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LONDON (Alliance News) - Falkland Oil & Gas Ltd and Rockhopper Exploration PLC on Monday said the Isobel-2 well was spudded last week by operator Premier Oil PLC.
The well is located at the PL004a licence in the Falklands Basin. Falkland Oil & Gas has a 40% working interest in the project, while Rockhopper has a 24% working interest. Premier Oil holds the balance.
"I am very pleased to announce the spud of Isobel 2, the final well in our 2015 exploration drilling programme. Finding oil in the original Isobel Deep well was very encouraging and the Isobel 2 well location will further evaluate this discovery," said Tim Bushell, Falkland Oil & Gas chief executive.
"The second well on the Isobel/Elaine complex represents an exciting chance to significantly increase the volume of proven oil in the basin. Not only does it give us another opportunity to explore the Isobel Deep fan, but also a number of further fan bodies in the Isobel area which have never previously been drilled," added Sam Moody, Rockhopper's chief executive.
Shares in Falkland Oil & Gas were up 4.9% to 10.28 pence on Monday morning, while Rockhopper shares were down 0.2% to 35.4363p. Premier Oil shares were down 1.0% at 71.75p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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