Falkland Oil and Gas sparks to life on oil find rumours

Falkland Oil and Gas, the South Falklands oil explorer, is currently up 17% to 64p, after dipping as low as 55p this morning. The company is drilling the Scotia prospect in the South Falklands basin and an RNS on November 7th indicated that drilling operations would be likely to be completed 4-6 weeks from this date, but clearly something has sparked the company to life out of the blue. The rumours are of a significant oil strike, but facts remain elusive for now. Plenty of volume with hopeful punters piling in. 

Seems to be the day for rumours, with Gulf keystone rising as much as 20% earlier in the day on reports that the court case with Excalibur Ventures had been settled. The shares have settled 8% higher at 192p.