STRATEGY

•FOGL seeks to add shareholder value by pursuing an aggressive exploration programme in its licences to the south and east of the Falkland Islands. Exploration drilling will continue in the deep water areas of FOGL’s licences in the first half of 2012. If successful, this drilling could lead to the development of a new hydrocarbon province in the South Atlantic.

Next Phase of drilling

In the first half of 2012 FOGL is planning to drill two wells in the deep water area of its licences.
FOGL has contracted the Leiv Eiriksson rig to undertake this drilling programme. The rig is due to arrive in the Falklands in early 2012 when it will initially drill two wells for Borders and Southern Plc (B&S), before commencing the FOGL drilling programme. The B&S wells are to be drilled on the Darwin and Stebbing prospects. The results of these wells will be of interest to FOGL, because we have similar plays and prospects within the southern part of our licence area.

The first well to be drilled in the FOGL programme will be on the Loligo prospect. A number of options exist for the second well, including potentially a well on Scotia, a prospect within the Mid Cretaceous Fan Play. The final decision on which prospect will be targeted by the second well will be guided by the results from Loligo.

Funding

As at 7 September 2011 FOGL's available funds, including the BHP Billiton settlement, were $150.8 million. The Company is debt free.


2012 Drilling Programme

The Leiv Eiriksson a harsh environment rig has been drilling wells offshore Greenland for Cairn Energy. That campaign is expected to finish by the end of November 2011 after which the rig will head south to the Falkland Islands. The rig will first drill two wells (about 90 days drilling) for Borders and Southern Plc (B&S) before moving on to the FOGL programme. The transit time from Greenland is expected to be approximately 60 days.

A great deal of work has gone into the planning of the FOGL drilling campaign and over the preceding years a large amount of data has had to be collected to so that the drilling can take place.

Seismic data was acquired from 2004 to 2007 and again in 2011, CSEM in 2007, site surveys in 2009 and 2011 and metocean data, from permanent current meters, in 2009/10. Well planning essentially started in 2009 with the drilling of three, 200m deep, geotechnical boreholes. This data helped with the planning of the shallow section of the Toroa well (FI 61/05-1) and has been extensively used in the planning of the deep water programme.

The first well in the FOGL programme will be on the giant Loligo prospect. A second well will also be drilled by FOGL using the Leiv Eiriksson and site surveys have been acquired over the following prospects: The Nimrod Complex and the Vinson prospect in the Tertiary Channel Play, the Scotia or Hero prospects in the Mid Cretaceous Fan Play and the Inflexible or Endeavour prospect in the Springhill Sandstone Play. Options that are currently being considered depend upon the results of the first well on Loligo. The final play in the FOGL acreage is in the Fold Belt in the south west of the FOGL acreage. This play is being tested by B&S at their Stebbing prospect. Similar features exist within the FOGL acreage and the results of the well will be closely monitored. In addition the B&S, Darwin well is targeting a tilted fault block which again shows great similarities with several prospects in the FOGL portfolio (Inflexible, Thulla etc.). Depending on the results of Darwin FOGL may consider a well on Inflexible as the second well in the programme.

FOGL’s main focus is on the two younger plays, the Tertiary Channel and the Mid Cretaceous Fan play. FOGL has been working on the Mid Cretaceous play for some time but it was only in late 2009, when the seismic data had been fully reprocessed, that it became clear that this major new play was viable. The play is analogous to the ones being successfully targeted in West Africa (the Tullow Jubilee field in Ghana and other discoveries along that margin) and the general geology, depositional setting and even the AVO response (Class II response over Scotia and Hero) are remarkably similar. The two main prospects, Scotia and Hero, both contain prospective resources in excess of 1 billion bbls. One of the key features that makes this play so attractive is that the reservoir sands sit directly above the mature Aptian oil source rocks which were sampled in the DSDP wells to the East of the FOGL acreage.

2012 DRLLING TARGET LOLIGO

The shallowest target alone covers an area of over 600sqkm. The Loligo prospect was first mapped in 2006 and has been re-mapped and re analysed several times since then. It is a large stratigraphic trap which is supported by a very consistent Class III AVO response on the seismic data. It is an ‘easy to map’ anomaly which stands out clearly above the background seismic responses when compared to the entire basin. In addition, it sits directly above an old high which used to separate the Southern basin (Fitzroy sub-basin) from the Northern basin (Volunteer sub-basin). This old high seems to be acting as a focus for hydrocarbon migration from deeply buried source rocks in each of the sub basins.

Beneath the southern part of Loligo several other prospects within the Tertiary Channel play, overlap and may be penetrated by one carefully located well. The deeper prospects (each covering an area similar to Loligo) have been called Trigg and the Three Bears. Together these prospects are called the Loligo Complex. The prospective resources (recoverable oil) associated with the Loligo complex, are in excess of 4 billion bbls of oil or over 25tcf of gas.




FOGL is focused exclusively on offshore oil and gas exploration in the Falkland Islands.

We are pursuing an aggressive exploration programme that could lead to the development of a new petroleum province in the South Atlantic. The joint venture operations have now moved into the drilling phase.
•
Most prospects in 2,000 – 4,500 feet water depth (610 – 1372m)

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Target horizons: 6,000 – 13,000 feet below sea bed lever (1829 – 3962m)

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Falklands weather is similar to West of Shetland

•
Remote location but there were no major issues during 1998 drilling campaign

•
Anchored semi-submersible or drillship for exploration drilling

•
Tried and tested technology for developments



Falkland Oil and Gas Limited Licence area.




FINANCIAL SUMMARY http://www.fogl.com/fogl/en/Investors/performance

FOGL HOME http://www.fogl.com/fogl/en/home

http://www.stockopedia.co.uk/content/falkland-oil-and-gas-2012-its-time-63024/

Yes, North Sea shines while the Falklands falter.

Exploration Update
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.

Highlights
Site Survey for FOGL's 100% owned southern licences to commence in H1 2011

1,300km of 2D seismic may also be acquired to assist with prospect definition and selection of drilling locations

Negotiations are currently underway with respect to securing a suitable deep-water rig for drilling in FOGL's acreage

Analysis of Toroa results shows no adverse implications for FOGL's deepwater prospects.

Analysis of Toroa results shows no adverse implications for FOGL's deepwater prospects ....... didn't exactly enhance them, that's for sure!

Falkland Oil & Gas (LON:FOGL), the exploration company operating in the Falkland Islands, has set out its plans to begin work again following the disappointment last July of a dry well drilled on the Toroa prospect. The company said it was set to carry out a site survey of its 100% owned southern licences during the first half of this year and may conduct a 1,300km 2D seismic survey in order to help it identify new prospects. Negotiations are understood to be underway over contracting a deepwater rig ahead of further exploration drilling.

The move is important to FOGL because its original 51% partner on the southern licences BHP Billiton (LON:BLT), withdrew from the second phase of commitments in the aftermath of the Toroa well. FOGL also holds a 49% interest in licences collectively referred to as the northern licences in which BHP still holds 51% and is operator. Shares in the company surged to 243.5p ahead of Toroa but collapsed to 95.5p soon afterwards. Today the Falkland Oil and Gas share price rose by 2.9% to 98.5p.

FOGL is now planning to start a site survey programme in late February in which a vessel will undertake surveys on a number of separate sites including Vinson, in the Tertiary channel play, and a prospect within the mid Cretaceous fan play that will be selected on the basis of work currently being undertaken. The company is also considering a site survey on Inflexible, a Springhill fault-block and Undine, a prospect in the Tertiary fold-belt play. These prospects are similar to those that FOGLs fellow Falklands oil explorer Borders & Southern Petroleum (LON:BOR) intends to drill later this year. One of the aims of the site survey programme is to develop options to drill such prospects in the event that Borders & Southern has encouraging drilling results. In addition the company may elect to acquire up to 1,300 km of new 2D seismic data, using the same vessel. This data will assist with prospect definition and aid the selection of drilling locations.

FOGLs Toroa F61/5-1 exploration well was drilled to a total depth of 2476 metres but did not encounter any reservoired hydrocarbons and was plugged and abandoned. In todays update, the company offered a detailed assessment of why the well location was originally selected and why the well ultimately failed. In essence, the main risk ahead of drilling was uncertainty surrounding the integrity of the oil trap that was being targeted. FOGLs post-drill analysis suggests that Toroa had no lateral seal to trap migrating hydrocarbons. The company insisted that the results of the Toroa well would no negative impact on the plays and prospects in the deepwater area of its licences.

Tim Bushell, the chief executive of FOGL, said: The Toroa exploration well was the first well in a previously undrilled frontier basin and although the outcome was disappointing the full analysis of the data has provided encouragement. The mid Cretaceous and Tertiary plays are entirely unaffected by the result and we are pursuing these in 2011. As such we have decided to undertake further site surveys in the now 100% owned southern licence area. In the meantime, we continue to work to secure a suitable deepwater rig and negotiations are currently underway.

Anyone want a bag of coal,worse than Desire with updates

StockMarketWire.com
Pre-tax losses at Falkland Oil and Gas Ltd fell to $3.7m in the year to the end of December - down from $5.5m last time.

The firm said it invested $21.8m in its exploration programme in 2010 - up from 12.9m the year before - including $19.7m to drill the Toroa well.

The well - the first to be drilled in the East Falklands Basin - was completed on budget and without incidents but did not encounter hydrocarbons and was plugged and abandoned.

Chairman Richard Liddell said: "2010 was a landmark year for FOGL in which we drilled our first well.

"Our focus is now on securing a suitable deep water rig to enable us to drill the large prospects we have identified in the deep water areas of our licences.

"Rig contract negotiations are at an advanced stage and we will make a further announcement when appropriate.

"Meanwhile, we have commenced further work in order to broaden the range of potential targets for the deep water drilling programme."

Still need that letter of intent

Flash note fox Davies

Falkland Oil & Gas (BUY, 2.50) (FOGL, 77.25p, ▼ (1.58%)) published final results for the twelve months ended 31 December 2010. After an unsuccessful first exploration well in 2010, the focus now is on securing a suitable deep water rig to enable us to drill the large prospects we have identified in the deep water areas of our licences. Rig contract negotiations are at an advanced stage and we will make a further announcement when appropriate. Meanwhile, the Company has commenced further work in order to broaden the range of potential targets for the deep water drilling programme.

RNS Number : 9855D

Falkland Oil and Gas Limited

31 March 2011






31 March 2011



Falkland Oil and Gas Limited

("FOGL" or "the Company")



Operational Update



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.



Rig contract close to finalisation

Further to our announcement on 15 March, the company is close to finalising a rig contract for its deep water exploration programme.



Changes to licence arrangements

On 30 March 2011 FOGL signed a binding Heads of Agreement with our joint venture partner, BHP Billiton that provides for the exit of BHP Billiton from the Northern licence area once certain conditions have been satisfied, including approval of the Falkland Islands Government to both the assignment of BHP Billiton's 51% interest and transfer of operatorship to FOGL.



In relation to this withdrawal BHP Billiton will contribute towards the costs of drilling the Loligo well, by placing funds in an escrow account. The funds are to be drawn by FOGL against the costs of drilling the Loligo well. In the event that the Loligo well encounters hydrocarbons, BHP Billiton will have the option to back in to the Loligo development area only, for a maximum 40% non-operating interest in the discovery, in return for making a cash contribution to FOGL's future exploration and appraisal costs. Such a reassignment of interests will also be subject to approval by the Falkland Islands Government.



The settlement with BHP Billiton will, together with other funds available to FOGL, provide FOGL with total cash resources of US$110 million. These cash resources will be sufficient to fund the Loligo well, other exploration expenditures and allow the Company to fulfil the Phase 1 work commitment of the Northern licence area.



Operations

FOGL is also considering additional drilling options. The site survey programme is progressing well, with surveys already completed on three locations. FOGL is considering the most appropriate means of financing and advancing these options and is in discussion with several parties that are interested in farming in to our licences.



Tim Bushell, Chief Executive of FOGL, said:



"We are pleased to have made good progress in our rig contract negotiations and to have reached an amicable agreement with our joint venture partner that gives FOGL control over its deepwater exploration programme, commencing with the drilling of the Loligo prospect".

Raising funds at 70p a share... not looking good.

Proactive Investor Article.


Good write up.

http://www.proactiveinvestors.co.uk/companies/news/27504/falkland-oil-gas-bullish-analysts-eye-big-potential-ahead-of-loligo-drilling-27504.html

StockMarketWire.com
Falkland Oil and Gas Ltd has signed contracts with Borders & Southern Petroleum and Ocean Rig 1 for two firm drilling slots using the 'Leiv Eiriksson' rig.

The rig is expected to arrive in the Falkland Islands in the fourth quarter.

FOGL expects to access the rig for the third and fourth slots in the combined programme with B&S and to start drilling in the first quarter of 2012.

The company is currently funded for a deep well on Loligo, a prospect within the Tertiary Channel play which has estimated Pmean reserves of 4,700 mmbbls.

The well will have an estimated duration of 50 days.

Based on its latest cost estimates and assumptions, the company also has sufficient funds for a second well on either Loligo, as an appraisal well, or on one of the other high ranked prospects such as Nimrod, Vinson or Inflexible.

CEO Tim Bushell said: "We are delighted to have secured the 'Leiv Eiriksson' which, together with the successful completion of the placing, positions us to drill two wells commencing in Q1 2012."

By the time any oil is produced from the FI, many humans will be using donkeys and carts ,
and the IC engine will be banned, only solar powered vehicles being allowed

So go 'long' animal feed & solar panels?

Solar panels not so good (I hold PVCS)!

So just long carrots then?

Preferably 24 carrot (sic).

No diced carrots please!

StockMarketWire.com
Falkland Oil and Gas Ltd has issued an operational update ahead of its annual general meeting.

CEO Tim Bushell said: "Since becoming operator and 100% owner of our licences on 31 March, we have secured a suitable rig, put in place funding for a two well programme and have established an experienced drilling management team.

"We have also accelerated all the other required work streams in preparation for our drilling programme which is expected to commence in the first quarter of 2012."

On 19 May FOGL announced that it had entered into an assignment agreement with Borders & Southern Petroleum and Ocean Rig 1 Inc to contract the 'Leiv Eiriksson' for two firm drilling slots.

The rig is currently expected to arrive in the Falkland Islands in the fourth quarter of 2011.

FOGL will utilise the third and fourth slots in the combined B&S and FOGL programme and expects to commence drilling in the first quarter of 2012. FOGL says it has made significant progress in establishing a strong and experienced drilling team managed by Dave MacKay, who has been appointed drilling manager.

He has over 29 years of international drilling experience and is a specialist in deepwater drilling having worked for the last 12 years for BHP Billiton.

Mike Thomas has joined as operations manager and he has over 30 years of oil industry experience with Clyde Petroleum, Paladin Resources and most recently was COO for Dominion Petroleum.

FOGL said that on 24 May, the Executive Council of the Falkland Islands approved the withdrawal of BHP Billiton from the northern licence area and transfer of operatorship to FOGL.

It also approved a six month extension of Phase 1 of the northern licence area from 15 December to 15 June 2012.

This extension requires the final approval of the British Foreign and Commonwealth Office, which is expected shortly. FOGL is required to make a mandatory relinquishment of 20% of the northern licence area at the end of 2011 as required under the existing licence terms.

The second phase of the Northern licence area does not expire until 15 December 2015 and carries the obligation to drill a single exploration well. FOGL has already entered phase 2 of the southern licence area and no further relinquishment is required.

FOGL says the latest site survey programme has now been completed.

A total of five site surveys were completed on the following prospects: Inflexible, Vinson, Scotia, Hero and Loligo.

The site survey on Loligo was the fourth site surveyed on this prospect following three previous site surveys conducted in 2009. Having a range of sites on Loligo will enable us to determine the location of the initial exploration well and also, in the event of encouraging results, potential appraisal drilling sites.

Separately, FOGL is planning to acquire some additional focussed 2D seismic over the Scotia and Hero prospects.

This data will be used to fine tune the location of an exploration well on either of these two prospects.

FOGL is currently in early stage discussions with several parties who have expressed an interest in participating in our exploration drilling programme.

The company does not however anticipate concluding any farmout agreement until later this year.

KeywordCompanyEPIC/TIDMSEDOL/ISIN Print Thursday 09 June, 2011Falkland Oil and Gas
Result of AGM
RNS Number : 1446I
Falkland Oil and Gas Limited
09 June 2011





Wednesday 9 June 2011



Falkland Oil and Gas Limited

("FOGL" or "the Company")



Result of Annual General Meeting



FOGL, the oil and gas exploration company, held its AGM yesterday and can confirm that all resolutions were duly passed.



Enquiries:



Falkland Oil and Gas
+44 (0) 207 563 1260

Tim Bushell, Chief Executive





Oriel (Nominated Advisor)
+44 (0) 207 710 7600

David Arch





Financial Dynamics
+44 (0) 207 831 3113

Ben Brewerton / Ed Westropp






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

They only have enough money for one drill,hence the cap will be doing the rounds.