plunged nearly 70% to a three-year low of 19.75 pence after it said that the Stebbing well found evidence of gas but not in quantities that were likely to be commercial.
Technical difficulties meant the well did not reach lower targets, a result it called disappointing.
“Well 61/25-1 was drilled to a total measured depth of 3060m (true vertical depth of 3011m). The well penetrated the upper Tertiary target on prognosis but was unable to reach lower targets due to anomalous pressure conditions”, said the company in a release.
“It is very disappointing not to have reached all the potential reservoir targets in this well. The geological and engineering data will now be reviewed in detail in order to understand the complexities of this prospect”.
“The Company now intends to plug and abandon the well in line with regulatory requirements and assign the rig to Falkland Oil and Gas”.
Borders & Southern's disappointment follows the company's initial success when its first well, also drilled south of the Falklands, found gas condensate, a liquid which often trades at a premium to crude oil.
The Falklands look set to be transformed into a new oil producing region following an oil discovery made by another firm, Rockhopper Exploration, two years ago off the north coast of the Islands.
Rockhopper signed a one billion dollars deal with Premier Oil on Thursday to help fund the development of the oil field.
Borders & Southern is leading the charge to find oil off the south coast of the Islands. The rig will now go to drill for Falkland Oil & Gas.
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38 comments Feed
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But the Northern field meanwhile is GO for developments and Flow - or are you denying that?
It is baffling isn't it?
hahahha...houston.
10 weeks until Darwin results and the massssssssiiiiivvvveee lolgio drill for FOGL next. This upcoming drill is going for one of the biggest single exploratory targets in the world.
High risk but high reward if you have the balls for it!
And the turnip hunter, is awaiting his chance to pick ..
.
time to wake up instead of living in dreams.
Why should you care enough to comment if you think it's just a dream? If there's no oil (forgetting about the Sealion field for a minute ;-)) then we're just embarassing ourselves which shouldn't be any skin of your nose.
Truth is the oil exploration is going just fine and we're doing just fine out of it. I reckon we'll just keep on drilling and see what else we find.
Truth is the drilling is going fine....! What for ? catching deep sea lobsters ?
dont deceive yourself in vain.
Think is HAPPY.....… :-)))
This ”MISSISSIPPI BUBBLE” is finally bursting.
The ”DUST” hasn’t even begin to settle.
And the ”CITY” is already talking badly about the F**klands Oil Adventure.
BOR down 71.08% to 18 pennies
RKH down 12.56% to 222.75 pennies
FOGL down 7.83% to 79.50 pennies
Chuckle chuckle©
Malvinas Bubble: a fanciful scheme in the 21st century in Argentina that triggered a speculative frenzy and ended in political collapse.
Joe is HAPPY .....:-)))
Chuckle chuckle.
These who jump the gun,,
Never seem to get there before the bullet,
Just wait and see,
Besides,
where’s the argentine oil ,
Oh, still in the ground then.
Oh yes .lol.
Not eyou did not memtion “Duster” - wel it was not was it? OK they did not strike the good stuff(gas condensate or oil)- but they found some - but could not get to target depth to see if there was sufficient.
So yes a dissapointemnt - hence the share crash as BoR dont have funds anyway for another dril - but - as yet the results from 1st drill are still being evaluated - if good that could yet lead to someone buying them out and making another drill in the area later on - who knows - I dont - and neither do you!
Now we wait and see what FOGL find or not over the next few months - they have 2 to drill - possibly 3.
BUT - What we do know know is that the Northern Basin IS going to go ahead and come to production.
Remember - all this started 2yrs 4 months ago - and was expected to last just 6 months!
And here we are today - with another 3-6 months plus still to go!- and then starting all over again in 18months or so time!
Considering all the jumping up and down in Buenos Aires over the time that has achieved virtually zero effect, I,d say things are progressing pretty good here.
You were just as happy about the dud appraisal well on Sealion at the time...
Keep up the optimism!
You bloody need it!
I'm not surprised that it is a bit of a roller-coaster ride. It will take time to fully explore the area.
By the way, all the wells are being fitted for remote destruction. All the seabed fittings can be destroyed enabling that lovely, sticky black stuff to flood out and float toward LatAm. Are you going to take your bucket and spade down to the seaside? Want some oil? It's the only way you're going to get any.
This one is not a nail………., is an 11 inches spike.
Anyhow, I want to thank you once again for your kind and generous investment of 50£ on my behalf on BOR shares..........
It allowed this old man to experience the adrenaline kick of losing everything on the stock market!
Hope it was not one of those new investment schemes where you can end losing more than your original investment.
The dogs and I would be quite sad if our shed got repossessed by a British Hedge Fond…
(14) Joe Bloggs
Well…….. Now you know about the ”Mississippi Bubble”, don’t you…..?
I can read that you have consulted the Encyclopedia Britannica on the matter…….
You seem to have “quite a problem” with the plagiarizing of other people’s material, lad…
Chuckle chuckle©
(17) Islander1
You say:
”Think, not eyou did not memtion “Duster” - wel it was not was it?”
I say:
Been celebrating BOR’s magnificent results at the Pub, lad?
19 WestisBest
You say:
”You were just as happy about the dud appraisal well on Sealion at the time...”
I say:
I don’t recall being ”happy” about any dud appraisal well on Sealion at the time...…
But I do remember having called Sealion a dud.
I did then………, I do today…………
Sealion is a DUD……
TWIMC
And the SEA of RED continues……:
BOR down 11.11% to 16.00 pennies
RKH down 11.56% to 197.00 pennies
FOGL down 5.66% to 75.00 pennies
“Investors are planning to invade the islands and demand their money back”
I doubt it. They would know the risks before investing. The Islanders at least understand the principles of attracting investors whilst the Argentinians don't.
That's why the Argentine economy is heading down the gurgler.
And the bleeding in the South continues……:
BOR down 4.69% to 15.25 pennies
FOGL down 6.67% to 70.00 pennies
Losing money is not.
RH down again! 198.38 -4.00 (-1.98%)
www.facebook.com/Britain1592
Thanks for the polite “Harrovian Cap”.
Stet Fortuna Domus
I love it when an Argentinian tells me losing money is not a long game..........doh!
I'm pretty sure that, under the current financial circumstances, Mrs McDod would agree with my chosen Latin citation…..
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