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Forecasted drilling results cause spike in Falkland Oil and Gas shares

16/09/2015 by Sharon Shahzad

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As traders begin to speculate about the recent drilling results in the Falkland Islands’ Humpback prospect, Falkland Oil and Gas has seen shares spike by over 20%. With the year’s busy drilling schedule, investors are taking interest in the firm’s energy prospects once again, although it is suggested that trades could be deemed as extremely risky.

2015 has been a busy year for Falkland Oil and Gas, with the firm setting itself an ambitious drilling plan. The company is currently drilling an exploratory well off the south-east cost of the Falkland Islands’ in the Humpback prospect. It is the largest area of the year’s drilling campaign, with analysts suggesting there is the potential for over 500 million barrels of oil. This has had an effect on shares, with Peel Hunt analyst Werner Riding suggesting that if drilling is successful, shares could be worth 24p once extraction and drilling costs have been factored in. With this almost double the current share price there has been an unsurprising rise in interest from traders and would-be investors.

Not all may be as it seems, however. Despite the share price having rocketed recently, many conspiracy theorists are suggesting the move could indicate insider trading occurring before any official announcement is revealed; however, the seemingly large-scale share price increase could actually be due to far more mundane reasons. Falkland Oil and Gas is a small firm and only sees a low volume of its shares traded on the daily stock market. As a result, it does not require many traders to shift share results significantly and the latest increase could simply be down to a keen few.

Last Friday Falkland Oil and Gas released a statement saying that “none of the reservoir objectives have been penetrated yet.” This hasn’t subdued the anticipation for the drilling results, however, which were actually due in July, and there has already been some positive news with a successful find at the North Falklands Basin’s Zebedee well.

Further good news would be a turnaround from the past few years of results. Although there was a lot of enthusiasm for the area, particularly due to the region’s hydrocarbon potential, a series of failures tempered investors’ anticipation somewhat; for example, the two major prospects of Scotia and Loligo gave disappointing results in 2012. Although the latest share jump could indicate further positive findings for the area, investment into oil exploration in the Falkland Islands remains extremely high risk at the current time.

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