Exploration effort forming in South Falklands basin

An exploration effort is beginning to take shape in a large basin south and southeast of the Falkland Islands in the South Atlantic Ocean.Three independents originally awarded 10 blocks covering 57,000 sq km in 2002 have restructured the joint venture and plan to acquire 3,500 km or more of 2D seismic data.Analysis of 4,340 km of existing 1990s-vintage seismic turned up several play types with leads capable of containing 200 million to 2.5 billion bbl of oil in the undrilled South Falklands basin. Click here to enlarge imageThe lease block now covers 33,700 sq km in 400-1,850 m of water. A new entity, Falkland Oil & Gas Ltd., will hold 77.5% of the licenses and Hardman Resources NL, Pert...

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