UK-based Premier Oil on Monday confirmed an oil find at its offshore Falkland Islands wells, the Isobel Deep.
The initial discovery was made in drilling done in the North Falkland Basin in May last year.
And the re-drill did to confirm the previous discovery also found new hydrocarbons in additional sandstones at depths between 2,564m and 2,861m, the company said.
Further evaluation will; be required but for the time being the well is being plugged and Premier will move on to its Chatham prospect.
Premier is one of three British firms with a stake in Isobel Deep. Falklands Oil and Gas has the biggest share with 40%, Premier’s holding is 36% and Rockhopper Exploration’s is 24%.
Last year’s explorations and discoveries offshore the Falklands by British, American and French firms reawakened old political wounds in Argentina, which claims sovereignty over the Falklands. The islands, located in the southwest Atlantic Ocean, are generally recognized as British Overseas Territory.