Falkland Oil Makes Region’s Second Gas Find With Loligo Well
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Falkland Oil & Gas Ltd., the explorer focused on the namesake South Atlantic islands, made the region’s second gas find this year at its Loligo well.
The well drilled through six reservoirs and encountered gas-bearing zones over a 1,300-meter (4,265 feet) interval, it said today in a statement in London. The company wasn’t able to determine how much of the discovery may be liquids. The shares reversed initial losses of as much as 21 percent to close up 5.3 percent at 74 pence.