Premier Oil Strikes $1B Deal To Drill In Disputed Falklands

Law360, New York (July 12, 2012, 7:31 PM EDT) -- Britain's Premier Oil PLC has agreed to a $1 billion deal with Rockhopper Exploration PLC to develop oil reserves in the U.K.-governed Falkland Islands, Premier said Thursday, in a move meant to bolster its production but that seems sure to rankle Argentina.

Argentina, which 30 years ago fought a war with Britain over the South Atlantic islands it calls the Malvinas, claims the Falklands as its own and has threatened criminal and civil charges against companies operating in the disputed area.

Premier said Thursday it would...
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