.

I'm waiting for the bounce.............lol

Where's Miss P's £24/share?

One slightly bizarre detail is that the spud RNS was issued on the 6th Aug 2012, with an expected TD time of approx 60 days, yet today's RNS says that TD should be within the next 24 hrs. Not quite sure how they can now be 5 days behind schedule?

The EIS states drilling operations as 40 to 45 days.

60 operational days is total time to set up, spud, drill, log and P&A the well and start the rig move.

Yes, you're right. It does say 'well operations' rather than TD.
Will be interesting to see if this turns out to be a massive bear raid or a genuine bad news RNS. Will hold my stock for now as not too exposed here.

could well [pun] be a a massive bear raid , but i have reduced my holding at a 25% loss.

What would be the upside if they strike oil/gas ?

Still don't understand why this release...in response to what or why...market speculation ???....the sp has not done anything unusual...so why ?....might has well have waited to results are known...... not happy about this because it is neither one nor the other...

Three Bears (bottom target) is P50 of 1.588 Billion recoverable barrels of which FOGL has 75%.

Thats a good 4 times bigger than Sea Lion for RKH.

ALWAYS ASSUMING THEY FIND ANYTHING AT ALL!!!!!!!!!!!!!!!!

Thats right, assuming they do find anything at all... With all those shares Pro you must be feeling rather sick right now, having your unrealised profits slashed by some 50%.

And there was me thinking it'd just dip below 78p this afternoon, dream on!

looks like Fu..lands oil today.
Why did u sell?

At this rate it will be back above 78p by tomorrow afternoon!

me? for the reason stated

What on earth are we to deduce from this:

"No abnormal pressures have been encountered during the drilling of the well and all operations have been conducted without issue."

At best all that can be expected is a trace of oil or gas but nothing commercial, might as well have announced a duster.... Thats how I'm reading this.

From SB on TMF.


............I recall the sequence of events as DES announcing oil AFTER logging but BEFORE sampling. What looked like oil on the logs was actually very fresh water due to the lacustrine depositional environment. Can't blame FOGL for being cautious and saying nowt until both logging and sampling is complete.

I see nothing in the RNS that could lead one to lean one way or the other. The statement about pressure, says nothing about the likelihood of oil or gas being found, it just means the area is normally pressured, which is good news. (IMHO)

Time line as I see it is:

Finish drilling tomorrow Tues, then wiper trip and circulate to clean all cuttings out, and pull out of hole.

Start logging Tues night.
Have all open hole logs done Wed night.
Wiper trip to condition hole for Fluid sampling
Start fluid sampling Thursday. Quite short if not much found in the way of hydrocarbons, but would probably want a sample of conate water even in the event of a duster since it is a new area Could be as long as 3 days if good hydrocarbon zones found.
Condition hole again and take Vertical seismic profile, then sidewall cores.

Once any fluid sampling is complete they will be in position to make an announcement, but they will "know" (well, 99%) as soon as they see the first logging run results...................

At the end of June, Falkland Oil & Gas said it had $220m of cash on its books. More importantly, when its current drilling programme is completed, and assuming there are no material overruns, it expects to have around $200m (approx £125m) remaining.

£125m / 320m shares in issue is 39p, shares currently trading at 68p so 29p per share is the premium associated with the current drilling programme call it risked if you wish.

Looks to me like the market is calling this a duster and places a 29p per share premium on the second drill prospect....

a lot of heavy bear closing at the end, but clearly just precautionary

cynic your "friend" PP has gone very quiet, are we awaiting another Falklands burst bubble?