The Argentine Secretary of Malvinas affairs has included another oil company with interests in the Falklands hydrocarbons industry in the “list of bad boys” for allegedly operating without authorization from Argentina.
Argos Resources shares surged 23% to 2.4p on news that the Falkland Islands government extended its second term PL001 license. The Falklands Islands-based explorer will not need to commit to any additional work to be granted the license between 1 May 2022 and the year-end.
Oil company Borders & Southern Petroleum said it has been granted an extension to its Falkland Islands licenses.
Rockhopper Exploration has sold its 18.3% stake in Ireland-based United Oil & Gas for US$ 4m (€3.4m). The deal announced tonight concludes United’s reverse takeover earlier this year of Rockhopper’s Egyptian subsidiary and its operations in the Abu Sennan oil field for US$ 15.5m (€13m).
An article in World Oil by Laura Hurst refers to the term “stranded assets” and mentions the case of the Falkland Islands oil industry: the discovery a decade ago of as much as 1,7 billion barrels of crude offshore the British Overseas Territory, and rather than the next frontier, the project to extract energy risks being added to a list of what companies call “stranded assets” that could cost them huge sums to mothball.
Rockhopper Exploration is responding to market developments by reducing staffing levels and activity related to the Sea Lion development in the offshore North Falkland basin. The company plans to maintain a smaller team, mainly focused on regulatory, fiscal and financial issues, pending a recovery in the external macro-environment.
The Argentine government awarded ENI Argentina Exploración y Explotación; Tecpetrol, and MEMPLO, a subsidiary from Japan's Mitsui hydrocarbons licenses to explore an offshore area. MLO/124 in the so-called West Malvinas basin.
Rockhopper Exploration PLC on Tuesday said it has submitted an early information memorandum to potential lenders for the Sea Lion project in the Falkland Islands.
Oil and gas exploration firm Rockhopper Exploration, with interests in the Falklands and preparing to advance with the Sea Lion project, has agreed to sell its assets in Egypt to United Oil & Gas in a US$ 16m deal. The sale of Rockhopper Egypt includes a non-operated 22% interest in the Abu Sennan concession onshore Egypt and the existing assets of the business.
Members of the Falkland Islands Legislative Assembly along with the Chief Executive Barry Rowland visited the UK in mid-May to undertake a number of meetings with the oil industry, trade partners, Government officials, ministers, and parliamentarians.