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Falkland Oil and Gas to drill new well

Edward Swift

LONDON (ShareCast) - (ShareCast News) - Falkland Oil and Gas (Other OTC: FLKOF - news) has struck an agreement with Premier Oil (LSE: PMO.L - news) and Rockhopper Exploration (Other OTC: RCKHF - news) to drill a further well on the Isobel/Elaine complex. The new well, announced in a trading update on Friday, will target the Isobel Deep reservoir which was oil bearing when discovered in April (LSE: 0N69.L - news) but could not be logged or sampled for mechanical reasons.

It (Other OTC: ITGL - news) will replace the Jayne East well drilling and Falkland will receive $10m (£6.56m) from the two other oil exploration companies in compensation.

The new well is still subject to final approval from the Falkland Islands Government.

The AIM listed company also revealed the resolution of the equipment issues at the Humpback well took longer than expected, but drilling had recommenced and results of the well will be available in early October.

Shares (Berlin: DI6.BE - news) were up 0.84p (3.67%) to 23.84p at 0953 BST.