Falkland Islands Argos Resources Ltd posted Friday a narrowed pre-tax loss for the first half, saying it is more confident on the outlook for its farm-out efforts following the recent contracting of the Eirik Raude deep water rig by Noble Energy Inc and Premier Oil PLC.
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.
The incorporation of a major oil company is a sign of confidence in the future of the Falklands hydrocarbons industry and by any standards “absolutely fantastic”, said the Islands governor Nigel Haywood during an official reception at Government House for Rockhopper Exploration and their UK partners Premier Oil.
Interview with Sam Logan (*) Angering Spain by seizing and nationalizing a majority of Repsol's shares in YPF and ramping up the rhetoric over the Falkland Islands as exploration deals promise to make the territory a major oil player overnight, Argentina is making few friends in the fossil fuels industry these days.
Britain's Premier Oil announced on Thursday a 1 billion dollars deal to farm in and develop Rockhopper Exploration oil and gas discoveries in the Falkland Islands.