Interest in Falklands Oil ‘High’

26 Nov

DIRECTOR of Mineral Resources Phyl Rendell, attended the American Association of Petroleum Geologists convention in Milan recently, where interest in the Falklands was apparently high.

Mrs Rendell said, “Interest was high during the first few days of the convention not least because of the progress made with the Sea Lion discovery and the prospect of drilling in the southern basins next year. A number of companies asked for updates on progress and Phil Richards gave a presentation on exploration achievements to date and investment opportunities available.”

The chairman of Argos Resources and a representative from Borders & Southern Petroleum also attended.

Share prices have been volatile lately, following the disturbances in world markets due to the problems in Europe, although Rockhopper Exploration has held up after its recent discoveries near the Falkland Islands. Argentina persists in claiming that any exploration for oil around the Islands breaches United Nations Resolutions even though there is no Resolution concerning the Falklands now in force. The last Resolution issued by the UN was in 1988 and called for Argentina and Britain to settle their differences. Talks followed and a number of agreements were reached to the satisfaction of the UN.

In recent years Argentina ahs pulled out of the majority of those agreements but the UN has not seen fit to raise any concerns.

The Falkland Islands are listed as a non-self governing territory under Article 73 of the UN Charter, which provides rights of self-determination and supports the peoples of such territories in the exploitation of their own resources.

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