Falkland Oil narrows its losses

Falkland Oil and Gas narrowed its annual losses to $3.7m (£2.3m), from $5.5m (£3.4m) in 2009, as it drilled its first ever well in the East Falkland Basin in what it said yesterday was a “landmark year”. The oil and gas exploration company said it has identified deep-water areas for further drilling this year, and is in advanced negotiations about hiring a rig.