LONDON, July 12 (Reuters) – Falkland Oil and Gas Ltd (FOGL.L) said the Toroa F61/5-1 exploration well, offshore the disputed Falkland Islands, failed to find any hydrocarbons and has been plugged and abandoned.
“Whilst the results of the Toroa well are disappointing, it has to be remembered that this is the first well in a previously undrilled frontier basin,” said Chief Executive Tim Bushell.
“We believe that these results have helped to reduce some of the key risks of the plays in the deepwater areas of our licences,” he added.
Oil exploration in the islands has sparked protests from Argentina, which claims the British territory [ID:nN22219606].
In March, British oil explorer Desire Petroleum (DES.L) said it had found poor quality oil in the first well to be drilled in the Falkland Islands for a decade.
Falkland Oil has a 49 percent interest in the Toroa prospect.
(Reporting by Julie Crust; editing by Mark Potter)