Falklands’ oil explorer Rockhopper said the latest well in its controversial drilling campaign in the South Atlantic Islands has come up dry.
Rockhopper Exploration is in talks with Diamond Offshore about lining up another drilling slot as it spuds a well off the Falkland Islands. Diamond Offshore are the owners of the Ocean Guarding drilling rig contracted by Desire Petroleum and involved in the current hydrocarbons exploration round.
Britain will meet shareholders from explorer Rockhopper to discuss the Falkland Islands and the location for the company's proposed 2 billion dollars oil project based on recent discovery estimates.
Rockhopper Exploration’s announcement this week that they expect to begin pumping oil in 2016, set the international media off on a further round of speculation about future wealth, but Falklands stakeholders and interested parties are taking a more cautious approach.
British oil group Rockhopper Exploration has unveiled plans for a 2 billion dollars investment in the Falkland Islands, a move which will transform the remote territory into a new oil province.
The commerciality of the Falkland Islands Rockhopper Exploration’s Sea Lion oilfield development shouldn’t be significantly impacted by logistical problems arising from Argentina’s claim over the sovereignty of the Islands, according to analysts at the Royal Bank of Scotland.
Monday morning Rockhopper Exploration announced the spudding of its latest exploration well, 14/10-7, to further test the Sea Lion oil discovery in Falkland Islands waters.
Rockhopper Exploration PLC upgraded its estimates of how much oil it could find off the Falkland Islands, boosting hopes that the remote territory in the South Atlantic could become a new oil province.
Rockhopper Exploration said on Tuesday an oil discovery in Falkland Islands waters extends to the west of the original well, adding to hopes that the oil find is large enough to open up a new province in the remote South Atlantic.
Falklands’ Rockhopper Exploration, the oil and gas explorer, pressed ahead with its hunt for oil in the North Falklands with the drilling of its third appraisal well on the Sea Lion Discovery feature last week.