Premier Oil (36%), Rockhopper Exploration (25%) and Falkland Oil and Gas (40%) recently reported that the Zebedee well is on Licence PL004b intersected seven reservoir targets, three oil zones over a net 27.9m and four gas zones over 18.5m.
FOGL was founded by former Santos boss Dr John Armstrong before being floated on the AIM in London.
According to FOGL the Zebedee results are better than pre-drill expectations, and it expects they will positively affect resource estimates for the new discovery, which was considered a possible bolt-on expansion for the phased Sea Lion development.
The well was drilled targeting 280 million barrels, and while some of the targets were not fully viable in this location the well expands the potential of the frontier area.
The Hector sand, one of the three targets oil targets had good reservoir properties, but no oil was found, although there could be zones deeper in the well.
The third F2 sand, also called the Ninky South, which was not an original target but still encountered, provided a net oil pay of 2.6 metres.
The Zebedee-1 well will be plugged and abandoned as a successful well, with the rig moving to drill the first exploration test on the Elaine/Isobel fan complex in the southern part of the North Falkland Basin with the Isobel Deep well and the results will be available later this month.
The JV is planning on six wells this year.
But the discovery has inflamed the passions of the Argentinians, who claim the islands as their own, and the natural resources in the North Falkland Basin, as their own.
Argentine foreign ministry officials say they will prosecute oil companies operating near the South American islands, saying the companies are operating illegally in Argentine territory.
The announcement comes as Argentina marked the 33rd anniversary of the war with the UK over the islands during which 649 Argentine military personnel, 255 British military personnel, and three Falkland Islanders died.
Argentine president Cristina Fernandez de Kirchner said her country continued to be a victim of colonialism.
In March the UK government announced it plans to spend some $600 million bolstering the island's defences over the next decade, improving communications systems and replacing the Rapier air defence missile system, and improving harbour facilities and fuel infrastructure.
In 2013 Argentina passed new legislation that mean executives from companies drilling in the islands face up to 15 years in prison and heavy fines if they do not have Argentine government permission to carry out their work.
Britain, which argues the islands have the right to remain British, rejects the law.