Falkland Oil & Gas expected to announce results of drilling in next few days
Falkland Oil and Gas has provided an update on drilling operations at its Loligo prospect, following market speculation which has seen the value of the companies shares fall by almost 30% at one point on Monday.
The well has been drilled to a depth of 3.900 metres and is expected to reach total depth within the next 24 hours. Drilling operations are approximately five days behind schedule, principally as a result of having to run an additional string of casing in the top section of the well. No abnormal pressures have been encountered during the drilling of the well and all operations have been conducted without issue.
According to Falkland Oil and Gas, a further announcement will be made within the next seven days, once the well has reached total depth and wire-line logging operations have been completed.
FOGL is operating to the south and east of the Falkland Islands.
Speculation in the market followed press reports on the industry which included Namibia, west coast of Africa, where Chariot Oil & Gas preliminary logging results indicated that no commercial hydrocarbons were found at the Kabeljou exploration well which was being plugged and abandoned.
Chariot Chief executive Paul Welch said: “Whilst the results from Kabeljou are disappointing, the fact that we encountered source rock within this well is important.
”The Nimrod prospect was our largest target in the south but there are still other areas of interest in this licence and these well results may provide us with the ability to identify additional prospectivity in other horizons.
“Information of this detail is invaluable when working in frontier environments so this well will have a significant impact on our future exploration program. We will be discussing these findings and the next steps with our partners Petrobras and BP and will update the market with plans in due course”.
Suggested Stories
-
May 18th 2013
Venezuelan oil monopoly in joint ventures with Chevron and China Petroleum
-
May 16th 2013
Chevron agrees to invest 1.5bn dollars in developing YPF shale field in Patagonia
-
May 21st 2013
Falkland Islands: it’s a three-side debate; Argentina must recognize Islanders right to decide their future
-
May 21st 2013
Falkland Islands’ tourism industry keeps growing despite a drop in cruise visitors
21 comments Feed
Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.
This is in the context that he had already given us notice of good news to come in October in this regard and challenged us to guess what it was (as if we couldn't). Away from home and the constraints that usually provides, he couldn't resist a bit of gloating in the direction of Sr Think (and me possibly but I can't think why). True, drink maywell have been taken but he has gone silent since, suggesting he acknowledges the seriousness of his indiscretion.
Don't take my word for it of course, DYOR about JB for his credibility and me for my interpretation.
JB had the temerity to post “oil oil beautiful oil”
“OUTRAGEOUS”
Put him before the Courts this instant.
Sounds almost “Kirchnerest”
All Argentina needs a Kirchnerest...permanently.
Anyway didn't want him thinking I was you and sticking his hand up my arse.
He must have gone to The Falkland Islands to nick a few more dollies.
The mobile phone service is excellent so I'm told.
That is the intention, so thank you, you're very kind, if a little over sensitive. For someone of your advanced years you would have thought you might have developed more of a sense of humour but then you are Argentinian.
Rankish? moi? .....Never..... you must be referring to your festering undercrackers .... Why not get Mrs Think to give em a rinse through?
Think on holiday? can take him or leave him really but you don't have a choice do you? My guess is that he will make an appearance sooner rather than later. What do you Think?
At last we agree on something. Don't sulk though, it makes you look even more pathetic.
LMFAO! I just read this. You are on the wrong track sunshine but I am sure you know that. I usually reserve the title of deadbeat to the more radical Malvinistas on here but you've earned it. You deserve it.
I have nothing at all to do with the oil industry nor have I ever intimated that I do. I don't even have any directly related oil investments. Like many Falkland Islanders I am about to realise great opportunities that have been driven by the already-acknowledged Rockhopper oil finds. The opportunities exist in the provision of services that will be called on by the oil industry and its directly and indirectly related industries.
The email I received was from someone out of the blue offering to buy one of my properties. A property which is not for sale and which is not widely (I thought) known to belong to me. I know I know, I should know better than that given the diddle dee information super highway. Anyway, nobody has ever written to me before and asked me if I would consider selling my property. When I told them “no”, they asked if I would sell them another property.
The news coming up (hopefully in October but in reality it's looking more like early November now) has nothing at all to do with oil.
You truly are a deadbeat.
Still, we do have something in common. I too worked out that there is so much less risk in logistics than in this exploration business. Thank the Lord for that rather splendid rights issue from Falkland Island Holdings and the power of Mr Hargreaves and Mr Lansdown to get their clients a good deal. And well done to FIH for owning 4% or so of FOGL at no cost to us shareholders; all we need now is a good RNS as per the story above.
Deadbeat though I am, I'm still very happy for you that you own multiple properties and that your fellow permanent residents are eager to take some of them off your hands. So small a market, such great demand.
What do you think.
I was thinking more along the lines of anal gape.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!