FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands announces further progress on its rig contract negotiations and certain changes to its licence arrangements.
London listed Falkland Oil and Gas says that its negotiations to secure a deep water rig are at an advanced stage as it seeks to drill the large prospects it has identified across the South Falkland Basin.
FOGL, the oil and gas exploration company is pleased to announce an exploration update with respect to its licence interests offshore the Falkland Islands and in particular to its 100% owned and operated southern licences. FOGL also holds a 49% interest in licences collectively referred to as the northern licences in which BHP Billiton holds 51% and is operator.
FALKLAND Oil and Gas Limited has the potential to offer investors returns of 130 per cent in the medium term, according to the Jefferies brokerage.
Falkland Oil and Gas (FOGL) will press ahead with its drilling program offshore the Falkland Islands despite reporting that its Toroa F61/5-1 exploration well was dry. However FOGL, which is associated with Anglo-Australian mining giant BHP Billiton, said it will work first towards contracting a deepwater rig.