British oil and gas explorer Rockhopper Exploration PLC may have discovered oil off the coast of the Falkland Islands, raising excitement Thursday about what could potentially be the first viable find in the politically controversial field.
Shares in Rockhopper and other companies exploring the Falklands basin soared after its announcement, which was based on initial data from its Sea Lion platform.
The company said it found oil along intervals across 53 meters (174 feet), which was 25 meters (82 feet) deep at its thickest. It is now considering whether to plug the well, suspend it for future testing or drill an appraisal well.
"We are extremely excited by the results of this well," said Rockhopper Managing Director Samuel Moody. "While we are presently acquiring additional data, current indications are that we have made the first oil discovery in the North Falkland Basin."
And cue Chavez rant in 3...2...1...
By: Brant
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