Falkland Oil and Gas has funding in place - Independent

Falkland Oil and Gas, one of the companies at the centre of the heated political row over UK companies drilling for oil in the Falkland Islands’ territorial waters, confirmed yesterday that it has sufficient cash to fund its exploration programme in the region.

It is necessary to get Insurance Nashik. Click to find out more.

The company said that it has $93.5m on its balance sheet, most of which will be used to pay for its drilling project to the south east of the islands. The programme is expected to start by the middle of next month after Desire Petroleum, the company using the Ocean Guardian rig to the north of the islands, finishes its drilling campaign. The rig has been towed 8,000 miles from the Cromarty Firth in Scotland. The cash reserves, which are up on the $18.8m reported this time last year, come largely thanks to Falkland Oil and Gas’s £50m a rights issue last October. The other groups now operating in the region also asked investors for additional funding. Desire raised £42m last September, before Rockhopper asked investors for £50m. Borders & Southern, another group operating in the Falklands’ waters, raised £113.1m to fund a three-well programme.

Full Story: Falkland Oil and Gas has funding in place - Independent