Oil Found in Falklands
Posted on: 02/04/2015

Oil and gas have been found in an offshore area to the North of the Falkland Islands, this could cause dispute between Great Britain and Argentina regarding ownership.

The ‘Zebedee’ exploration well was described by Falkland Oil and Gas, who shares the well with Rockhopper and Premier Oil, to have gone much “better than expected”, a positive outcome for the oil industry.

The oil exploration revealed an oil reservoir 25 metres thick and a gas deposit confined between sand layers. The area is owned by Falkland Oil and Gas (40%), Premier Oil (36%), and Rockhopper Exploration (24%).

Samuel Moody, chief executive at Rockhopper announced: “This is a fantastic start to the 2015 Falklands drilling campaign and provides early proof of the significant remaining potential of the North Falkland Basin.”

The well was the first of four to be drilled as part of an eight month long exploration campaign, starting at the North of the Falkland Islands and working eventually to the South and East sides.

Mr Moody went on to say: “The new discoveries add to our already significant resources we have discovered in the basin and we now look forward to drilling the higher risk Isobel prospect before the rig moves to drill in the South Falkland Basin”.

This comes as good news for all in the industry and stands as very promising for those working around the Falklands. Jean-Pierre Dmirdjian, from broker Liberum, said: “We think today’s discovery will raise the interest of the market for the 3 other wells to be drilled in 2015. This exploration programme could also lead to fuller recognition of the value of the existing Sea Lion asset.”

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