Resources round-up: Falkland Oil and Gas, Bowleven, Solgold

17th Sep 2012 09:32

Falkland Oil and Gas said it had discovered gas at its Loligo exploration, but was unable to determine whether the gas had any liquid content. The firm said it would plug and abandon the well in the the East Falkland basin. It added that it would be premature to drill a second well at the current location before having undertaken detailed analysis of the current well results. Edinburgh-based Bowleven said it had bought a 50% equity interest in onshore exploration block 11B, Northwest Kenya, from Adamantine Energy. In return for acquiring this interest Bowleven will fund the work programme for the initial two year exploration period at an estimated cost of $10m.Solgold leapt 14% on Monday morning after it announced the discovery of a substantial porphyry gold-copper system at its Cascabel project in Ecuador. "We are now systematically advancing the project to define drill targets," the firm said. "Drilling is subject to permitting and we are progressing the work required for the issuance of those permits."MM