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Falkland Islands Oil

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I've waited a week and I don't think I've seen any threads about this.

The prospect is close and looking good, if we do find a bunch of oil there, will this be another rescue for the UK ala North Sea? Crucially, does this means HPC is off?

Comments please.

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I've waited a week and I don't think I've seen any threads about this.

The prospect is close and looking good, if we do find a bunch of oil there, will this be another rescue for the UK ala North Sea? Crucially, does this means HPC is off?

Comments please.

Hmm, deepwater oil, rough waters, hostile neighbours, some of the richest unpolluted fishing grounds in the world.

Can you see any problems?

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I've waited a week and I don't think I've seen any threads about this.

The prospect is close and looking good, if we do find a bunch of oil there, will this be another rescue for the UK ala North Sea? Crucially, does this means HPC is off?

Comments please.

It may mean HPC is off in the Falklands, though I don't think there ever was a crash there. The Falklands Isles are responsible for raising their own tax revenue, so they will get all the immediate benefits. Mainland UK does stand to get the biggest share of the secondary benefits. It will help a little, but I don't think it will make a noticable difference to the average person here.

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It may mean HPC is off in the Falklands, though I don't think there ever was a crash there. The Falklands Isles are responsible for raising their own tax revenue, so they will get all the immediate benefits. Mainland UK does stand to get the biggest share of the secondary benefits. It will help a little, but I don't think it will make a noticable difference to the average person here.

Can you explain that?

You mean the UK treasury will get to tax the oil companies?

Not quite sure how it works with the Falklands

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Can you explain that?

You mean the UK treasury will get to tax the oil companies?

Not quite sure how it works with the Falklands

No, the Falklands Island Government will get to tax the oil companies. Currently we pay for their defence, and they pay for everything else. If they do get lots of oil money, they may be asked to contribute to their defence bill, which benefits us, but other than that, all the benefit will go to them.

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No, the Falklands Island Government will get to tax the oil companies. Currently we pay for their defence, and they pay for everything else. If they do get lots of oil money, they may be asked to contribute to their defence bill, which benefits us, but other than that, all the benefit will go to them.

I have a funny feeling that if a lot of oil was discovered there, and the UK was in dire economic straits, that assumption would no longer hold true.

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Up until the BP disaster in the Gulf of Mexico, the Falklands oil prospects looked good - I have had shares in Falklands Oil and Gas on and off and made a small profit on them - I have none now.

Since the BP disaster, I reckon the fledgling deep water oil industry is...well...dare I say.....dead in the water.

Edited by blankster

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Up until the BP disaster in the Gulf of Mexico, the Falklands oil prospects looked good - I have had shares in Falklands Oil and Gas on and off and made a small profit on them - I have none now.

Since the BP disaster, I reckon the fledgling deep water oil industry is...well...dare I say.....dead in the water.

Ah, I happen to think the opposite for the poor deep water drillers. But, whatever happens to the deep water industry does not apply to the NFB. :)

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Ah, I happen to think the opposite for the poor deep water drillers. But, whatever happens to the deep water industry does not apply to the NFB. :)

The Saudi's call a a halt to oil exploration. Subtle acknowledgement that oil reserves finite ;)

http://www.zawya.com/Story.cfm/sidZW20100704000064/Saudi%20King:%20Halt%20To%20Oil%20Exploration%20To%20Save%20Wealth

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I'm not sure how he's going to pull that one off long-term. If he manages to do it, all the better for us.

I agree - and more gradual decent will help the world adjust to declining supply.

Assuming my VISA comes in the next two weeks will be out there by October. All the new development is predominantly heavy sour reserves like Manifa which is also offshore. You don't go pulling that shyte up if you have lots of light crude to bring on line.

Twillight in the desert no doubt.

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Come on then, is anyone going to deny this? I really hope, for the UK's sake that we can at least off set part of our liabilities with this.

Market report: Rockhopper jumps on news from Falklands

Rockhopper shares hit an all-time high after the explorer said it expected its oil discovery off the Falkland Islands to make money.

By Sean Farrell

Published: 10:37PM BST 17 Sep 2010

Rockhopper shares hit an all-time high after the explorer said it expected its oil discovery off the Falkland Islands to make money. Photo: Eddie Mulholland

The company said a test at its Sea Lion 1 well had produced consistent rates of more than 2,000 barrels of oil a day, as it had hoped.

"Rockhopper is the first company to successfully flow oil to surface in Falkland Islands waters," Pierre Jungels, executive chairman, said. "We believe that Sea Lion is the largest fan sandstone body in the North Falkland Basin and, given this successful flow test, that the Sea Lion discovery will be commercially viable."

Rockhopper shares jumped 87 to 420p, valuing the company at £809m.

Desire Petroleum, which also has prospects in the Falklands, surged 34¼ to 153½p.

The news from the South Atlantic bucked the gloom in the wider market as the blue-chip index gave up early gains to fall for the third straight day.

The FTSE 100 fell 31.69 to 5508.45, just scraping a 0.1pc increase for the week – its fourth week of gains. The FTSE 250 lost 1.14 points to close at 10440.98.

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You still feeling lucky Fawk? :unsure:

Today's splurge of buys (with high volume) bodes well :)

I had last Friday pencilled in as earliest possible date of credible rumour, so today is even more credible. The little sensible devil on my shoulder is saying "yeah there's oil, but is it commercial?"

Knowing DES they will drag out releasing news until the last possible date, so tomorrow should bring more buys hopefully, and then I will make the decision to sell up or not. Finger in the air strategy :)

AVN also had a nice increase today, not as much as I thought but enough to buy all my xmas prezzies and xmas beer tokens etc.

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I bailed yesterday at 118p, at a small profit.

I had high hopes for DES back when they had 4 seperate prospects to drill, but as that turned into 1-2 my nerves got the better of me. My assumptions changed and the risk increased imho.

Very relieved to be out of it, even if my money would have been better invested elsewhere over the last 3 months. Given that i'm new to investing, invsted in the most volatile share on the LSE, and got out without losing, I'm actually quite pleased!

Hope they do strike still, but its not for me ;)

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Was interesting to watch the DES price as an outsider. I was preparing myself for the "OMG shouldn't have sold" thought process, but the price only went to 130p, less than where it was in anticipation months ago.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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