Falkland Oil and Gas spuds first of two exploration wells

9/25/2012

Falkland Oil and Gas spuds first of two exploration wells

BY TAPAN PANCHAL

LONDON -- Falkland Oil and Gas, the oil and gas exploration company focused on the South and East of the Falkland Islands, announced that the Scotia exploration well FI 31/12-01 was spudded on Sept. 25. The company anticipates that the well operations will be around 75 days with a total depth of 5,000 m.

Scotia is the second of the company's two well exploration program using the Leiv Eriksson semisubmersible drilling rig. The company is the operator of the well, holding a 75% interest, together with its partner Edison International, which holds the remaining 25% interest.

Under a farmout agreement announced on Aug. 6, Noble Energy will also participate in this well for a 35% interest, thereby reducing company's interest to 40%.

Dow Jones Newswires

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