Ocean Rig Contract Termination (February 2016)

The Falkland Islands Government notes today’s (12th Feb) press release by Premier Oil stating that the contract it holds with Ocean Rig UDW for drilling operations has been terminated due to operational issues.

Despite the early conclusion to drilling operations, the exploration campaign over the last eleven months has resulted in the operators declaring an oil discovery at the Zebedee prospect in April 2015, closely followed by a second oil discovery at the Isobel Deep prospect in May 2015. Subsequently, the re-drill well 14/20-2 on the Isobel prospect confirmed the Isobel area as a potentially significant discovery that could form a later phase of development in the North Falkland Basin.

Director of Mineral Resources, Stephen Luxton, commented:

“While the last year has not been without some operational challenges, the ultimate goal of the exploratory drilling programme is to prove additional and potentially commercial oil resources, and in this respect it has undoubtedly been a success. The drilling results achieved since March 2015 validate our long standing confidence in the prospectivity of the Falkland Islands offshore area.”

Following completion of all permanent well abandonment and seabed clearance operations, it is anticipated that a campaign demobilisation programme will commence, lasting for several weeks.

For any information regarding this press release, please contact the PR & Media Office on +500 27400 or email prmanager@sec.gov.fk


ENDS

 

Notes to editors:

Press releases issued to the London Stock Exchange relating to this news piece can be found here:

Premier Oil press release

Rockhopper Exploration press release

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