Falklands oil estimate: there is almost three times as much recoverable oil than previously reported
Rockhopper, the Falklands oil exploration company, has estimated that there is almost three times as much recoverable oil than previously reported at one of its wells in the South Atlantic. The company announced today that it believes there are at least 155m barrels of oil extractable from the Sea Lion well, which is some 80 miles north of the Falkland Islands. Rockhopper estimated in June that there would be a minimum of 57m barrels recoverable from the site. The company’s share price jumped 11 per cent to 265p after the announcement. The shares have risen almost six-fold in the last year, after Rockhopper first found oil at the well last May. Rockhopper is one of six companies which has a licence for oil exploration in the region, but its Sea Lion well is the first oil find in the Falklands.