Falkland Oil & Gas (FOGL) has told investors the drilling of an exploration well in the South Falkland basin has been hit by delays.
The company said there had been “unforeseen equipment and operational issues” at the deepwater Humpback exploration well.
It means a month has been added to the schedule after the number of planned days increased from 65 to 100 days.
According to reports some of the additional costs will be taken by Noble Energy as part of a commercial arrangement.
The Humpback exploration well is the largest in the programme.
Chairman John Martin said: “Drilling on the Humpback prospect in the South Falkland basin is currently on-going and we look forward to receiving and sharing the results of this well following completion of the drilling operations.
“With two successes under our belt already and two more wells to complete, the Board looks to the future with confidence”.
The company also reported a pre-tax loss of $1.95million for the first six months to June.
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