Falklands Oil to start drilling in 2009
Oil and gas explorer Falklands Oil & Gas said it hopes to start exploration drilling on its South Atlantic properties in 2009.
Chairman Roger Liddell described 2007 as "a year of significant progress" in which the company took steps to de-risk the project work on its assets to the south and the east of the Falkland Islands, most notably through a farm-in deal with BHP Billiton.
Preparation work for the drilling programme is in progress, with BHP Billiton examining a number of options to secure a suitable rig and focusing on the selection of the best prospects for drilling.
An environmental impact study has been started, along with other planning activities that need to be completed before drilling can start.
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Planning for site surveys should bee completed in the second half of 2008.
Liddell declared the company is "poised to enter the exploration drilling phase with a material licence equity interest in what may well be a significant new petroleum region in the South Atlantic."
"We believe this is probably one of the most exciting high impact exploration projects currently being undertaken anywhere in the world," Liddell added.
