Weather delays Falkland Oil & Gas drilling at Toroa

By Phaedra Friend Troy

While an announcement about the Toroa well in the South Atlantic offshore the Falkland Islands has been eagerly expected by the industry and investors alike, Falkland Oil & Gas Limited (LON:FOGL) revealed that drilling has been delayed.

The Toroa F61/5-1 exploration well was spud on May 31. Targeting a total depth of 2,700 meters, the exploration well was expected to take 35 days, with results following soon after.

Falkland Oil & Gas revealed that the drilling on the Toroa prospect offshore the Falkland Islands has been delayed due to adverse weather conditions and “minor operational issues.”

Situated in waters measuring up to 750 meters deep, the Toroa prospect is located on License PL15 in the South Atlantic’s Falkland Basin.

Investors have been extremely interested in the results of the well, since Falkland Oil & Gas is publically traded on the London Stock Exchange, and the area offshore the Falklands may prove a whole new hydrocarbon province.

The first drilling in the area started recently with the Ocean Guardian semisubmersible drilling rig performing a shared campaign. To date, drilling offshore the Falkland Islands has proven successful with Desire Petroleum discovering gas at its Liz prospect and Rockhopper Exploration discovering oil at its Sea Lion prospect.

Falkland Oil & Gas now believes that Toroa drilling will be completed and results announced the week of July 12, 2010.

Falkland Oil & Gas holds a 49 percent interest, and Australian major BHP Billiton holds the remainder of the working interest in the Toroa prospect.

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