Falkland Islands: Another Oil Discovery

On 28 May, Premier Oil announced another oil discovery at Isobel Deep, about 30km south of the Sea Lion field. The oil was discovered at a depth of 2,500 metres at a higher than expected pressure and of similar quality to the oil already found at Sea Lion. This will require further appraisal but, along with the discovery at Zebedee, the first well to be drilled in this current round, it confirms the presence of substantial reserves of oil in Falkland Islands waters – analysts predict a reserve of about 1 billion barrels of recoverable oil around the Falklands.