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.
Share this..
Related stories
The long-term impact of the Lloyds Banks merger with HBOS
As the UK government takes a firm step backwards with regards to the Lloyds bank and HBOS merger, despite allegations that the UK government interfered in the transaction, there appear to be long-term consequences for former directors of Lloyds bank. The first head to roll will be that of Sir Victor Blank, the outgoing chairman of Lloyds bank, who was ushered out of the door due in the main to the...
Read MoreThe real reason why Lord Mandelson attacked Barclays bank
The very high-profile and very personal attack on Barclays bank president Bob Diamond has grabbed the headlines in many newspapers in the UK this weekend. However, there are discussions as to why Lord Mandelson chose this weekend to launch his attack, so what is the real reason behind the move? Why did Lord Mandelson choose to attack the UK banking sector yet again? One very popular theory rega...
Read MoreRupert Murdoch bids to take control of BSkyB
Media giant Rupert Murdoch has reportedly made a takeover approach to BSkyB which would see his News Corporation build on its 39% stake and take control of the operation. It is rumoured that the approach values the company at £12 billion but was immediately rebuffed by the BSkyB board of directors. There is some confusion as to whether there is some middle ground which the two parties can attempt...
Read MoreAlliance And Leicester Gets The Abbey habit
The board of Alliance and Leicester has been heavily criticised by many in the City after accepting a takeover offer for Banco Santander, the Spanish parent company of UK based Abbey. The move, which values the bank at just £1.25 billion against over £5 billion a year ago, seems on the surface to be a very good price for Santander and not such a good deal for shareholders, but is that the real...
Read MoreSantander raises £6 billion in surprise share issue
Spanish banking giant Santander announced a surprise £6 billion rights issue which caught many in the market off guard. Santander is the owner of Abbey and Alliance & Leicester and has a large exposure in the UK market. It had been considered that Santander was near untouchable in the international world of finance but it seems as though even the best in the world are struggling.
T...