Rockhopper Rising

27 Sep

Rockhopper Exploration lifted above the 2 GBP mark today in early trading following news that on Sunday the company spudded another well within its licence area near the Falkland Islands.

The latest well is being drilled close to the discovery site at Sea Lion, and comes after a recent announcement that the company is seeking to raise sufficient funds to bring that area up to a production stage. The costs of this proposal are estimated at some 2 billion GBP and assurances are being provided to the investment houses in the City of London with regard to the British Government’s ability to protect the asset.

Protests have increased following these announcements, and Argentina’s Foreign Minister, Hector Timerman, led the Group of 77’s call for renewed negotiations, citing concerns that Argentina’s economy was suffering as a result of the Falklanders’ exploitation of the island’s resources.

The United States has voted against loans to Argentina in the World Bank and Inter-American Development Bank, and is calling for the countries massive debts to be paid. Negotiation with the Paris Club to this end have not produced any result.

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