Falklands Oil News

22 Nov

Falkland Oil and Gas yesterday revealed more details of it proposed drilling program in its licence areas around the Falklands during 2012.

The company is awaiting the arrival of the Liev Ericksson drilling rig, which is due early in the new year, and which it’ll share with Borders and Southern, a rival exploration company also searching for oil near the Islands.

The announcement said, ” FOGL’s main focus is on the two younger plays, the Tertiary Channel and the Mid Cretaceous Fan play. FOGL has been working on the Mid Cretaceous play for some time but it was only in late 2009, when the seismic data had been fully reprocessed, that it became clear that this major new play was viable.”

Shares of these companies have risen recently on news that Rockhopper Exploration found oil in commercial quantities in one if its licence areas, and interest in the area is growing despite restriction imposed by some South American countries.

It is unlikely that this further news will pass without comment by Argentina which has disputed ownership of the Falklands since the 1930’s. The Argentine Government protests that the Islanders are actually exploiting Argentina’s resources and that their actions are prohibited by United Nations Resolutions. This is a selective interpretation of Resolutions that predate the 1982 Falklands War, when Argentina invaded the Falklands, and are no longer in force.

The UN fully supports all the peoples of the non-self governing territories in the exploitation of their own resources.





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