Falkland Oil and Gas (FOGL) said it had begun drilling an exploration well at its Scotia prospect, 315 km east of the islands.
The well is designed to test Scotia within the mid-Cretaceous fan play and operations are expected to take around 75 days, reaching a total depth of around 5,000 metres.
FOGL is the operator of the well, holding a 75% interest, together with its partner Edison International Spa, which holds the remaining 25% interest.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Under a farmout agreement announced on August 6th, Noble Energy will also participate in this well for a 35% interest, thereby reducing FOGL's interest to 40%.
-
Trump wants to colonise Mars – will it happen?Donald Trump wants to plant the US flag on Mars. Could humans really live there?
-
Klarna postpones US IPO as Trump's tariffs rattle marketsBuy-now-pay-later lender Klarna has postponed its US initial public offering owing to the market turbulence. It is not alone, says Matthew Partridge
