Rockhopper draws a blank

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The latest well drilled in the Falkland Islands by the British oil explorer Rockhopper has been found to be a dry hole.

The drilling of Rockhopper's Ernest prospect was being closely watched after the Sea Lion well, drilled by the company in the same basin in May, resulted in a significant oil discovery that sent Rockhopper's shares soaring by 500 per cent to more than 330p.

The company will now move to carry out further tests on the Sea Lion discovery to help it plan a potential appraisal campaign. Shares in Rockhopper closed down 2.5p at 302.25p last night, valuing it at £582m.