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Is there significant oil off the Falklands?

Despite earlier reservations about the amount of oil which potentially may lay off the Falkland Islands, in UK territorial waters, shares in an array of Falkland Island-based oil companies have pushed strongly ahead over the last few days. Rockhopper, which appears to be one of the main oil explorers in the region, announced "medium gravity" crude oil from one of its inspection rigs and indicated there was potentially a lot more oil than initially thought.

As a consequence we have seen oil and gas reserves, forecast by independent third parties, increase from 170 million barrels to 242 million barrels which resulted in the Rockhopper share price increasing by more than 50%. This is certain to cause more friction with the Argentinian authorities who still dispute the sovereignty of the Falkland Islands and the surrounding waters. There are still many other exploration areas in and around the region and the forecast of the oil reserves could actually be the tip of the iceberg at the endgame.

For many years experts have predicted significant oil finds in and around the Falklands region but it has taken upwards of 10 years to fulfill this potential. However, we may stand on the edge of a potentially life-changing discovery for the Falkland Islands and the Falkland Islanders.

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