Shares soar on rumors of black gold in Falklands

103Views 0Comments Posted 18/03/2010

Investors have sent the share prices of companies drilling for oil off the Falkland Islands soaring in response to rumors prospecting has paid off, says the First Post. 
The stock of Desire, Rockhopper Exploration and Falklands Oil & Gas – three of the firms prospecting in the North Falkland Basin – rose by between 2 and 11 per cent by the close of trading on Tuesday.
An oil rig, towed from Scotland, arrived in the region last month and began drilling to establish the size of oil reserves previously prospected around the islands in the 1990s. All three firms – and others – plan to use the rig.
Argentina legislators are about to debate a bill which would give companies with ties to the Falklands 30 days to cut them, or get out of Argentina. Barclays was mentioned as a target – the banking group has shares in Desire Petroleum.


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