Falkland oil explorers slump  

Posted by Big Gav in ,

In spite of the occasional rumour that The Falklands have a lot of oil offshore (and that the tussle between the English and the Argentinians over them is about more than a few cold, sheep infested islands), drilling programs aren't coming up with much so far - Desire drill disappoints, Falkland explorers slump.

British oil explorer Desire Petroleum said it had found poor quality oil in the first well to be drilled in the Falkland Islands for a decade, sending shares of explorers in the islands lower.

Desire on Monday gave an initial update for the first well in a controversial drilling campaign planned for 2010 by British explorers in the Falkland Islands, off the coast of South America. Oil exploration in the islands has sparked protests from Argentina, which claims the British territory.

Shares in North Falkland basin-focused Desire were down by 44 percent at 0808 GMT after the company said logging operations at its Liz 14/19-1 well showed oil may be present in thin intervals but reservoir quality is poor.

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