The Company reports that a four-man team has recently completed a successful
visit to the Falkland Islands during which the Environmental Impact Assessment (EIA) for drilling in Tranches C and D in the North Falkland Basin was
presented, as required by Falkland Islands Law, at a well-attended public
meeting in Stanley.
The EIA now requires approval by the Falkland Islands
Council's Executive Committee.
The approval of the EIA is an essential step in progress towards further
drilling in Tranches C and D. All other preparations for further drilling are
now well-advanced and the Company plans to be in a position to commence drilling
immediately a suitable drilling rig becomes available.
The rig market continues to be very tight and the Directors believe it may be
some time before it slackens.
The Company is currently pursuing a number of
options for securing a rig, although timing remains uncertain. However, by
making all possible preparations now, the Company will be in a position to begin
drilling should a rig suddenly become available at short notice.
The Company has also submitted site survey proposals at nine locations to the
Health and Safety Executive (acting on behalf of the Falkland Islands Government
) for comment.
It is expected that three of these will be drilled once the
Company procures a rig.
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