The Royal Navy of the United Kingdom has intercepted an Argentinian survey ship that a Navy commander suggested had been ‘snooping for oil’ on the edge of British territorial waters Continue Reading
Falkland Oil Offshore Falklands oil and gas producer Rockhopper Exploration Plc has announced that its net contingent oil reserves have doubled to more than 300 million barrels, and independent experts Continue Reading
British oil companies with interests in the Falkland Islands suffered a blow on Tuesday when a U.N. commission said that the waters around the South Atlantic archipelago belong to Argentina. Continue Reading
Oil producer Premier Oil has increased its 2015 exploration budget by $20 million to account for higher investments in its drilling campaign in the Falkland Islands, the company said in a trading update on Thursday. The London-listed firm, whose operations stretch from the Falkland Islands to Indonesia, also said it had received an offer for its Pakistan business and was starting a process with interested parties to dispose of those assets. The company expects revenue in the first half of 2015 of $580 million, down 34 percent from a year earlier due to lower oil prices and lower production levels as the result of a disposal. Premier Oil is scheduled to report half-year results on August 20.
Argentina has started legal proceedings against five companies drilling for oil and gas in the disputed Falkland Islands, raising tensions over the islands’ sovereignty in part because three of the companies are based in Britain. The spat is the latest between Britain and Argentina, who fought a short war over the Falklands — or Las Malvinas, as the islands are known in Argentina — in 1982 which Britain won. The war killed more than 600 Argentine and 255 British soldiers. The islands, which lie 300 miles off the Argentine coast and 8,000 miles from Britain, are claimed by both countries. Daniel Filmus, Argentina’s minister for the Falklands, announced the start of the lawsuit in London on Friday, saying a judge in Rio Grande, Argentina, had agreed to take on the case. The main companies involved in oil drilling in the Falklands are Premier Oil, Falkland Oil and Gas and Rockhopper, which […]
Dow Jones Newswires By Alex MacDonald LONDON–Three U.K.-listed oil companies announced Friday that they have discovered oil and gas at their jointly owned Zebedee well in the Falkland Islands. The well will now be plugged and the Eirik Raude rig will then drill the first exploration test of the Elaine/Isobel complex in the southern part of the North Falkland basin. The results of this well, called the Isobel Deep well, are expected in late April. "We now look forward to the results of the upcoming Isobel Deep well, potentially the highest impact well in this campaign," said Andrew Lodge, Exploration Director at Premier Oil PLC (PMO.LN). The other companies involved in the exporation project in the U.K. island territory, situated in the southern Atlantic to the east of Argentina, are Falkland Oil & Gas Ltd.(FOGL.LN) and Rockhopper Exploration PLC (RKH.LN). -Write to Alex MacDonald at [email protected]
By Alex MacDonald LONDON–U.K.-listed Falkland Oil and Gas Limited (FOGL.LN) said Friday that Premier Oil, the operator of the Zebedee prospect in the Falklands islands, had begun drilling the first exploration well of the current drilling campaign at the prospect. The well is located on license PL004b, in which Falkland oil and gas has a 40% working interest. Falkland Oil and Gas said there is a 10% to 50% chance that the well will be successful. The well is targeting estimated gross resources of 281 million barrels of oil equivalent, of which 112 million barrels of oil equivalent would be net to Falkland. "The Zebedee prospect, if successful, will significantly increase the hydrocarbon resources of the Sea Lion field complex within our license area," said Falkland CEO Tim Bushell. Falkland has a market capitalization of GBP169 million or $258 million. Write to Alex MacDonald at [email protected]
By Alex MacDonald LONDON–Falkland Oil & Gas Ltd.(FOGL.LN) said Tuesday that the drilling unit Eirik Raude has arrived in the North Falkland Basin and will shortly start drilling the first well on the Zebedee prospect. This is part of a six-well program that will see two wells drilled in the NFB then one to the south of the islands, followed by two more in the north and a final slot in the south. The project is being developed with Rockhopper Exploration PLC (RKH.LN). Write to Alex MacDonald at [email protected]
Falkland Oil and Gas Ltd. has mobilized a rig from West Africa to the Falkland Islands for the 2015 drilling program, Merco Press reported Feb. 3, citing company CEO Tim Bushell. The drilling will begin March and will be operated by Premier Oil and Noble Energy. Significant oil and natural gas reserves have been discovered near the Falklands , aggravating disputes over its ownership.
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Premier Oil Plc (PMO) , a British oil explorer, said it will develop a smaller portion of its Sea Lion project in the Falklands as it seeks to cut costs. The initial phase will yield 160 million barrels of oil with costs for first output estimated at less than $2 billion, the London-based company said today without specifying earlier estimates for the project. Premier plans to sink a well in March and one in April and will continue to seek a partner, Chief Executive Officer Tony Durrant said in a phone interview. “Following a project review, Sea Lion will now progress initially as a smaller development,” it said in the statement. “The new lower oil price environment and our commitment to maintaining a strong financial position has caused Premier to re-examine the scheme with a view to reducing” the spend prior to first cash flows from the field, it said. […]
LONDON— Premier Oil PLC has held discussions with companies interested in buying a stake in its Sea Lion project in the Falkland Islands, newly appointed Chief Executive Tony Durrant said Thursday. The U.K.-listed oil and gas explorer, which wants to reduce its exposure to the $5.2 billion project, aims to launch the formal sale process in the fourth quarter and to have sold the stake by the middle of next year, when it also plans to take the final investment decision on the development. "We don’t have any doubts about the project, but we currently have a 60% interest and it makes sense for us to bring in a partner," said Mr. Durrant, who stepped up from his role as finance director to CEO of Premier in late June. Premier is looking to sell a 20% to 30% stake in the project. He said there was "significant interest" in […]
