UPDATE 1-Rockhopper expects Falklands oil find to viable

Mon Mar 21, 2011 7:59am GMT

The Sea Lion well is the first oil find in the British-governed Falkland Islands.

The drilling has sparked protests from Argentina, which claims sovereignty over the Islands it calls the Malvinas and which lie 300 miles from its shore.

In December, AIM-listed oil explorer Desire Petroleum DES.L said it had failed to find oil in a prospective well off the Falkland Islands. [ID:nLDE6B5072]

Shares in Rockhopper closed on Friday at 217 pence, valuing the business at 560 million pounds.

(Reporting by Matt Scuffham; Editing by Sarah Young)

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