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.
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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

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

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Anchored semi-submersible or drillship for exploration drilling

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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/

Just to clarify this, I am not moaning. I am asking a direct question, giving you my reasons for preferring to continue with the current boards and suggesting that this 'Clean up' operation is more about your ego than efficiency. Deal with it.

I c we have a new ramping thread done by Pro......FOGL only have cash for one or two holes tops chances are very slim.

So as to not takes sides in a personality dig, I will stick to my view of needing and the use of a new thread.

I for one can't see the point of a new thread. Yes it does take a couple of split second to scroll down, but as there are very good (and a few bad) posters here I can't see any reason for a second thread.
The only time I can see any point of a new thread is if a thread has been taken over by idiots, something I don't think has occurred here.

Still if someone starts a double thread, thats up to them.
It is also up to me which one I follow.
From my previous comments, it should be obvious which one I will follow.

With a bit of luck the Moderators will take it down as a waste of bandwidth!

StockMarketWire.com
Falkland Oil and Gas (FOGL), the exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, has signed a contract for the Leiv Eiriksson drilling rig for two firm slots in the first half of 2012.

In its interim results for the six months ended 30 June 2011 it says that the operations and remaining 51% equity in Northern Licence Area has been assigned back to FOGL by BHP Billiton together with a significant cash settlement.

The company has completed the site survey and 2D seismic programme.

An equity placing raised $51.8m. before expenses. There was a cash balance of $110.6m. at the end of June (2010: $80.4m). Current available funds, including the BHPB settlement, is $150.6m.

Richard Liddell, Chairman of FOGL, said: "We made good progress during the first half of 2011, during which we negotiated the exit of BHPB from our licences and regained complete control and operatorship of our licence areas while also securing a significant cash payment from BHPB.

"This was an excellent outcome, which has enabled us to drive forward with the most important phase of our exploration programme. In addition, we successfully raised $51.8m. through a share placing, which, combined with existing cash resources and BHPB's payment, leaves us in a strong financial position to drill two wells in 2012.

"We also signed a rig contract and expect drilling to commence with the Loligo well in the first quarter of 2012. In addition, a number of other prospects have been selected and prioritised as possible targets for the second well in the programme."

They need to drill a lot more than two prospects to be with in as chance of finding oil so the begging bowel will be doing the rounds at some point or a very rich partner.

"A begging bowel"..!!!!! Presumably that will be a potty??? ;o)

Oriel Securities analyst Richard Rose reckons Falkland Oil & Gas (LON:FOGL) shares will perform well over the next six months as the anticipation grows for the groups first well in the Falklands early next year. The analyst repeated a buy recommendation on the stock after the groups interim results were released today.

With the BOR news today i would think FOGL will not get the rig for another 9 months so can only see further downside in the share price.

Operational Update and Investor Presentation
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, has today posted a new investor presentation on its website (www.fogl.com) and provides an update on its operations.

The Company is awaiting the departure of the Leiv Eiriksson rig from Greenland and now expects it to arrive in the Falkland Islands in late January 2012. FOGL will have access to the rig for the third and fourth slots in the combined Borders & Southern and FOGL programme and expects to commence drilling in the second quarter of 2012 on its Loligo prospect in FOGL's Northern licence area.

Following a detailed review of its budgets and assumptions, FOGL has identified various drilling options and, based on geological, commercial and financial factors at the relevant time, the Company will decide which options to progress.

The Company remains funded to drill a well on Loligo and a second well on another Tertiary Channel target such as Nimrod or Vinson. Based on the latest projections, a second well is fully funded only in the event that a shallower well is drilled on Loligo.

The Company's current technical preference for the second well would be the Scotia prospect in the Mid Cretaceous Fan play. However, the feasibility of this option is dependent upon the Company securing additional funding and the priority of the Scotia prospect may change if information obtained from the Loligo well provides further justification for the drilling of a well on either Nimrod, Vinson, or a second well on Loligo. We may also consider drilling the Inflexible prospect if the results of the well drilled by Borders & Southern Petroleum plc ("Borders & Southern") on their Darwin prospect are encouraging.

The drilling approval process is on schedule. The environmental impact statement ("EIS") was presented at a public hearing in the Falkland Islands in September 2011 and final approval is expected by end 2011.

Well planning is also now at an advanced stage. This work is being carried out by FOGL, in conjunction with AGR Peak Well Management, and is focusing on drilling locations on Loligo, Scotia, Nimrod, Vinson and Inflexible.

The Company continues its discussions with a number of oil companies who have expressed an interest in participating in FOGL's exploration drilling programme, and a successful conclusion to these discussions would provide greater flexibility to the Company's drilling programme.

Separately, and further to the heads of Agreement signed with BHP Billiton ("BHPB") in March 2011, FOGL reports that an assignment agreement for the Northern licence area has been signed by FOGL and BHPB. This agreement has also received the approval of the Falkland Islands Governor. Whilst finalising this agreement it was agreed that BHPB would not to have the option to farm back into the Loligo development area.

StockMarketWire.com
Falkland Oil and Gas Ltd expects to start the first well on its Loligo prospect in late April or early May.

FOGL said the second well will spud on completion of Loligo.

This follows a report by Borders & Southern Petroleum that the 'Leiv Eiriksson' rig has been released by Cairn Energy from drilling operations in Greenland.

The rig is now en route to the Falkland Islands for the upcoming B&S and FOGL combined drilling programme.

CEO Tim Bushell said: "I am very pleased to note the departure of the Leiv Eiriksson from Greenland and we look forward to commencing the joint B&S and FOGL drilling programme."

Why fuckland il is down today?

Just been reading up on Red Emperor, fox Davies have on page 8 put Falklands oil and gas+ plus coal chances of hitting oil at 10% "COS"

http://www.fox-davies.com/media/471800/re_initiation_note_final.pdf

At a 10% chance very risky indeed,they only have enough money for 1 hole at moment i can see this drop further.

112,764,675 new Ordinary Shares have been conditionally placed at a price of 43 pence per share to raise £48.5 million before expenses. The Placing has not been underwritten.

Share price starting to slide now.it will take ages for those shares to be taken up.

3 guesses as to which line represents FOGL

Looks like it could fall further......no so called farm in partner now.

Come off it you lot - Pro hasn't even started ramping yet. that's bound to do the trick!

Remember this from four days ago?
Proselenes- 09 Jan 2012 17:18 - 5675 of 5688

FOGL will rise, now is the time to fill ya boots.

Just wait.......... :)

More sells than buys today so i think the sp might slip further not looking good graph wise.

Marky..That graph could be reversing now that funding is out of the way and the Rig not much more than a week away from the Falklands...hope so anyway as I bought some this morning :-)