Falklands : Falklands - Drill Rigs Not Suitable for Deeper Water - Yet
Submitted by Falkland Islands News Network (Juanita Brock) 29.09.2007 (Article Archived on 13.10.2007)
The deep waters of Borders & Southern's Tranches are more suited for a drill ship.
DRILL RIGS NOT SUITABLE FOR DEEPER WATER - YET
By J. Brock (FINN)
Though Falkland Islands exploration company boss Howard Obee has clearly stated that his company is willing to work with other firms operating there to develop a joint drilling campaign, he is limited in his choice when it comes to exploration drilling.
Obee, chief executive of Borders and Southern Petroleum, which just recently hired PGS for a 1,500 sq. km 3D seismic survey campaign over its licences to the south of the Falklands, says his company is preparing an environmental impact statement in preparation for drilling, and indicated his willingness to share a rig.
“With respect to accessing drilling rigs, it is the company’s intention to participate in any joint drilling activity with the other Falkland Island operating companies and we will continue to work with these companies to progress this,” Obee said.
However, the deep waters of the South Falkland Basin where Borders & Southern are prospecting are suitable only for a drill ship and not a rig. Even rigs enhanced to drill in deeper waters are not yet suitable for Borders & Southern’s depths. They could be in due course, as technology is advancing as this is being written.
Rockhopper Exploration and Desire Petroleum are currently working their own prospects for possible drilling off the Falkland Islands. They are exploring in water that is at a shallower depth than are FOGL and Borders & Southern whose waters are clearly 750 to 1000 metres deeper.
Obee went on to state: “The next 12 months will be an exciting time for the company as we get greater clarity on the value of our acreage and prepare the groundwork for the drilling phase.”
Borders and Southern has indicated to the Falkland Islands News Network that it has identified a number of high-graded leads on its acreage, some of which encompass areas of more than 50 sq. km (20 sq. miles).
Borders and Southern expects PGS to start its 3D South Falklands survey next month.
Today the company reported its interim results for the first half of the year, and disclosed a £362,015 loss on operations for the six months to June, similar to the £361,22 loss reported for the first half last year. Losses on ordinary activity after tax were £117,158, for the first half of 2007, down from £182,010 last year. Friday, September 28, 2007
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