Falkland Oil & Gas falls on delays

■ Shares in Aim-listed Falkland Oil & Gas crashed 26 per cent to 67.25p yesterday after it revealed delays at its Loligo prospect. The firm said drilling is around five days behind schedule, but it expects to give a further update on the well within a week. Falkland hopes to reach the well’s target depth today. The Falkland Islands are host to a string of UK-listed companies hoping to strike commercial quantities of oil, though only one firm has achieved this goal so far. Argentina disputes the islands’ sovereignty.