Offshore Falklands license shares realigned

Offshore staff

LONDON – Premier Oil and Rockhopper have completed a farm-in to Falkland Islands offshore licenses PL004a and PL004c.

Desire Petroleum, recently acquired by Falkland Oil & Gas Ltd. (FOGL), had interests in the concessions of 92.5% and 75%, respectively. The enlarged FOGL group’s stakes now are cut to 40% in each case.

Premier and Rockhopper have agreed to fund FOGL’s share of the cost of two exploration wells, one on each license, set to be drilled in late 2014 to early 2015. These will target the Isobel/Elaine and Jayne prospect.

12/09/2013

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