Many penguins,little oil:Shares of Brit´s drilling co. in Falklands/Malvinas moved down 48.8%
Magellanic penguins stand together on Saunders Island, Falkland/Malvinas Islands (Getty Images)
LONDON – Shares of Britain’s Desire Petroleum surrendered about half their value Monday, plunging after the company said that an underwater well in the Falklands Islands may have oil but that the reservoir quality is poor. Investors didn’t wait for the full results, due later this week, with Desire shares moving down 48.8% in afternoon London trading, and shares of partner Rockhopper Exploration /quotes/comstock/23s!e:rkh (UK:RKH 43.25, -1.15, -2.57%) down 18%.
The startup of drilling off the Falklands last month led to renewed diplomatic tensions between the U.K. and Argentina, which also claims sovereignty over the islands that it knows as the Islas Malvinas. The two countries went to war in 1982 over the Falklands. READ MORE HERE.