Falkland Oil and Gas Ltd plans to raise £32m through a placing of shares at 70p each, with the money earmarked for the oil and gas exploration company’s 2012 drilling program, according to a release from the company heavily involved in exploration to the South and East of the Falkland Islands.
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, announces certain changes to its licence arrangements with the Falkland Islands Government.
FOGL had been expecting to announce preliminary results of the well during this week; however, there have been some further delays due to some minor operational issues and weather related downtime.
Rockhopper Exploration one of the four companies operating with Falkland Islands government licences reported last Friday that samples from its recent discovery on the Sea Lion prospect in the North Falkland basin have been confirmed as medium grade crude.
Rockhopper Exploration (LON:RKH) oil discovery in the Falklands Islands is of “good” quality said on Friday a release from the company. The announcement had a positive impact on shares of all Falklands’ oil explorers.