The Falkland Islands Government has welcomed the news of a farm-in agreement between Falkland Oil and Gas Ltd and US based Noble Energy which was announced on Monday and confirms the Falklands as an “excellent investment destination”.
London AIM listed Falkland Oil and Gas announced it has reached an agreement to farm out a 35% stake in most of its Falkland Islands’ exploration licenses to the US Noble Energy to help fund its drilling plans off the Islands.
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.
The overseas arm of Indian state-owned Oil and Natural Gas Corp (ONGC), ONGC Videsh Ltd is in talks to buy 25% stake in an exploration block off Falkland Islands in the South Atlantic, reports The Economic Times from New Delhi.
The exploration company Falkland Oil and Gas Ltd. (FOGL) has entered a farmout agreement with an unnamed party for its licenses south and east of the Falkland Islands.
UK based oil firm Borders & Southern pushed back the time frame for initial results from an exploration campaign offshore the Falkland Islands after a deep water well experienced technical issues.
Britain waited only a few minutes for Argentina to finish detailing a barrage of legal and administrative threats against anybody and everybody involved in the Falklands oil industry, and firmly stated its full support to the Islanders development of their hydrocarbons resources.
The Argentine newspaper Ambito Financiero reported on Friday, without revealing sources, that oil exploration rig Leiv Eiriksson, contracted by two oil companies to drill to the south of the Falkland Islands “was found, on Thursday, exploring in Argentine waters”, according to ‘irrefutable’ satellite images.
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.
A new round of Falkland Islands oil exploration began this week when London AIM listed Borders & Southern Petroleum plc announced that their first exploration well, located approximately 140 kilometres south of the Islands, was spudded on 31st January 2012.