It's been three decades since Britain and Argentina went to war over the Falkland islands, but rancour still exists. Argentina's continued demands for sovereignty of the Falklands is linked to the black gold that lies beneath the area. There is indeed oil in the Falklands - but getting to it hasn't been easy. Desire Petroleum for example was left close to ruin following a series of drilling failures before its first discovery. Rockhopper Exploration of course made its significant Sea Lion discovery. Now attention is firmly focused on the South Falkland basin and investors are waiting for the results of technically challenged drilling in the area. A discovery here needs to be at least 100m barrels - but if it is, the whole Falklands oil story will burst into life again. In a special report on the Falklands, Martin Li puts current drilling campaigns into perspective, outlines the risks and identifies his favourite Falklands shares. Elsewhere Maike Currie discusses "high opportunity markets" with a fund manager who specialises in what he calls "cheap emerging markets about to undergo productivity growth, foreign direct investment and privatisation". Spot one of these, he says, and you're looking at an incredible wealth creator and a long term winner. Even better he's got one such market in mind - find out where it is in our story. We also look at what the sale of diamond interests by big business means for smaller diamond producers - please check our home page later today for this article.