Falkland Oil and Gas Ltd announced Monday that the well drilled to the East of the Falkland Islands to a depth of over 4.000 meters is a gas discovery. The statement comes after a rough week for FOGL when its shares plummeted following poor and unfounded press coverage.
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”.
The Chief Executive of Falkland Oil and Gas Ltd, FOGL, has said that its farm out agreement with Texas based US firm Noble Energy is not “politically motivated”, according to a report by the Daily Telegraph.
Argentina’s National Securities Commission, CNV, officially communicated leading international stock exchanges in the US and Europe that hydrocarbons companies operating in the Argentine continental shelf in the area of the disputed Falklands/Malvinas Islands are involved in “illicit and clandestine” activities.
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.