First half of 2012; “very significant development period” for Falkland Oil and Gas
The AIM listed company Falkland Oil and Gas Ltd reflected on Thursday on the progress made in the first half of the year when it managed a significant equity placing and negotiations for two farm-out deals which helped with a cash-balance of over 220 million dollars.
During the first six months of the year, FOGL raised £48.5 million via an equity issue and completed a farm-out deal for its 40,000 sq km licence position to the south and east of the Falkland Islands with the French-Italian corporation Edison International SpA.
FOGL is now in what it says is a key stage in its development with two wells, including the high-impact Loligo well that was spudded earlier this month.
“The board of FOGL looks to the future with confidence, having both the corporate partners and the financial and management resources to realise the value within FOG licences, offshore from the Falkland Islands,” the company told investors on Thursday morning.
In August, the company reached a second farm-out deal this time with the Texas based Noble Energy. FOGL will stay on as operator of the licences until early 2013 when operator-ship will pass to Noble.
In the interim report, FOGL also highlighted its “enviable” cash position of 220.7 million dollars at the end of June.
Chairman Richard Liddell said the first half of 2012 was a very significant period in the development of the business, with an equity issue raising gross proceeds of £48.5m in January 2012 and subsequent farm outs to Edison International and Noble Energy.
“FOGL is in the enviable position of having a very strong balance sheet, leading industry partners and the potential to realise value across our large acreage position in the Falkland Islands”, said chairman Liddell.
“We have entered into a very exciting phase for the business and our partners, commencing with the spudding of our high impact Loligo exploration well” underlined the FOGL chairman.
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26 comments Feed
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Like the Chagossians? :-(
Yes they have self-determination.....in Britain.
If you're interested you need to contact FIODA (FI Operatic and Dramatic Association). You'll find contact details in each week's Penguin News.
We'll NEVER be under Argentine rule.
After all Argentina claims everyone in the world are their buddies.
@3 Unlike the original inhabitants of Argentina who were usurped and mostly exterminated by Argentine colonialism.
Pot calling kettle black, again.
The FIDF are recruiting again so get your applications in early as We have only so many places available.
Watch the recruitment video on You Tube “Falkland Islands Defence Force” latest listing tab.
@6 Strange that. I thought it was the Hollywood Actor's Guild. Is it true that CFK is going to be the first member of the South American Guild (SAG)?
”Is it true that CFK is going to be the first member of the South American Guild (SAG)?”
HAHAHAHAHAHAHAHAHA! Good one!
Welcome back....finished your honky tonky?....
Hey, have in mind that millons of argies like myself have not interest in such islands...but what it takes so long for the islanders to export oil to the USA?
www.ambito.com/diario/noticia.asp?id=651309
Cristina claimed the Malvinas sovereignty claim over a tribute to Gaucho Rivero
www.ambito.com/diario/noticia.asp?id=651309
The strongest phrases Cristina Kirchner's speech in defense of La Campora
www.lanacion.com.ar/1502138-las-frases-mas-fuertes-del-discurso-de-cristina-kirchner
CFK: “We defend what belongs to everyone”
www.pagina12.com.ar/diario/ultimas/20-201799-2012-08-24.html
All past, present and argentine presidents have the right to present a claim on the islands, is part of their job,
but believe me, argies like me,
have others things...to do!
You can claim whatever you like.
But if you do have other things to do, then why aren't you off doing them?
Hope you don't mind me asking you a few questions, with you being one of the biggest posters and personality's on this forum I would like to know more about you. Hope you don't mind.
1. How old are you?
2. How long have you lived in the USA?
3. Are you in a relationship at the moment?
4. Why do you care so much about the Falkland Islands?
5. Do you hate the Falkland Islanders?
Skip any questions you feel are intrusive..
Thanks in advance.
Feel free to ask me questions.
Steve
Oh! Come on....why so many personal questions...I repeat I am an Argie citizen that don't have any interest on the islands!
Salute!
That's good to know, bye bye then.
'a state of perfect harmony has been restored'
'two countries acknowledge that they no longer have ANY outstanding difference'
The right to self determination under the UN charter.
Argentina refusing the UK's offer to go to the Courts of International Justice to determine ownership of the Falklands (because they have no case).
Hard cheese.
Hurry up...... help old briton with the baby oil.....
he taking his R&R,,,,,,/////// this means Rectum,,,,,Relief/////
lol
23 Britona
I see that your medication has worn off again sussieUS, best pop back to the funny farm and get another dose..............
Soozy, l'm worried about you.
Does it hurt?
Does your head hurt?
Go & lie down for awhile, thats a good chap.
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