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Montevideo, December 10th 2018 - 04:16 UTC

Falklands' southeast exploratory well has found 'oil and gas shows', says FOGL

Saturday, October 17th 2015 - 06:54 UTC
Full article 35 comments
FOGL and Noble have decided to drill deeper at Humpback well. At a depth of 4,718m it recorded oil and gas shows FOGL and Noble have decided to drill deeper at Humpback well. At a depth of 4,718m it recorded oil and gas shows
FOGL warned the drilling has been “slower than anticipated”, leading to a sharp increase in operational costs, as the well remains behind schedule. FOGL warned the drilling has been “slower than anticipated”, leading to a sharp increase in operational costs, as the well remains behind schedule.
“Once the well has reached total depth a further set of wire-line logs will be run,” FOGL group said in the Friday statement. “Once the well has reached total depth a further set of wire-line logs will be run,” FOGL group said in the Friday statement.

Exploring group Falkland Oil and Gas Ltd. said on Friday the Humpback 53/02-01 exploration well to the southeast of the Falkland Islands has found oil and gas shows, while wire-line logging indicates there are hydrocarbons bearing sandstones within the main target area.

 The group said it had decided to drill deeper at the well reaching a depth of 4,718m, where it recorded oil and gas shows whilst drilling through the main target horizon.

”A number of sandstone intervals in the Lower Cretaceous (APX-200) were encountered between 4,642 meters and 4,704 meters and oil and gas shows were recorded whilst drilling through this section. A set of intermediate wire-line logs have been run and these indicate the possible presence, based only on preliminary petrophysical analysis, of hydrocarbon bearing sandstones, within the main APX-200 target horizon. The APX-200 contains approximately 40 meters of net sand, with moderate porosities“.

Along with Noble Energy, its partner in the project, the London-listed company said it will drill even deeper to source new targets.

However, FOGL warned the drilling has been ”slower than anticipated“, because a side-track was required at 4,360 meters for mechanical reasons, leading to a sharp increase in operational costs, as the well remains behind schedule.

”Once the well has reached total depth a further set of wire-line logs will be run,“ FOGL group said in the statement.

”Subject to operational constraints, this will include a formation test tool which may be able to establish a pressure gradient within the sands and also recover a sample of formation fluid to surface for definitive analysis.”

FOGL added it expects to reach total depth by the end of October, when it will proceed to make a further announcement.

FOGL said that because the overall share of the Humpback well costs have increased, the additional targets below the APX-200 sandstone will be carried through the cost of this deepening by Noble in return for assigning a 32.5% equity interest to Noble in these deeper targets (FOGL retaining a 20% working interest).

Financial Tags: FOGL, NBL.

Top Comments

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  • gordo1

    @paulccedron/cara de orto podrido/idiot child

    So what do you think of that? Another one in the eye of Argentina!

    Oct 17th, 2015 - 08:54 am 0
  • Brit Bob

    And all Argentina can do about it is to make idle threats.

    Chuckle chuckle

    https://www.academia.edu/10574593/Falklands_Islands_Territorial_Waters

    Oct 17th, 2015 - 10:13 am 0
  • Think

    Wooooooooooooow...
    How wonderful news this is...
    And how did the Market react to this news ...?
    FOGL shares down yesterday -11,46%..., that's how...
    http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/FK00B030JM18GBGBXAMSM.html

    And what do some of the most loyal FOGL Engrish investors “Think” about them yesterday's news...?...:

    “I agree, the FOGL RNS looks like an uncommercial 'sniff' of oil. I have never seen a company drill on from something they think is commercial, its too big a risk as they could lose the well entirely if they hit pressure or something else further down” (Livic1971)

    “ FOGL are short on cash and still spending large drilling more dust.
    IMO they will get swallowed up or heavily diluted in the next round of deals as the NFB moves forward and the SFB is mothballed for a decade.” (CroftOriginal)

    “The problem is that I read phrases like ”Time will tell“ and ”Good things come to those who wait“ quite a lot on the RKH and FOGL boards.
    And all I can think about when I read such things is the old adage: ”In the long run, we're all dead.“
    I invested when I was 40. I'm now 45 and sitting on a 70% loss. I'd like a return before I'm dead” (TheGreaterFool)
    http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/FK00B030JM18GBGBXAMSM.html

    Chuckle chuckle...

    Oct 17th, 2015 - 10:53 am 0
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