British oil firm claims discovery off coast of Falkland Islands

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Thursday, May 6, 2010

A British oil firm has claimed to have discovered oil off the coast of the Falkland Islands. Rockhopper Exploration would be the first company to strike oil in the Falklands if the claim is proven. Rockhopper were working in the North Falkland Basin when they apparently struck oil.

Rockhopper Exploration released a statement saying that one of the well’s "indicated an oil discovery". Managing Director Samuel Moody said "Current indications are that we have made the first oil discovery in the North Falkland Basin. We will now focus on analysing in more detail the data gathered from the well." He added that "We are extremely excited by the results of this well."

After the discovery, Rockhopper Exploration’s shares doubled. Desire Petroleum, another company that work in the Falkland area have seen rises in shares. Other oil companies in the Falklands also saw shares rise after the discovery.

The sovereignty of the Falkland Islands have always been disputed. Both the United Kingdom and Argentina claim the islands.