Two leading firms in Falkland Islands offshore oil exploration have completed their merger, it was announced on Monday.
The UK-based companies, Falkland Oil and Gas (FOGL) and Rockhopper Exploration, had needed only the approval of a court in London after a January 5 vote by FOGL shareholders in favour of the all-share merger with Rockhopper. The court approval came on Friday and the merger became official on Monday.
The news comes a week after the confirmation by another UK firm, Premier Oil, of an oil find at the Isobel Deep well off the Falklands. FOGL and Rockhopper are co-stakeholders with Premier in that well.
Argentina has objected to the offshore development by British, US and French firms because it claims the islands and surrounding waters. The islands are generally recognized as British Overseas Territory. Britain and Argentina fought a three-month war in 1982 after Argentinian troops occupied the islands.