New drilling in  the South Atlantic is about to commence with the Leiv Eiriksson semi-submersible rig operating for Falklands Oil and Gas.

Ocean Rig’s Leiv Eiriksson has just come onto contract with FOGL and its joint venture partner Edison International Spa and the drilling unit is now moving to the location to spud the Loligo prospect exploration well.

Loligo, according to FOGL, is one of the highest impact wells in the Falklands, with estimated reserves of up to 4.7 billion barrels of oil. After Loligo, FOGL is planning to drill on either the Nimrod or Scotia prospects, both of which have been estimated to contain resources potential of more than 1 bn barrels.

Previously the Leiv Eiriksson was used to drill the Darwin and Stebbing prospects for Borders and Southern Petroleum.

Borders & Southern declared that the 61/17-1 exploration well on Darwin East drilled with the Leiv Eiriksson was a gas condensate discovery after the well encountered good hydrocarbon shows within a main reservoir interval which was 84.5 metres (277 feet)  thick with net pay of 67.8 m (222 ft)  and with average porosity of 22%, and a maximum of 30%.

Earlier this month Borders and Southern completed drilling on the Stebbing prospect in the Falklands with the Leiv Eiriksson. The 61/25-1 Stelbbing well penetrated an upper Tertiary target but was unable to reach a lower drilling target due to anomalous pressure, so the lower target remains unevaluated. However the well did encounter “very strong gas shows” in the upper Tertiary drilling target, Borders and Southern said, and petrophysical analysis of wireline logs between 2,500 metres and 2,651 metres, (8,200 – 8,695 feet ) had a net to gross ratio of 36% and average porosity of 19%.