Premier Oil Plc newly appointed Chief Executive Officer Tony Durrant said that one of his priorities is to find a partner to share the 5bn dollar investment to develop the Sea Lion project off the Falkland Islands, because it does not want to become a 'pure Falkland Islands company in five years time'.
Falkland Islands oil and gas exploration company, Rockhopper Exploration confirmed Monday that its finance director, Peter Dixon-Clarke, plans to step down from his position in early 2014.
The Tension Leg Platform option is the most suitable technical and commercial solution for the development of the Falklands' Sea Lion field, according to the recommendation from field operator Premier Oil, said Rockhopper Exploration in an official release, which also announced further drilling is expected in the next twelve months.
Premier Oil, which has a farm in agreement with Falkland Islands Rockhopper Exploration, is buying into an exploration project in Kenya, by farming into onshore Block 2B.
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.
Noble Energy Inc. (NBL) unveiled a discovery in the Big Bend exploration area in the Gulf of Mexico as it also abandoned another well off the shore of the Falkland Islands that yielded a low-quality reservoir.
The Falkland Islands government has granted a one year extension for Rockhopper Exploration’s production licences PL023 and PL024. The licences, in which Rockhopper has a 40% interest, have been extended until November 2013, with no requirement for the operator to perform further work on the licences in that time.
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.
As the final drill in the Falkland Islands oil exploration round nears completion Director of Mineral Resources Stephen Luxton said it was a safe assumption to plan for three rigs rather than two in the next two to three years when extraction would get underway.
By Graham Bound - The discovery of a large field of natural gas beneath the seabed south of the Falklands received appropriate coverage in the UK press. Rockhopper Exploration’s agreement with Premier Oil, which is likely to involve an investment by the latter of up to £750m, has also been noticed.