Sharesmagazine
 Home   Log In   Register   Our Services   My Account   Contact   Help 
 Stockwatch   Level 2   Portfolio   Charts   Share Price   Awards   Market Scan   Videos   Broker Notes   Director Deals   Traders' Room 
 Funds   Trades   Terminal   Alerts   Heatmaps   News   Indices   Forward Diary   Forex Prices   Shares Magazine   Investors' Room 
 CFDs   Shares   SIPPs   ISAs   Forex   ETFs   Comparison Tables   Spread Betting 
You are NOT currently logged in
 
Register now or login to post to this thread.

Desire Petroleum are drilling in Falklands (DES)     

markymar - 03 Dec 2003 11:36

free hit countersDesire Petroleum

<>Desire Petroleum plc (Desire) is a UK company listed on the Alternative Investment Market (AIM) dedicated to exploring for oil and gas in the North Falkland Basin.

Desire has recently completed a 6 well exploration programme. The Liz well encountered dry gas and gas condensate at 2 separate levels while other wells recorded shows.
Together with the Rockhopper Exploration Sea Lion oil discovery in the licence to the north, these wells have provided significant encouragement for the potential of the North Falkland Basin. The oil at Sea Lion is of particular interest as this has demonstrated that oil is trapped in potentially significant quantities in a fan sandstone on the east flank of the basin. It is believed that over 50% of this east flank play fairway is on Desire operated acreage.

Desire has now completed new 3D seismic acquisition which provides coverage over the east flank play, Ann, Pam and Helen prospects. The results from fast-track processing of priority areas are provided in the 2011 CPR. A farm-out to Rockhopper has been announced. The revised equities are shown on the licence map (subject to regulatory approval and completion of the farm-in well).
Desire Petroleum

Rockhopper Exploration

British Geological Survey

Argos Resources



Latest Press Realeses from Desire

markymar - 19 Dec 2004 12:01 - 398 of 6492

I think we will know these answers to your question in the near future as Desire have there backs up against the wall at moment thanks to the Guardian.



Among the smaller companies, Desire Petroleum advanced 3.5p to 62.5p, excited by talk that the company has appointed Seymour Pierce to work on a possible fundraising. If Desire goes ahead with an equity placing, traders reckon it will use the proceeds to help develop its North Falkland Basin project. Dealers had thought it would outsource development of the site to a large oil company. Indeed, a farm-out partner is likely to be announced next year. However, the fact that Desire is contemplating raising money suggests it is confident the field will be a success and wants a piece of the action.

And desires reply was


RNS Number:4393G
Desire Petroleum PLC
15 December 2004


Desire Petroleum plc

("Desire" or "the Company")

Press Comment

The Board of Desire notes the recent rise in the Company's share price and press
comment that the Company may enter into a farm-out agreement and that it is
considering conducting a fundraising.

The Board can confirm that it is considering all the alternatives available to
Desire to commence an exploration drilling programme in the North Falklands
Basin and, as previously announced, Desire is in discussion with a number of
companies which may wish to participate in such a programme.

An announcement will be made in due course if and when the Company decides to
conduct a fundraising and/or an agreement is concluded with another company.

For further information contact:

Dr Colin B. Phipps (01684 892242)

Mr Stephen Phipps (020 7409 2138)



This information is provided by RNS
The company news service from the London Stock Exchange

I think that say's it all its rather sooner than later we will hear news

markymar - 20 Dec 2004 13:34 - 399 of 6492

Looks like a lot of intrest in the Falkands

markymar - 20 Dec 2004 13:35 - 400 of 6492

intromap.jpg

hampi_man - 20 Dec 2004 13:42 - 401 of 6492

can u give an explanation MM please
HM

markymar - 20 Dec 2004 14:42 - 402 of 6492

The Falklands is the island in the middle and these are the blocks which have been awarded to the likes of Desire which is to the north of the map marked Green.

The other blocks are Global, Crude oil ect ect


http://www.falklands-oil.com

Click on link and this site will tell you what you need to know i was just trying to point out that poor old Desire are not all by them selves any more and 2005 will be the buzz word for the Falklands as there is so much going on at the moment.

Regards markymar

markymar - 21 Dec 2004 14:27 - 403 of 6492

December 2004 - New Licences in North Falkland Basin issued to Crude Oil and Gas Ltd

Crude Oil and Gas Ltd, a new UK exploration start-up company, has been awarded 2 licences covering 16 blocks in Quadrants 25 and 26 of the North Falkland Basin. These blocks (see A3 map available from the Downloads page) surround Desire Petroleum's blocks in the southernmost part of the North Falkland Basin. They are located in relatively shallow water (all less than 200 metres), and represent an opportunity to explore a part of the North Falkland Basin with a distinctly different structural style and stratigraphic infill to that observed further north in the area drilled during 1998.

Crude Oil and Gas Ltd plan a 2D seismic survey over their new licences within the first year of operation.



December 2004 - New Licences in North Fa

markymar - 21 Dec 2004 14:27 - 404 of 6492

December 2004 - New Licences in North Falkland Basin issued to Crude Oil and Gas Ltd

Crude Oil and Gas Ltd, a new UK exploration start-up company, has been awarded 2 licences covering 16 blocks in Quadrants 25 and 26 of the North Falkland Basin. These blocks (see A3 map available from the Downloads page) surround Desire Petroleum's blocks in the southernmost part of the North Falkland Basin. They are located in relatively shallow water (all less than 200 metres), and represent an opportunity to explore a part of the North Falkland Basin with a distinctly different structural style and stratigraphic infill to that observed further north in the area drilled during 1998.

Crude Oil and Gas Ltd plan a 2D seismic survey over their new licences within the first year of operation.



December 2004 - New Licences in North Fa

markymar - 21 Dec 2004 14:33 - 406 of 6492

If you wish to know something about the Falklands in general, visit www.falklandislands.com

Q Who owns the Islands?
A They are a British Overseas Territory, and have autonomy for all aspects of life except defence and foreign affairs.

Q What are the water depths offshore?
A They range from <200m to about 550m in the North Falkland Basin, and up to 3,000m or so in the Southern Basins.

Q Was the 1982 war about oil?
A Emphatically, No. The UK Government was responding to its policy view that the Islanders should have the right to self-determination; the Islanders overwhelmingly wish to remain British.

Q Shouldnt the area be written off because the 6 wells in 1998 failed?
A Its a common misconception that they failed. Five of the six wells had oil and/or gas shows, one recovered live oil to surface, one encountered significant gas. Post-mortem analyses suggest that only one play type was drilled. It was on the worst possible migration route, above a regional seal. There is a proven, world-class source rock, plus other petroleum systems. There are numerous untested play concepts, targets and reservoir levels. Exploration in the basin is in its infancy.

Q What do you mean, exploration in the basin is in its infancy?
A Only six wells have been drilled, all in a very tight grouping, all aimed at the same play, and all drilled back to back from a single rig. Thats 6 wells in an area more than half the size of Texas! Theres a lot to play for yet.

Q Isnt the weather too harsh for oil exploration?
A No, not at all. Seismic surveying can be conducted for most of the year. Particularly in the North Falkland Basin, which is where we have the only experience, drilling is simple and straightforward, and almost unaffected by weather and currents.

Q What are the drilling conditions like?
A Quick and easy. A 3,000m dry hole can be drilled in about 20 days. Drilling rates are high, there are no unusual near-bottom currents and no known gas hazards.

Q I hear the 1998 wells were expensive. Why, and could wells be drilled cheaper?
A The 1998 wells were expensive because a rig was towed from the North Sea at very high day rates. There is no requirement to use a North Sea rig here. We have analysed the safety management systems of rigs available more locally, and they all appear fit to work here. The fast drilling rates achievable in the area mean that wells should be relatively inexpensive.
http://www.falklands-oil.com/

iturama - 21 Dec 2004 14:36 - 407 of 6492

By more locally, I assume he is referring to Petrobras.

markymar - 24 Dec 2004 09:57 - 408 of 6492

FALKLAND OIL

From Bloody Rags to Black Riches

By Susanne Koelbl

60 billion barrels of oil lie under the ocean around the Falkland Islands, say experts. Twenty years after the war in the South Atlantic, the islands have struck it rich. But who does the oil belong to? Argentina continues to eye the archipeligo even as British oil companies start moving in for the drill.



AP
The British flag still flies over the Falkland Islands just like it did before the 1984 war.
It's a glorious summer day on the Bay of Fitzroy. The deep blue waters of Port Pleasant fjord shimmer in the bright midday sun, as a formation of gray-headed geese rises into the sky above the distant hills. It's a peaceful, idyllic scene.

Billy Baynham, 46, doesn't notice. An entirely different scene is running through his mind as he gazes out at the bay -- a scene from 20 years ago: An Argentine Skyhawk fighter jet swoops low over the surface of the bay and discharges its belly full of bombs onto the British landing craft "Sir Galahad," lying at anchor in the bay. Within seconds, the vessel is transformed into a raging fireball as the ship's cargo -- tons of ammunition and weapons -- goes up in violent detonation. Michael Dunphy -- a thin, quiet, 22-year-old from Wales and a member of the First Welsh Guards -- is one of the 47 crew members who perish on that day.

The memory triggers irrational feelings of guilt to well up inside of Bahnham. "Why him, why not me?" he implores. His powerful 6'6" figure shakes as he kneels, weeping, on the hard tufts of grass that grow along Fitzroy's shoreline. Today, Baynham has returned for the first time to this place where he and Dunphy fought against the Argentines, more than 22 years ago. He has been haunted by the bloody images of that battle -- fought in one of the most remote corners of the world -- ever since.

On April 2, 1984, Argentine dictator Leopoldo Galtieri ordered his troops to occupy the archipelago, about 375 miles over the Atlantic Ocean from Buenos Aires. In response, then British Prime Minister Margaret Thatcher dispatched the largest British fleet assembled since the end of World War II. Its mission? To liberate the 1,800 inhabitants of the Falkland Islands, a barren collection of rocky islets governed by the British Empire since 1835. Together, the two sides lost about a thousand troops, or more than half the territory's population. The war -- like the Falklands themselves -- was quickly forgotten by the rest of the world.

60 Billion Barrels

Now, 20 years later, the islands are once again creeping into the world's conscious. And this time, the Falklands' reputation is not dependent on the geo-political real-politicking of world leaders, but rather is being spread by people like Phyl Rendell, 55, the Falkland Islands' Minister of Raw Materials. The island territory is still connected closely with London, but when Rendall travels there, she doesn't meet with strategists and generals, rather she negotiates with scientists, oil experts, politicians and market speculators.

Her most important asset is a dark, viscous liquid encased in a transparent plexiglass cube on her conference table. "Falkland oil," says Rendell. Rendell, who has a degree in history, is well aware of the potential the liquid in this small container holds for the Falklands: prosperity and independence for entire generations of Falklanders who, ever since settling on the barren islands, have consistently been faced with the dual threats of poverty and war, and have been forced to accept domination by their British colonial masters. But things are changing. The small group of islands, home to 750,000 penguins, 600,000 sheep, and all of 2,934 people, now stands a chance of becoming the "new Kuwait," as the Times of London wrote. And that's exactly what Rendell has in mind.



The future of the waters around the Falkland Islands: 60 billion barrels of oil.
The Falklands, an almost forgotten place since the 1984 war, returned to the limelight when the price of oil broke the $40 per barrel mark earlier this year. Prospectors and speculators were suddenly interested in what may be one of the world's last untapped reservoirs of oil.

Experts from the renowned, Edinburgh-based British Geological Survey have long believed that enormous oil reserves, possibly up to 60 billion barrels, lie beneath the deep waters surrounding the Falklands. If this estimate is correct, the islands' oil reserves would almost equal those of Libya and Nigeria combined, and even amount to half the Iraqi reserves. The astronomical estimate is the result of a study conducted by geologist Phil Richards, who has been researching the Falklands' potential oil reserves for the past 15 years. "I am convinced that these figures are correct," he says.

The Falkland Islands deposits aren't even mentioned in the lists of known oil reserves kept by the oil giants Shell, BP and Exxon. These multinationals, known in industry parlance as the majors, already have their hands full in regions such as West Africa, the Brazilian coastal waters and the Caspian Sea. Until now, searching for black gold in the rough and deep seas (up to 10,000 feet) of the South Atlantic seemed too complex and expensive, as well as being a highly speculative proposition. It's a risk the major corporations prefer to hand over to smaller oil exploration outfits. After all, if the venture turns out to be unsuccessful, the majors won't have incurred any costs. But if the prospectors make a strike, they'll be quick to move in.



DPA
Wool is still one of the main products produced on the islands.
If the British geologists are right, this may be the right time to start drilling for oil in the Falklands. Whereas terrorist attacks on oil pipelines and pumping stations make the Middle East an increasingly unreliable permanent source of energy, terrorism is not a problem on the Falklands. Oil minister Rendell has, in fact, already granted drilling rights for large areas surrounding the islands. British oil companies plan to begin boring into the sea floor as early as next year. They calculate that the future wells will be profitable even at a world oil price of $25 a barrel.

http://service.spiegel.de/cache/international/spiegel/0,1518,334165,00.html0,1020,294733,00.jpg

markymar - 24 Dec 2004 10:07 - 409 of 6492

From Bloody Rags to Black Riches (2)

Part 2




AP
Penguins still vastly outnumber humans in the Falklands.
Today, the island boasts 800 Land Rovers, 300 Mitsubishi vans and a small fleet of aircraft owned by the government. The two local supermarkets sell fresh flowers and raspberries, and their shelves are well-stocked with high-quality Italian wines. The radio station plays pop music from the United States and the stores sell Toshiba large-screen TVs. Every citizen is entitled to free healthcare, and seriously ill patients are flown, at government expense, to a joint German-Chilean private clinic in Santiago de Chile for treatment. The government pays for the Falklands' most promising students to attend British universities, even throwing in an annual stipend of 8,000 ($15,370). Stuart Wallace, 50, likes to get to work early at his office on Stanley's Philomel Street. He wears inexpensive eyeglasses and a plain blue tie. The only indication that Wallace is one of the Falklands' more well-heeled inhabitants is the Dior label on the inside of his jacket.

His company deals in fishery licenses, which Wallace, acting as the government's broker, sells to Taiwanese, Korean and Japanese fishermen who fish here to meet the demand back home for a particular species of squid (Illex) found in the Falklands' waters. Wallace himself already owns five large fishing boats of his own.

Wallace, like most people here, only has an eighth-grade education. He left school at the age of 14 to work for the local telephone company, where he was still earning only about 400 a month by his mid-thirties. But then the war happened. Since then, the Falklanders have been taking advantage of their 200-mile sovereignty zone, which the British had declared off-limits until 1984, citing tensions with Argentina.

When the men here refer to the period following the war as their "emancipation," they're talking about emancipation from both the Argentinean occupiers and the British colonial masters, who owned almost everything in the Falklands for years: the land, the farms, even what was then the islands' only junk shop. Since then, a few hundred Falklanders have started their own companies, and the government's annual revenues have increased from 3 million ($5.76 million) in the mid-1980s to 45 million ($86.5 million) currently.


The Coming of Oil

The Brasserie in downtown Stanley is the better of the capital's two restaurants. Lewis Clifton, 46, explains the basic tenets of the oil business as he cuts up his plate of poached salmon: "high risk, high costs, enormous profits." Clifton represents Desire Petroleum, a British oil company based in London. The company secured drilling rights in the north basin of the Falklands years ago, and has just announced that the most recent seismic tests produced "significant indications of the presence of natural gas and oil." Clifton is sure of one thing: "Oil will soon be the big factor here."

Roger Spink, 44, is sitting at a table at the opposite end of the restaurant. This thick-set man from England is the director of the powerful Falkland Islands Holdings. The company, a holdover from British colonial days, is reputed to have forced out entire generations of local farmers to the benefit of major English landholders. Today, the company still owns a lot of real estate, the island's largest supermarket, a building materials supplier and the leading travel agency. Spink's company also has its hands in the oil business. The subsidiary it established in May, Falkland Oil and Gas Limited, plans to drill in the Falklands' south basin.

The Falklanders know that once the oil starts flowing, there will be no turning back. Oil will flood the island with money and outsiders, and it will seep into the hearts and minds of the islanders.

Take Sue Backett, for example. The 47-year-old blonde, a manager for a shipping company in Stanley, is investing every penny she can spare in oil stocks. "The oil is coming," she says, and she looks excited. "I pray for it every day," admits Stephanie Middleton, 41, the mother of three children. She too owns stock in each of the oil companies involved. The Falklands' main weekly, the Penguin News, even began printing current stock prices a few weeks ago.



DPA
Over a thousand soldiers lost their lives in the 1984 war between the British Empire and Argentia.
This isn't the first time Falklanders have become mesmerized by oil. Six years ago, a number of foreign companies, including Shell, built a drilling platform in the waters off the islands. They found oil, but only in small amounts, at least at first. But then the price of oil plummeted to $9.50 a barrel on the world market, making expensive drilling a losing proposition. The oil companies quickly decided to abandon the project, which had already consumed $200 million. The drilling platform disappeared overnight, leaving behind a disappointed local population. The Falklanders had already expanded their hotels and built office buildings for the oil managers. Once again, powerful men from across the ocean had given them false hope and failed to deliver on their promises.

No one locks their doors in the Falklands. Children play in the street, and 55-year-old police chief David Morris's jail is almost always empty (with the exception of visits from weekend drunkards). The government, which consists of eight elected representatives, deals with issues like fishing quotas and improving roads, and the British governor, a distinguished gentleman usually dressed in a pinstripe suit, routinely invites the island's leading citizens to his residence for plum pudding or to celebrate the Queen's birthday. The island is a safe world in its own tiny nutshell.

The Minister of Raw Materials, Phyl Rendell, playing with her plexiglass cube and the droplet of oil it contains, believes that "everything will remain the way it is." But most people here share businessman Stuart Wallace's opinion: "Everything will change, the city, the bars and, most of all, we will change."

But it's a change that the islands sorely need. The Falklands are still a long way away from prosperity. Last fishing season, the Illex squid suddenly disappeared from the islands' waters. Experts still disagree over whether this was caused by overfishing or ocean warming. Either way, the loss of fishing license revenues has already put a hole in the government's previously ample budget.

The islanders also feel threatened by their old enemies, the Argentines. Buenos Aires has never given up its claim to the Falklands, and it began a new phase of provocation late last year, closing its air space to charter airlines bound for the Falklands. During the fishing season, Argentine coast guard vessels patrolled what Buenos Aires claims is Argentine marine territory, an area where fishing zones overlap. In September, Argentina forced the Chilean cricket association to bar the Falklanders from the South American championships if Stanley's team refused to play under the Argentinean flag.

The war hasn't ended. It's just being fought with different means. Since 1984, however, the British have made it clear where they stand: For the past 22 years, the British have maintained a constant presence of about 1,500 British troops to defend the territory, if necessary.

markymar - 24 Dec 2004 11:14 - 410 of 6492

December 2004 - New Licences in North Falkland Basin issued to Crude Oil and Gas Ltd
Crude Oil and Gas Ltd, a new UK exploration start-up company, has been awarded 2 licences covering 16 blocks in Quadrants 25 and 26 of the North Falkland Basin. These blocks (see A3 map available from the Downloads page) surround Desire Petroleum's blocks in the southernmost part of the North Falkland Basin. They are located in relatively shallow water (all less than 200 metres), and represent an opportunity to explore a part of the North Falkland Basin with a distinctly different structural style and stratigraphic infill to that observed further north in the area drilled during 1998.

Crude Oil and Gas Ltd plan a 2D seismic survey over their new licences within the first year of operation.

http://www.bgs.ac.uk/falklands-oil/download/download_files/A3MapDEC2004v2.jpg Good picture of there new acreage to get a better idea .





So who are Crude oil and what are there intentions.



Well it all boils down to a company called





Clarke Willmott*
1 Georges Square
Bath Street
Bristol BS1 6BA
direct dial: 0117 916 9522
e-mail: sthomas@clarkewillmott.com
*http://www.clarkewillmott.com

Regulated by The Law Society and
The Financial Services Authority
________________________________

They have four more offices and one is in Bristol and if you click on web site and location it takes you to the 4 office and this company belongs to a Mr Visick.



Now going to companies house you can check who owns the company http://www.companieshouse.co.uk which I have done and this is where the picture starts.



Crude Oil and Gas Ltd is registered to Richard Visick on the 5.10.04 and the address as a above Clarke Willmott



Hemingway Management registered 5.10.04 at the same address and then changed it to Crude oil and Gas Ltd.



And this man was the client of Hemingway Management http://www.bodecott.com/ and is now for Crude Oil



Also the biggest link here is that on the 5.10.04 Encana Ltd was set up and the address was also at Bristol address so who are Encara they are a Hugh oil company and based in Canada where Desire have been out on a so called tour back in July so we have Talisman energy and Encana, Talisman hold block F and Desire have a 12.5% share interest in block an 3D was covered in F over Liz from block C to F.



http://www.encana.com/



http://www.talisman-energy.com/



Both I believe are partners


eddieshare - 24 Dec 2004 21:45 - 411 of 6492

Thanks markymar

I have looked at the information you have posted and visited the web sites. I feel I would have come to the same conclusion over encana & talisman energy being partners. Lets hope we hear an anouncement soon. DES has ended on a positive for Christmas eve. DES has made great gains through the year, as it will next year.


All the best for Christmas and have a great New Year !

Good Luck All.

Eddie

HUSTLER - 27 Dec 2004 12:10 - 412 of 6492

good work marky
your research and postings are greatly appreciated,
all of us following desire look forward to positive news in the new year
if it all comes together as we anticipate, 2005 will be a great
year for both desire and its investors.

regards HUSTLER.

berlingo - 27 Dec 2004 17:59 - 413 of 6492

I second that Hustler ! There was an article in Fri Evening Standard about the Falkland Oil situation . Des got mentioned . Lets hope for a prosperous 2005 !
Cheers to all DES investors.

markymar - 27 Dec 2004 21:20 - 414 of 6492

Hi all, hope you all had a good christmas and we still have 2 more trading days left before New Year and i expect the share price to rise on those 3 days.

I dont know if you have noticed but on money am you can use level 2 for free until New Year just so that should be quiet good.

Also from story i liked this bit

"British oil companies plan to begin boring into the sea floor as early as next year. They calculate that the future wells will be profitable even at a world oil price of $25 a barrel."


And the Governor in the Falklands is having a busy time with meeting over in London (i wonder with who and why) but have a go idea.

CG: The Governor is going away over Christmas and new year so I asked him, is this trip for business or for pleasure?



HP: I suppose its a combination of both. The principle reason for not spending Christmas here is that I have to attend meetings in London at the beginning of January. But since we have to go at the beginning of January, my wife and I decided that it was an opportunity to go back and spend some time with family and friends un the UK over Christmas and in Holland in the new year.



I am then going to be returning to London to attend a meeting called the leadership conference. This is a conference which brings together all of the heads of mission all of the ambassadors, high commissioners and governors from around the world to discuss with the Foreign Secretary and other ministers and senior officials the Foreign Offices priorities and strategy. This is the second such meeting. The first was held a couple of years ago and I attended that very shortly after I took up my post here. And this will be a very good opportunity to take the strategic look at what the FCO is doing globally, to meet colleagues and secure an opportunity in the margins to see some of my fellow governors and also to talk to officials about particular Falklands preoccupations. That will take a couple of days.



There is also a conference of Latin American Heads of Mission, which is taking place immediately after that. While a lot of their preoccupations are very different than mine, I will be looking on the relevant sessions of that conference.



And we will also be taking advantage of my return to the UK to hold the Annual meeting of the South Georgia Liaison Committee. This brings together the Foreign Office, the South Georgia Government and the British Antarctic survey to talk about relevant issues in South Georgia. A very useful opportunity, once again to talk to people about a number of South Georgia related issues and over whats gone on over the last year and all sorts of things, which we are going to be doing over there in the next 12 months.



And I will certainly be spending some more time in the Foreign Office, speaking to a range of officials and maybe seeing one or two other people as well. So, lots of work but also, I hope a little rest, too. And, I look forward to coming back to the Falklands in the middle of January.


Good luck

Markymar

eddieshare - 29 Dec 2004 21:10 - 415 of 6492

Hi all

Just thought I would post a chart.

graph.php?movingAverageString=10%2C20%2C


Good Luck All

Eddie

markymar - 30 Dec 2004 09:01 - 416 of 6492

Falklands-Malvinas
Thursday, 30 December


Driller in search of Falklands oil riches.



THE biggest-ever hunt for oil in the Falkland Islands is getting under way, as a London-listed start-up launches a bid to transform the British territory into a hotbed for energy giants.



According daily London Evening Standard, Aim-listed Falkland Oil and Gas Limited (FOGL) is spending the next three months seismic surveying and exploring eight 'leads' in a whopping 10,000-square kilometre zone in the South Atlantic.
If oil prices remain high, the company believes it could become a key production area.

Any success would transform the Falklands Islands' economy, currently based on sheep, squid and the only commercial herd of reindeer unaffected by the Chernobyl disaster.

FOGL has rights to an exploration zone covering 88,000 square kilometres south of the islands, equivalent to 280 blocks in the North Sea.

Shares in another London-listed company, Desire Petroleum, surged last month after it claimed to have found evidence of large oil and gas deposits to the north of the islands.

FOGL's shares have climbed 46% since floating at 48p in October but it says any oil finds around the Falklands are at least a year off.
http://www.falkland-malvinas.com/Detalle.asp?NUM=4906

markymar - 30 Dec 2004 10:24 - 417 of 6492

Oil

For oil, since September 1995, and after years of discussions a formal agreement which was endorsed during a meeting in New York of President Menem and Prime Minister John Major, has opened the field to cooperation and joint exploration and exploitation of the south Atlantic.

The agreement has enabled the government of the islands to licence areas for exploration to the north and south of the Falklands/Malvinas which successfully took place last July 2nd., while it sets aside a joint special area, to the west where the areas with Argentina overlap and will be jointly managed.

The discussions over the legal framework for the licencing of the joint or special area, which is scheduled for next year are going ahead full steam.

The oil licencing round of the local government was preceded by the contracting of several seismic surveys done by Geco-Prakla and Spectrum Geophysical which revealed promising data. A total of six consortia, representing fourteen oil companies showed up on the closing day of the licencing, among which: British Gas with YPF; LASMO, which includes Desire a local Falklands/Malvinas partner; Amarada Hess with Evergreen; International Petroleum Corporation with the Swedish company Sands Petroleum. The fact all companies participated in consortia is because of the high cost of the drilling in this new province which is estimated between 10 and 15 million pounds for each well.



fk_chart.gif

Fig: Illustrative project returns and revenue shares for a 500 million barrel offshore oilfield assuming exploration and appraisal costs of $50 million, $5 per barrel development costs including capital and drilling expenditure, an $18 per barrel oil price, start of production in year 8 of the project and peak production of 135,000 barrels per day four years later.

http://www.falkland-malvinas.com/about.asp?TEMA=fk&IDIOMA=Ingles
Register now or login to post to this thread.