.

There is something else that not many people are aware of : is the fact that the market cap is very low for a fully funded drilling campaign and EDF (Edison) backup.....

i happily admit that i'm not too bright and certainly do no research, but common sense tells me that all these pretty pix and fascinating (to some) analyses of same mean absolutely diddlysquat until such a time as something commercial is found ..... to place more than a pretty nominal % of one's portfolio in such a stock therefore seems to me, using common sense, as total lunacy perhaps influenced by too many magic mushrooms

Added the drilling schedule on as well to the drawing. BOP will be installed once the 20" casing is run to 719 meters below the mud line, all before the drill starts downwards into the T1 upper target.



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Goes well with the Loligo/Sea Lion rough compare of depths of drilling (below mud line/sea bed) to targets.




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Stunning news.

Noble farms in and also Loligo spuds.

Love the terms of the farm in !!!! Well done FOGL.

Roll on Loligo.


Notice - there is no talk about updates in the spud RNS - this now leaves them open to update once, or three times, or five times during the drilling and various target zones.

http://www.investegate.co.uk/Article.aspx?id=201208060700073473J

http://www.investegate.co.uk/Article.aspx?id=201208060700073302J

:)

Big news.

Firstly - FOGL will now have 40p a share left over in cash after drilling Loligo and Scotia. So the downside is now limited to 40p with 2 dusters !!! :)


...........The farm out substantially improves FOGL's financial position. In the event that the Loligo and Scotia exploration wells are drilled within budget, it is estimated that on completion of the wells the Company's cash balances will not be less than $200 million which will provide the Company with significant funds for additional exploration work. .........


Secondly, now have a big US company involved, along with Italian/French Edison (EDF).


........Charles D. Davidson, Noble Energy's Chairman and CEO, said:

"Noble Energy is looking forward to working with FOGL and Edison in this new exploration joint venture. After careful study, we believe this region is very consistent with our new ventures exploration strategy of entering regions that provide prospects that are not only material in size, but also where initial success can de-risk subsequent opportunities. In this particular case we have already identified numerous oil leads on 2D data with an unrisked gross resource potential exceeding 6 billion barrels of oil. Once completed, this transaction will increase our worldwide leasehold by over 70 percent gross and 40 percent net."

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.

Yes the only way they could have achieved a better deal would've been if someone had given them free money;D).

Thats how i read it too Prose regarding to any updates..

I must admit that I also find Cynics continued sniping of Proselenes a tad annoying.
Although I agree that Proselenes's volume of posts can be somewhat overwhelming, he does as has been said, a huge amount of research which you can take or leave.
I always do research and check facts, so I tend to take a higher percentage of his facts, opinions as right with a small minority wrong.
I do find it difficult to put credibility on a poster who only uses common sense, but in their own words, no research.
Whilst common sense is hugely important, how can that alone be sufficient, as without research whilst you can point out many obvious errors or outlandish statements, you can't justifiably pick posts to bit.

So come on Cynic, please back up your comments with facts or/and well argued opinions, (I have seen you do so on other threads) then I am sure others as well as myself will be more likely to give weight to your views.

Of course, when you own shares you tend to ramp them, but as long as you attempt credibility, then I cant see a problem, after all would you expect a holder to take the sp down.

as i have frequently said, i read (some of) the research of others, and then pick and choose while trying to apply at least a reasonable portion of common sense

for my part, i find it a tad annoying that some posters think it is imperative to put at high risk a substantial sum at what they think are basement levels - all too often that basement will fall into an abyss anyway - on the basis of hype and total hypothesis

i have long said that i hold a modest number of FOGL, which 10 days ago was double that

"It is anticipated that the well operations will be around 60 days".....so am expecting the sp to drift sub 60p.

Wrong Harry imo, at least 2 if not 3 drilling updates during that 60 days imo.

We'll see, but august is a poor trading month and the 'splash & dash' punters will move on to other more tradeable stocks until TD approaches, imo.

First target is very shallow, being T1 and second is also shallow. Half the depth of Sea Lion Main in terms of drilling from Sea Bed/Mud Line.


Could be /rumours/news in 2.5 to 3 weeks imo on the first upper targets.



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Mr P, read your post #1116. There is no hint, suggestion or intimation in the spud RNS that each level will prompt a further RNS, yet you imply that there may be. But of course you managed to cover all options with enough wriggle room if necessary! ;o)

surely harry is not trying to insert a bit of common sense into this heavily hyped thread?

a caution for those who think that finding LNG will be a commercial hit ....

Australia's giant liquefied natural gas (LNG) projects could be delayed or cancelled because of their spiralling costs, analysts have warned. A pipeline of $200bn worth of LNG projects has been sanctioned that, if built as planned over the next five years, would turn Australia into one of the world's biggest gas exporters. But soaring wages and construction costs, as well as a strong Australian dollar, have made the hugely complex projects even more challenging. Chevron said ten days ago that it was reviewing the costs of its Gorgon LNG scheme, Australia's biggest resource project in which Shell has a 25% stake. When the American energy company gave it the go-ahead almost three years ago, costs were estimated at $37bn, but a senior executive told The Times of industry speculation that put the final cost at $100bn. Chevron will provide details about the revised costs towards the end of the year.

cynic - what has Australia's problems of high wage costs, very strong Ozzie Dollar etc... got to do with the Falklands.

It is well known that this could be delayed (most have been expecting the Oz project to get delayed for over a year now), and if it is then in 2016 the world is short of LNG.

This news would actually make any Loligo gas find likely be fast tracked to production, as the world is soon to be short of LNG. Edison part own an LNG plant and have total expertise in this - perfect partner.

Your words of caution are in fact excellent news for any multi-TCF gas discovery at Loligo - if Oz goes backwards then other projects are urgently needed worldwide to fill the coming shortfall in LNG.

our own little biz has a fair interest in LNG, and i confess i'm not sure what impact this might have on our own small niche ..... on the one hand, it is clear that setting up the structure is hugely more complex and expensive than imagined ..... on the other hand, if the structure is already in place, then arguably, the removable of a potential key supplier may boost the value of that resource

as it stands, there is no indication at all that there is a worldwide shortage of LNG ..... however, there is a very strong case for promoting LNG as a very important power source of the future

of course, at time of writing, FI is neither a source of LNG in remotely commercial quantities nor most assuredly does it have the structure for distributing same should large volumes be discovered

all a bit simplified i know, but then i'm a very simple country boy whom some say has been known to rake for the moon in his local pond

I can confirm that!!!.,.

Emu knows! ..... it's not just the wiltshire boys who are sucked into such activities ..... others have also bought the hype!

Like I said : market cap far too low for the huge possible upside plus partners and cash balance !...