Falkland Oil and Gas Limited has reached an agreement with Desire Petroleum plc to contract the Ocean Guardian rig to drill the first ever exploration well in the East Falklands Basin on the Toroa prospect, which it expects will be within the first half of 2010.
The Toroa prospect is situated approximately 140 kilometers (90 miles) south of Stanley, within the Compaalkland Oil and Gas estimates that the Toroa prospect has mean, gross, unrisked prospective resources (recoverable hydrocarbons) of 1.7 billion barrels and a range between 380 million barrels (P90) and 2.9 billion barrels (P10). The well will be drilled to a total depth of approximately 2700 meters below sea level. The duration of the well is expected to be 35 days. Water depth at the planned location is circa 600 meters.
The Ocean Guardian semisubmersible drilling rig is owned and operated by Diamond Offshore. An eight-column Earl & Wright Sedco 713 design, the rig is capable of drilling to a total depth of 25,000 feet in waters up to 1,500 feet deep.
Future Drilling Offshore Falkland Islands
Due to its location, the Toroa prospect is best drilled by an anchored rig, such as the Ocean Guardian; however, the other prospects which have been site surveyed - Loligo, Nimrod, and Endeavour - all lie in water depths greater than 1,000 meters and are best suited to being drilled by a dynamically positioned drillship or semisubmersible. Falkland Island Oil and Gas is looking to contract such a rig later in 2010 to complete its minimum work commitment of two wells and possibly drill other discretionary wells.
Falkland Oil and Gas Limited operates in the undrilled South and East Falkland Basins, potentially a new petroleum province in the South Atlantic.