Falkland Islands oil and gas producer Rockhopper Exploration Plc has announced that its net contingent oil reserves have doubled to more than 300 million barrels, and independent experts are now eyeing this as nearly billion-barrel basin.
Falkland Oil and Gas PLC late Tuesday took a step closer to completing the proposed all-share merger with fellow AIM-listed Rockhopper Exploration PLC after its shareholders voted in favour of the deal.
The Argentine government has declared “illegal” and “clandestine” the hydrocarbons' exploration activities carried out off the Falklands/Malvinas Islands by the Houston based Noble Falklands Limited company, according to a resolution by the country's Energy Office.
Falkland Oil and Gas PLC on Friday announced it has agreed with Rockhopper Exploration PLC and Premier Oil PLC to drill another well on the Isobel/Elaine complex to replace the planned Jayne East well.
Falkland Oil and Gas Limited, the oil and gas exploration company focused on its extensive licence areas to the North, South and East of the Falklands islands, notes Friday's increase in the Company's share price and confirms that it is not aware of any reason that would lead to such a movement.
Falkland Oil & Gas Ltd told investors that drilling of the deep water Humpback exploration well in South Falkland basin has run into delays. They were described as ‘unforeseen equipment and operational issues’ and it has added just over a month to the schedule – to about 100 days from 65 planned days – so the well results are now expected during September.
Falkland Oil & Gas Ltd. said on Monday that drilling had started at the Humpback exploration well off the south-east coast of the Falkland Islands. The spudding of the well actually took place last Saturday.
Falkland Islands Holdings PLC said on Monday that underlying pre-tax profit and revenue was broadly flat in its recently-ended financial year, and trading so far in the new year has met its expectations as it seeks to accelerate its growth and increase its scale through acquisitions.
Falkland Oil and Gas plans to continue drilling into next year, its chief executive said, defying legal threats made by the Argentine government against oil explorers in the Falkland Islands.
Premier Oil’s high-impact Falklands Isobel Deep well has hit oil shows in a suspected high pressure formation, partners Rockhopper Exploration and Falkland Oil & Gas Ltd., said Tuesday morning. But, the area will now have to be cased, delaying the drilling program.