Premier Oil, the British North Sea's oldest company outside the oil majors, is turning away from the region for future exploration opportunities such as the Catcher and the Sea Lion project in the Falkland Islands, according to a report published by Reuters.
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas company, announces that at a hearing today, the Companies Court of the Chancery Division of the High Court of Justice confirmed the cancellation of the Company's share premium account (Cancellation of Share Premium Account). The Cancellation of the Share Premium Account is expected to become effective tomorrow, 4 July 2013.
For some, the prospect of the Falkland Islands becoming an oil-producing country creates exciting visions of opportunity, while for others it seems like a nightmare. What is certain is that oil, like sheep and fishing before it, will inevitably bring changes to both our wealth and our way of life.
In anticipation of the business opportunities the oil industry will bring to the Falkland Islands, a leading company has plans to build in the capital Stanley two temporary 200-bed accommodations, according to the planning applications received.
UK independent oil and gas Premier Oil company said that the Falkland Islands Sea Lion project is one of their biggest operations undertaken to date involving an investment of 5 billion dollars with first oil expected sometime in 2017.
The referendum on the fate of the Falkland Islands is a publicity stunt with no legal status, Argentina's ambassador to Britain said on Monday, warning that oil exploitation around the territory was impossible without better regional ties.
Member of Legislative Assembly Ian Hansen will assume responsibility for the Falklands’ government Minerals portfolio after MLA Barry Elsby relinquished the post due to a conflict of interest. The brief release from Gilbert House adds that MLA Hansen has prior experience in the Minerals portfolio adding that MLA Jan Cheek will continue as the second portfolio holder.
Argos Resources the only Falklands explorer to not drill a well has had the most successful year of them all in share price terms. Results of interpretation of 3D seismic data are encouraging with a number of prospects identified and the company is looking for industry partners to take exploration drilling forward. Year to date share price performance: up 107.92% at 24.95p.
Rockhopper Exploration which discovered oil offshore the Falkland Islands in 2010 at its Sea Lion prospect is planning a minimum of three exploration and appraisal wells on its North Falkland Basin acreage in 2014 including Sea Lion satellites Casper, Casper South, and Beverley.
According to reports in the Argentine media, the nationalized Argentine oil company YPF, formerly owned by Spain's Repsol, will be teaming up with Venezuelan oil giant PDVSA to explore the continental shelf around the Falkland/Malvinas Islands for oil.