MercoPress. South Atlantic News Agency

FOGL prepare to drill south and east of Falklands

FOGL Chairman Richard Liddell

Drilling preparatory work is continuing in licenced areas to the South and East of the Falkland Islands announced Falkland Oil and Gas Limited (FOGL) in its interim results for the six months ending June 2008.

Efforts to secure a suitable rig are in progress and it is currently expected that a drilling programme will commence in the second half of 2009. "The rewards for success could be substantial, given the large resource volumes of the prospects being targeted" said the Chairman Richard Liddell. FOGL's partner BHP Billiton is currently reviewing a number of potential rig options and an announcement will be made as soon as a rig is secured. The report confirmed, "… an environmental impact assessment has been initiated and a site survey programme is planned to commence in November 2008." Mr Liddell said, "These are important steps in providing greater detail on the key areas of the licences and will feed into the final drilling programme." He added, "All the work streams required ahead of drilling are now in progress. We are working closely with BHP Billiton, to identify the prospects that will be drilled in the forthcoming drilling programme, which is planned to commence in second half 2009." One of the most important decisions in the near future will be the selection, and order, of the prospects to be drilled. Whilst no final decisions have been made regarding this selection, it is likely that Loligo will be one of the prospects tested in the initial drilling programme. Loligo is one of a number of prospects within the Tertiary channel play system: it has been well defined by seismic surveys and has exhibited a positive CSEM anomaly. It is also of considerable size: FOGL estimates most likely un-risked reserves of 3.5 billion barrels of oil, and a successful result with Loligo would have a significant impact on FOGL. Bernice Hewitt - SeAled PR - Stanley

Categories: Energy & Oil, Falkland Islands.

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