up another 10% with 3m traded already


gordon geko - 15 Oct'04 - 16:27 - 37 of 41 edit



where too next week ?


Andy - 15 Oct'04 - 17:58 - 38 of 41


gorndon,

well IF the weekend newspapers mention FOGL, we may continue with the rise for a while, but not sure how anyone can predict with any degree of accuracy where the price will end up.

I still feel it has more to go, as there is massive potential here, so may well top up on Monday.


wilbs - 15 Oct'04 - 19:11 - 39 of 41


I agree, there is a masive potential here but not for a few years. DYOR and you will see why. Im gonna buy but will wait till it drops in price.

wilbs


Andy - 15 Oct'04 - 19:44 - 40 of 41


wilbs,

I have DMOR, I have read the prspectus several times.

Potential is what is being traded here, and IF a resource is confirmed, FOGL will race away.

I'm buying now in order to be in at the start, rather than wait for the price to rise against me later, if of course they are sucessful.

Asian Energy is an example of a resource being defined, and look what hapenned there!

I am happy to hold at this level, and as for the price falling, maybe once the initial interest dies diown, unless they release some news of course!

we will see.



wilbs - 17 Oct'04 - 08:34 - 41 of 41


I totaly agree with you andy.

I have bought into many shares too early at a high price only to watch them fall and kick myself as I could of bought them much cheaper.
I will have to keep a close eye on things.

There is a good article on www.oilbarrel.com about FOGL.
Are you also thinking about buying into Hardman, Falkland Island Holdings?

Regards,

wilbs

the oilbarrel article
Falkland Oil & Gas Says Fundraising Oversubcribed
AFX News Limited Wednesday, October 13, 2004


Falkland Oil and Gas Ltd said its offer to raise 2 mln stg via the issue of 5 mln shares at 40 pence each has been oversubscribed. The group said it received applications for 17.45 mln shares, representing 6.98 mln stg. "As a result....applications will not all be settled in full," it said. The minimum subscription under the offer was for 2,500 shares, or 1,000 stg, and all valid applications will receive at least this amount, it added. "Applicants will also receive 12.415 pct of the amount they have applied for in excess of 2,500 shares." In a separate statement, Falkland Islands Holdings PLC said its shareholding will represent 18.1 pct of Falkland Oil and Gas's enlarged share capital.

London-based Falkland Oil & Gas Limited (FOGL) has identified eight leads from existing 2D seismic in its seven licenses off the southern coast of the Falkland Islands, spokesperson Ben Brewerton told BNamericas.

The leads range from 211 million barrels (mb) to 626mb and could contain a total 3.75 billion barrels, Brewerton said. Each of the seven blocks has at least one lead in it.

FOGL identified the leads by re-interpreting 2D seismic work carried out in the 1990s and it plans to redo some of the seismic in December this year, followed by a 3D seismic program in 2005.

The company could then consider farming-in a partner to help fund drilling on specific targets in 2006-2007, Brewerton said.

To fund the 3D program, FOGL announced it has raised 10mn pounds (US$18mn) through a private placement of 25 million shares at 40 pence per share, FOGL said in a statement.

FOGL has announced a public offering of a further 5 million shares at 40p/share, which must be subscribed by October 12.

If the offer is fully subscribed, FOGL will raise an additional 2mn pounds before expenses, meaning that the net proceeds of the placing and offer will be about 11mn pounds. The company would then list on London's junior AIM market with a market value of 32mn pounds.

Dealings in the shares are expected to start October 14. KBC Peel Hunt has been appointed as nominated adviser and broker to FOGL.

FOGL was formed in May 2004 as a joint venture between Falkland Islands Holdings, Global Petroleum and RAB Special Situations.

Shareholdings in FOGL prior to the placing and offer are: Falkland Islands Holdings 28.9%; Global Petroleum 25.7%; and RAB Special Situations 45.4%.

FOGL has a 77.5% interest in seven exploration licenses covering approximately 33,700 sq. km. to the south of the Falkland Islands. Australia's Hardman Resources has the remaining 22.5% interest.

About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company

Falkland Oil and Gas Ltd said it placed 25 mln shares at 40 pence each to raise 10 mln stg before expenses.

The company, which expects its shares to begin trading on the Alternative Investment Market on Oct 14, also announces a public offer of a further 5 mln shares at 40p a share. Assuming the maximum number of shares available are subscribed, it will raise an additional 2 mln stg before expenses.

Falkland Oil, which holds a 77.5 pct interest in seven exploration licences covering about 33,700 sq km to the south and east of the Falkland Islands, will have a market capitalisation of 32 mln stg on admission to AIM and net proceeds from the placing and offer will be about 11 mln stg.

Following the placing, Falkland Islands Holdings PLC's interest in Falkland Oil will be 18.1 pct.

Anyone know why the drop over the last 3 days?

RAB Capital plc sold 108m shares in FAO it was reported today (albeit Capital Group Companies bought 118m also reported) and I read elsewhere that RAB have been offloading equities in general. I know they were a big holder in FOGL so perhaps their offloading of FOGL shares has caused the mark down.

RAB are very aggressive growth fund with an enormous speculative exposure to oil/mining.

Although their CEO did say in MoneyWeek a few weeks back they were holding for FOGL to go from market cap of 240m to NVP of 80bn! They had already top-sliced.

Maybe they read the stock market is going to go down over the next few months - it has been promised from a number of quarters prior to the surprising lease of life coincidentally commencing July 7th after the minor dip for the London bombings.

Qui sait?

sd

FOGL's partner GBP has gone North 16.3% today, don't know what's caused the jump.

Anyone know the reasons for the very welcome lift in GBP today?

mmiller555,

No news that i could see, but maybe some buying in now they can see the float price is solid?

FOGL has a nice 2.5p rise so far today.

mmiler555,

Another good rise today, 4.5p, and decent volume, (550,000) too!

All,

Is anyone interested in visiting the FOGL Chart Room this Friday?

The location is Central London.

The time is scheduled for 11:00, although this is subject to final confirmation.

John Armstrong, Executive Chairman, will be there.

If you are interested, please send me the following details to

theyarenotgreen@hotmail.com

Your BB poster id

Your real name

Telephone contact for daytime and evening tomorrow.

I will confirm the time and location directly once these are finalised.

IMHO, This is an excellent opportunity to see where FOGL are, and meet John Armstrong for a quick Q & A in person.

DUE to this being squeezed in, the visit duration will be limited to 20 - 30 minutes as John is very busy.


Andy.

Andy
Sorry not to be ther - too busy. Be interested in your report back, please.
Thanks
sd

Andy,missed your post as I dont visit this site very often.Have been a holder now for about 3months for long term investment.Anything to report with regard to your visit?

Good news on it's way guys.

A recent presentation he did (ie Armstrong)is covered on oilbarrel.com

rgrds
gk

The early bird also gets the prime acreage - that, it appeared, was the message from John Armstrong, the bullish executive chairman of Falklands Oil and Gas and Global Petroleum. Both companies, described by Armstrong as micro-caps, are targeting frontier plays with massive exploration upside but which also carry the downside of untested geology and expensive deepwater drilling.



John Armstrong, Executive Chairman of FOGL and Global Petroleum

In Kenya this downside is limited for Global, which will see its costs carried through the first two wells by partners Woodside (operator with 50 per cent) and Dana (30 per cent). Over 30 leads, ranging in size from 20 to 100 sq km, have been identified on two blocks, L5 and L7.

Water depths are challenging out here - between 1,600 and 2,800 metres - and Armstrong doesnt expect the joint venture to see much change from US$100 million when it drills its first two deepwater wells. But he believes the potential prize more than offsets the investment risk.

If you fill each of these 30 to 50 leads with several hundred feet of oil pay then youve got a potential 20 million barrels, said Armstrong, although he admitted he was unsure how to risk such a project.

As always the drillbit will be the real test. The partners hope to drill here in either the second or third quarters of 2006 and the most likely structures to be tested are Pomboo and Sokwe, relatively simple structures with the potential to hold a billion barrels of crude - each.

Armstrongs other company, Falklands Oil and Gas (FOGL), has been a successful early bird in the southern Atlantic, where the AIM-quoted firm has scooped 79,000 sq km of frontier exploration acreage to the south and east of the Falkland Islands. This is an area equivalent to 312 North Sea blocks and FOGL has an average of 90 per cent equity. Over 130 leads have been identified here, some of which weigh in at 1,200 sq km.

Armstrong said this is an area that has been overlooked by the oil industry because water depths (between 500 and 1,500 metres) were previously out of reach, it is very remote and there was a hangover from the disappointing drilling campaign of the late 1990s in the North Falklands Basin, which has a completely different geological make-up.

FOGL is actively working up its acreage with a major 2D seismic campaign: as of Wednesday it had completed 10,300 km out of the planned 15,000 km shoot. This follows on from an earlier 9,450 km survey, which identified more than 130 leads: the current 2D campaign is designed to narrow this down to a short list of the 20 most prospective structures.

Before moving into the drilling phase of the exploration programme, FOGL plans to bring in partners with the necessary deep pockets and deepwater expertise. It has opened a data room in London to showcase 14 quadrants and part quadrants and is talking to the oil majors - all the usual suspects, including those burnt in the disappointing North Falklands campaign.



We would like to complete one of these farm-outs in the next three to six months, with drilling targeted for late 2007, said Armstrong. He dismissed concerns that a gas strike would be unworkable in these remote waters, pointing to the booming LNG market in the Atlantic Basin. Gas may be the second prize but its not too far behind the first prize [oil], he told delegates.

We went round the FOGL Chart Room last Friday.

We were greeted by J. Armstrong, and given a friendly welcome, and tour by the staff.

I was surprised at the size of the office, and team employed there, and saw the historical charts and modern seismic being studied.

Some of the charts are some 25 years old, but in incredible detail, and are about 12 feet long, covering some 500 miles or so of seabed.

As a follow up from the Oilbarrel presentation, I was left with a warm feeling here, and feel there is a very real prospect of success.

The difficulty in obtaining a rig was discussed, and of course a farminee with a suitbale deep water rig would of course make things more favourable! :-)

The difficulties experienced by DES were mentioned, but are of course unrelated to FOGL being able to obtain one.

The FOGL Oilbarrel presentation is available http://www.oil-barrel.com/conference/nov/FOGL.pdfHERE

Good jump today anyone know why?

Mad,

Well there was decent volume, and nearly all buys.

Looks like the 2 x 50,000 buys, (wrongy listed as sells!) did the moving, buys outnumbered sells by 8 : 1

Perhaps prelims from FGML reminded everyone that an 83m company is sitting on 2.4bn of future worth?? (as per RAB MD's figures quoted a few months ago, if I remember correctly)

sd

Price hike could have something to with Shell lifting its annual spending to 10.8bn,citing increasing costs and THE NEED TO FIND NEW OIL AND GAS RESERVES.

stockdog,

I think you wil find that is (possibly) 24 million BARRELS OF OIL, not pounds sterling!

Multiply by $50 per barrel, less expenses, makes a tidy sum IMO.

Does anyone know 1.How many rigs are drilling on behalf of FOGL2.When are drilling results due.Thanks in anticipation.

Mad Pad - read the acccounts - drillling first well anticipated 2007

sd