Falklands’ oil explorer Desire Petroleum announced on Friday that the findings of a Competent Person’s Report, CPR, have confirmed the potential of its discoveries offshore the Islands in the North Falkland Basin.
Rockhopper Exploration which struck oil at its North Falkland basin Sea Lion exploratory well in May 2010 has received formal agreement from the Falkland Islands Government to the farm-out agreement reached with Premier Oil.
Falkland Islands explorer Desire Petroleum said its half-year to end-June period losses decreased from 39.3 million dollars in the previous period to just 2m, due to a fall in exploration and evaluation expenses. It also announced that it was looking for a farm-in partner for the North Falkland basin, where the company is focused.
In an update of the recently completed six well exploration program Falkland Islands’ Desire Petroleum reports it has new 3D seismic acquisition of several of its North Falkland prospects which are currently under evaluation to provide a full prospects’ inventory.
The AIM traded company Desire Petroleum said on Thursday it will seek industry partners to participate in the further exploration of the North Falkland basin based on the quality of its maturing prospect inventory.
A leading UK market and investment analyst, Edison Investment Research looks at the prospects of the Falkland Islands oil industry and suggests the industry could be worth 180 billion dollars in royalties and taxes.
Falklands oil industry sources confirmed that the semi-submersible Leiv Eiriksson oil exploration rig has reached Falklands’ waters and should be spudding its first well next Monday.
Rockhopper Exploration Plc climbed to an 11-month high in London trading after a report that Cairn Energy Plc is in talks with the only company to have made a potentially commercial oil find near the Falkland Islands.
UK-based Falkland Oil and Gas (FOGL) announced on Friday it has raised £48.5m (74.3m dollars) through a placing of new ordinary shares to fund drilling of exploration wells in Falkland Islands while it continues active discussions with potential partners for a farm-out.
Rockhopper Exploration PLC reported a “fantastic result” as its third discovery in the North Falkland basin encountered oil and-or wet gas in four hydrocarbon-bearing target zones, said the company on a Tuesday release in London.