Loligo discovery inflates south Atlantic explorer

Independent explorer Falkland Oil and Gas got a boost to its share price yesterday after announcing it had made a gas discovery off the remote south Atlantic islands.

The firm, which is exploring to the south and east of the disputed Falklands, said its Loligo appraisal well had found very strong gas shows at various depths.

It said it failed to secure pressure data or samples, however, and so would now plug and abandon the well and move on to drilling its Scotia prospect – thought to contain a billion barrels of oil – instead of a second well on Loligo.

For the full story, pick up a copy of today’s Press and Journal or read our digital edition now