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.
A socio-economic impact study on the effects of an oil development project on the Falkland Islands did not reveal any, “major new concerns which had previously escaped attention Director of Mineral Resources Stephen Luxton told Penguin News this week.
In an update of the recently completed six well exploration program Falkland Islands’ Desire Petroleum reports it has new 3D seismic acquisition of several of its North Falkland prospects which are currently under evaluation to provide a full prospects’ inventory.
The incorporation of a major oil company is a sign of confidence in the future of the Falklands hydrocarbons industry and by any standards “absolutely fantastic”, said the Islands governor Nigel Haywood during an official reception at Government House for Rockhopper Exploration and their UK partners Premier Oil.
The North Falkland basin explorer Desire Petroleum has revealed the findings of an economic assessment of the group’s stake in the Sea Lion oil discovery, based on a high level development concept and economic review by Senergy from the UK.
Goldman Sachs raised its price target on several exploration and production companies, including Falklands’ Rockhopper Exploration, and said there were opportunities for deals in some assets in the sector.
A numerous delegation from the Falkland Islands Chamber of Commerce is on its way to Scotland for a five day high-profile meeting with peers from Aberdeen and the Shetland Islands which begins next May 8.
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.
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.