B&S abandons south Falklands oil and gas exploration; FOGL takes over
After two disappointing results, Borders & Southern has officially completed its deep water drilling program in the South Falkland Islands basin, the company announced on Tuesday. The company said well Stebbing has been “successfully plugged and abandoned,” bringing to an end the Company's current two well drilling program.
According to the Borders & Southern, the Leiv Eiriksson drilling rig will now be assigned to Falkland Oil and Gas Company, FOGL, in the East Falkland basin to drill for its two-well program after which it will be demobilised.
In a brief communiqué FOGL confirmed that the Leiv Eiriksson rig is now under contract to FOGL and its joint venture partner from Italy, Edison International Spa. “The rig has commenced its move to the Loligo well location”.
Meanwhile, Borders has yet to reveal the results of its analysis of the Darwin gas-condensate discovery, where it is currently assessing the relative liquid content.
The industry’s specialized press also reported today Oriel Securities downgraded Borders to “reduce”, saying that Darwin looks like a challenging development given the water depth and its distance from the islands. It added that further resources need to be discovered to advance the project and the company is not funded for further drilling.
In related news another Falklands’ oil exploration company, Desire Petroleum plc, which is wholly focused on the North Falkland Basin announced the appointment of Peel Hunt LLP as nominated adviser and sole broker with immediate effect.
Suggested Stories
-
May 24th 2013
Petrobras will continue to operate in Argentina but may sell some assets
-
May 21st 2013
Falkland Islands: it’s a three-side debate; Argentina must recognize Islanders right to decide their future
-
May 18th 2013
Venezuelan oil monopoly in joint ventures with Chevron and China Petroleum
-
May 24th 2013
Argentina and Brazil jointly developing satellites for South Atlantic research
23 comments Feed
Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.
You know all about stealing. Why don't you tell us all where you got your Uni degree from?
Chuckle chuckle.
Oh yes, I can see your British level of education at the Darwin cemetery.
I am totally against whoever did that out at Darwin but please, you didn't answer my question. Where did you get your degree from?
I could tell you, but British inability to speak any language other than English may overload your monolingual little brain.
:-(
Or did you obtain this degree from Prison, i see than many criminals are being released for political rallies. Right up you street isn't it Marcos.
Aug 01st, 2012 - 06:55 am
They will roll their eyes, think 'oh FFS!', smile, pick up the phone to the UK and say 'sorry to bother you but the toddlers are at it again. We really need somebody to play the 'grown up'. Malvinistas are incapable. Would you oblige please?'
“Stealing is bad karma”
Yes indeed:
1/- Stealing the land of indigenous inhabitants in Argentina during 1800s by comitting mass genocide.
2/- Not paying back loans is stealing, Argentina is so good at that not even Obama wants to lend Argentina money.
3/- Laying unmarked minefields and not removing those mines has stolen land from the Falkland Islands, including a graveyard at Fox Bay.
4/- The wish to steal land (Falkland Islands), off the people who were born there.
5/- Stealing the Falkland Islands in 1982=much bad Karma for Argentina.
As for B&S - some facts again_ They have the captial for further seismic survey work- and are looking at chartering a vessel to carry this out in the summer 2012-2013.
They will not know the Gas Condensate results from the 1st drill until end August- simple as they stuff had to be shipped to Uk and the labs take 10 weeks or so the complete the work-to dangerous to fly it fror obvious reasons.
Lets wait and see the results first - they may not be good enough to warrant raising capital for futher drilling.
But they may be worthwhile- we do not know - yet. After all Gas Condensate produces the highest value Oil of all.
As ever - ot all depends on the volume of the find.
@4 Really shouldn't have sent those argie special forces to create an “incident”. Or did you think we didn't know?
@6 And what rubbish dump did YOU get YOUR brain from? Or did you dig up a corpse and steal what was left?
Sad loser.
Do you actually know what temporal means?
It has a few meanings but not what you believe it means.
Temporal is related to time and infinity.
Temporal logic - definition. logic. An extension of predicate calculus which includes notation for arguing about *when* statements are true. Time (Temporal) is discrete and extends indefinitely into the future.
dictionary.reference.com/browse/temporal+logic
So what you are saying is that the British presence in the Falklands extends indefinitely into the future.
Nice to know that you agree with us British and Falkland Islanders.
The only other Temporal I know if is a bone in the human skull.
So you could be saying is the British presence in the Falklands is a piece of bone in the skull. Which of course doesn't make any sense.
Well go with the 1st meaning, shall we?
And the Argentineans fell for it,
Hook line and sinker..
.
ALL THE FI OIL COMPANIES SHARES ARE UP TODAY!!!!!
www.facebook.com/Britain1592
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!