Rockhopper Exploration has announced the discovery of more oil and gas in the North Falklands Basin.
The oil and gas exploration company drilled in multiple reservoir targets: Beverley, Casper South, Casper and Sea Lion Main Complex.
The positive drilling update is expected to raise estimated reserves of hydrocarbons across the four fields.
The Sea Lion discovery was the first oil to flow to surface in Falkland Islands waters, having been successfully tested during September 2010 and June 2011.
Commenting on the news, chief executive Samuel Moody said:“This fantastic result from our most aggressive well of the campaign will further increase our minimum estimates of oil in place for Sea Lion and Casper, in addition to proving two new discoveries in Beverley and Casper South, which is our third oil discovery in the Basin.”
Shares in the Salisbury, UK-based company jumped by 11 per cent yesterday on the release of the drilling update.
