Falkland oil exploration firms to merge

Falkland oil exploration firms to merge

Two oil and gas firms focused on the Falklands could merge. Rockhopper made a takeover offer for rival Falkland Oil and Gas (FOGL) today, valuing the latter at £57.1m.

The takeover would merge the companies’ exploration campaigns in the Falkland Islands.

To fund the acquisition Rockhopper will issue nearly 160m new shares.

Around 1bn barrels of oil are thought to be recoverable within an area no further than 200 nautical miles away from the two Falkland islands.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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