The Falkland Islands Government welcomes the announcement by Premier Oil and partners that the 14/20-1 ‘Isobel Deep’ exploration well has been declared an oil discovery. Isobel Deep is the second well of a six-well campaign planned to take place in Falkland Islands waters through 2015.

Stephen Luxton, Director of Mineral Resources, commented:

“Further work is required to give a complete understanding of the Isobel Deep results, but early signs are very positive, and prove a working hydrocarbons system exists in this part of the basin. Both the prospect and the wider area will require further appraisal, but this result potentially opens up a new development area some 30 kilometres to the south of the Sea Lion field.”

Following completion of near-term operations at the Isobel Deep well, the Eirik Raude drilling rig will commence work for Noble Energy on the Humpback-1 exploration well to the south-east of the Falkland Islands.