Oil company ensures funds for a Falkland Islands’ two-well drilling round
UK-based Falkland Oil and Gas (FOGL) announced on Friday it has raised £48.5m (74.3m dollars) through a placing of new ordinary shares to fund drilling of exploration wells in Falkland Islands while it continues active discussions with potential partners for a farm-out.
The net proceeds from the issue of new shares, together with FOGL existing cash resources, will be used to fund a two-well drilling program. FOGL, which operates in the south and east Falkland basins, said the net proceeds will provide the financing to drill a deep well on Loligo and a well on Scotia.
According to the company’s release FOGL is awaiting the arrival of the Leiv Eiriksson rig to the Falkland Islands which is expected to occur within the next ten days. FOGL will have access to the rig for the third and fourth slots in the combined Borders & Southern plc and FOGL drilling program and expects to commence drilling its Loligo prospect in the Northern license area in early May 2012.
The Environmental Impact Statement for Loligo was approved by the Falkland Islands Government on 24 December 2011 and well planning is now in its final stage.
“FOGL has been funded to drill a shallow well on Loligo and a second well on another Tertiary Channel target such as Nimrod or Vinson.
The Company’s preference, however, is to drill a deeper well on Loligo which targets additional reservoirs and to have the financial flexibility to drill a Mid Cretaceous Fan prospect as the second well”.
The drilling of Loligo will fulfil FOGL Phase 1 commitment on its Northern Licences, which will expire on 15 June 2012. Drilling of Loligo will also allow FOGL to enter the second phase of the Northern Licenses which run until 15 December 2016.
FOGL said that whilst the placing provides with the funds it needs for two deep wells the company intends to progress the on-going farm-out discussions with various interested parties as participation by a farminee could provide additional drilling funds.
FOGL chief executive Tim Bushell said the additional funds will significantly increase the company's flexibility over the forthcoming drilling program expected to begin in early May with the drilling of Loligo.
“We are delighted by this show of support from new and existing shareholders. The additional funds will significantly increase our flexibility over the forthcoming drilling programme expected to start in early May with the drilling of Loligo”, said Bushell.
The Falkland Islands seem set to be transformed into an oil producing region after Rockhopper Exploration drilled several successful wells particularly at the Sea Lion prospect with promising oil results. Desire Petroleum also involved in the first round of drilling which began in April 2010 and ended this month, had some promising results
Precisely last Sunday the “Ocean Guardian” rig contracted by Desire Petroleum and involved in the drilling round, has started its long journey back to Scotland.
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Well Done Falklanders!
Long Live the Falklands.
Nobody really cares tbh, there's enough oil in our lands, probably more can ever hope to imagine.
So i guess its ok then, let the little boys enjoy their short wealthy moments while they still can.. LOL :-)
I never knew argentina had any oil!! Plenty of GAS though!!!
HAA HAA HAA HAA!
Long Live the Falklands.
I never knew argentina had any oil!! Plenty of GAS though!!!
plenty of that :-)))))))
you talked about “” Sir M.R.Herald Jenkins “” who is
“” Geopark Oil “” non-executive director ... ?? !!
We have plenty of everything! Jelly tard!! :-)
so looks like once more I must thank you. so please keep doing what you are doing.
Then they must watch from the sidelines, whilst the oil dances past, .
Except a sound case for taking the Falklands!!!!!!!
Long Live the Falklands.
This funding will allow for a full spectrum deep drill of Loligo with over 4bn recoverable if the bitch has the black stuff. If this comes in it is a potential millionaire maker for a relativly small investment.
I see the deluded plastic Paddy has embarrassed himself again :-) these Argies are useful for entertainment. Perhaps that why they exist, to entertain their betters?
do you know Peter Ryalls whos is “Geopark Oil ”” non executive director?
Hilarious.
Its a problem but the Kirchner model is to run a surplus at all costs.The Brasilians wont moan too much as their exports are growing 20% a year to Argentina.
Long term this wont work though making factories lazy.The emphasis must be put on improving productivity.Fiat closing for two days is a kick in the culo for the government,
are you starting to loss faith in CFK and her happy little gang?
Time will tell. :-)
No guts + no military + no legal argument + no hope = no Malvinas
It is about time that you got rid of that Argie chip in the shoulder and come back when you have grown a pair.
Drill baby drill! Beef, waiting for the RKH CPR and then the news of drills for BOR and FOGL :-) happy days!
Who cares kelper!!
About you or uk..both finished!
How much US dollar are you currently being allowed to buy? Gvt subsidies drying up, not paying defaulted debt, import restrictions within your free trade zone (now that is funny). Hmmmm the evidence says you are up shit creek without a paddle.
Europe is looking to the UK or help now. Hmm what should we ask for in return?
Military, nah. We rather troll with political tactics and see how you all get mad over it
Good ol' bifecito talking out of your arse as usual.
*Chuckles
@23
Believe me, i'm having a blast. Especially now that is summer. :-)
the pirates say,
we only need to know one thing,
is it carrying gold,
So 2000 troops are allowing your oil to be pinched, no, your talking bollox ,if you realy thought that you would stop them with
To date (2011), the Argentine Army has ten brigades:
two armored brigades (1st and 2nd),
three mechanized brigades (9th, 10th and 11th),
three mountain brigades (5th, 6th and 8th),
one paratroopers brigade (4th) and
one jungle brigade (12th).
How does it backfire to us?
I don't see any collateral effect.
Perhaps you should worry about your own colony instead of looking what everybody else does.
Usual drivel from you then john !!!
The Falklands belong to the Falklanders and the UK will defend there right to exist as a people in there own right!!!!!!!!!!!!
Long Live the Falklands.
You have posted this on plenty of other sites.
Do you know what it says?
Can you even read English?
Or are you just cutting & pasting because someone showed you how to do it?
You are wasted space, johnfarrel.
I think you'll find that Haliburton and Transocean were just as much to blame for Deepwater Horizon as BP. Anyway, I'm not sure what point you are trying to make?
As usual beef,as an economist you are soo ignorant...so you did not know(so you told me) that uk has the 3rd world largest foreign debt...Something like 9 trillion pounds....Argetnina foreign debt is a mere 130 bilions.....very affordable.Who is in a better position???
Our assets are worth a lot more than our debt so this is why we remain a AAA (Stable) with Europe looking to us with envy.
I can go and exchange my pounds for any currency I wish the the UK gvt doesn't give too hoots. Why does your gvt stop you exchanging too much of your peso for something else? Is it because your citizens with at least an average IQ have no confidence in the fiscal policy of your political class and that rampant inflation must be a pain in the arse?
In answering your question, the UK is in a much better position. We have universal healthcare, world renowned Higher Education (which increasing numbers of South Americans {especially Brazilian scholarship holders} wish to access) and a financial center that is only equaled by NY.
Anyway these things are all a matter of perspective. What is not is that beautiful oil rig that will be on site in about ten days :-) Why are you unable to do anything about it?
as the euro goes swimming,
falklandsnews.wordpress.com/2012/01/16/rockhopper-cairn-energy/
i wonder why most of the world went dollar market ?
today we would still be living in caves, reading stone tablets .
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