The Telegraph reported that Argentina has threatened to sue three British oil and gas companies and extradite the executives to prevent them from exploring the Falkland Islands.

As quoted in the market news:

Daniel Filmus, Argentina’s so-called minister for the Malvinas, announced at a press conference in London that Buenos Aires would pursue Falkland Oil and Gas (LSE:FOGL), Rockhopper Exploration (LSE:RKH) and Premier Oil (LSE:PMO) in domestic and international courts in order to stop drilling in the British territory.

In response, Philip Hammond, UK Foreign Secretary, said: “It is an outrageous piece of bullying and threatening against the Falkland Islanders’ perfect right to develop their own economic resources, and Argentina needs to stop this kind of behaviour and start acting like a responsible member of the international community.”

The three British oil companies are exploring for oil in the north Falklands Basin and recently made a significant find at the Zebedee exploration well. It is thought that around 1bn barrels of recoverable oil may exist around the Falklands, which Britain fought to defend in 1982 following the Argentinian invasion.

Click here to read the full Telegraph report.