Shares of Falkland Oil & Gas (FLKOF.PK +16.8%) rise as much as 21% in London trading on speculation that drilling at its Scotia well in the Falkland Islands will lead to a discovery. Falkland and its partners, Noble Energy (NBL +0.2%) among them, are targeting ~1B barrels of oil at the well. "They're close to the target depth on Scotia," a Jefferies analyst says.
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