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.
A more permanent integrated type of immigration for the Falkland Islands is a strong message that has come out of a consultation with Falklands residents, in the preparation for a socio-economic study of oil and gas development in the South Atlantic British Overseas Territory.
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.
Falkland Islands Holdings' shares rose on Monday after it posted an increase in underlying pre-tax profits and looked forward to 'an exciting future'. FIH reported underlying pre-tax profits of £3.29m for the year to the end of March - 1.9% up on last time.
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.
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.
Falklands’ oil explorer Desire Petroleum announced on Friday that the findings of a Competent Person’s Report, CPR, have confirmed the potential of its discoveries offshore the Islands in the North Falkland Basin.
Planning ahead for the next three years Falkland Islands Desire Petroleum announced on Wednesday changes to its Production Licences following approval received from Executive Council.