- Noble Energy (NBL +1.8%) doubles down on its commitment to the Falkland Islands east of Argentina, acquiring a 75% interest in a license that covers nearly 285K acres and includes the Rhea prospect, which could contain more than 250M boe, with plans to start drilling there this year despite opposition from Argentina’s government.
- NBL will be the operator, while Italian company Edison acquired the remaining 25%; financial details are not revealed, but the two companies will pay a 5% royalty to an oil and gas exploration company based in the Falklands on any future production in the block.
Noble Energy scoops up additional Falkland Islands acreage
This was corrected on 12/21/2020 at 9:59 AM. The original post incorrectly referred to Edison International (EIX) as a 25% owner of the Falklands purchase. The actual company is Edison S.P.A., which is based in Italy and is not part of Edison International. Seeking Alpha regrets the error.
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