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Rockhopper Exploration today announced that it has made an oil discovery in the North Falkland Basin - the first oil find of an exploration programme in the Falkland Islands that has already pushed relations between London and Buenos Aires to breaking point. Oil exploration in the islands off the coast of South America has sparked angry protests from Argentina, which claims the British territory.
Oriel Securities analyst Richard Rose said the oil find was very positive for Rockhopper and the share price reaction was not overdone, but cautioned that more information was needed on the quality of the oil reservoirs .
He said: 'If it does prove to be good quality reservoir, we're looking at maybe a discovery of a couple of hundred million barrels. It's very significant.'