Oil explorer Rockhopper raises hopes for Falklands well

5th June 2010, Comments 0 comments

British oil and gas exploring company Rockhopper has raised its estimate of how much oil can be recovered from a well off the coast of the Falkland Islands by 42 percent, to 242 million barrels.

The new estimate into well 14/10-2 on the Seal Lion prospect, carried out by an independent consultant and published Friday, follows the announcement last month that Rockhopper had discovered crude oil there.

Argentina and Britain went to war over the Falklands, which lie 450 kilometers (280 miles) off the South American Atlantic coast, in 1982.

Britain successfully reclaimed the islands following an Argentine military invasion, but Buenos Aires has never abandoned its ownership claim and has raised its affirmations of sovereignty amid the prospect of a major oil find.

- With Dow Jones Newswires -

© 2010 AFP

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