The exploration company, Borders and Southern has announced a “significant” gas condensate discovery off the Southern coast of the Falkland islands. The company has claimed that this find represents the opening up of a whole new hydrocarbon basin.
Howard Obee, the company’s chief executive said, “We’re delighted to have made a discovery with the company’s first exploration well and to have opened up a new hydrocarbon basin. There is clearly a lot of work ahead of us to understand the size and value of the discovery, but it is a great start and the potential of the basin is exciting.”
The company has yet to give a clear estimate of exactly how much in the way of hydrocarbons is available, but the prospect, lying at a total depth of 4876 m appears to have a net pay of approximately 67.8 m. In a statement, Borders & Southern said, “It is too soon to give an accurate resource estimate, but this large simple structure, with a seismic amplitude anomaly measuring 26 km2, is likely to contain significant volumes.”
This is the second major discovery off the coast of the Falkland islands since Rockhopper Exploration struck hydrocarbons two years ago. Additional discoveries of this nature are likely to increase the attractiveness of operations in the Falkland Islands to outside investors.
The British and Argentine governments remain locked in diplomatic stand-off over the sovereignty of the islands. Buenos Aires claims that the islands belong to Argentina, whilst the British government refuses to acknowledge any proposals for a change of sovereignty that do not come from the express wishes of the disputed islands’ residents.
Edited from various sources by David Bizley
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