.

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?

Firstly, the company hasn't said anything....if they have found something : they are very tight-lipped about it....I was hoping for some rumours ahead of results but....nothing....this could still come incredibly right.....the good thing is that there are no well problems....I would have thought that it would be incredibly difficult to keep any oil rumours quiet....the sp might rebound back tomorrow...

Get set for a turbulent day tomorrow! Might be worth a dabble regardless of imminent news.

What's an 'oil rumpur'? Sounds like something you rub on.

grannyboy - 09 Sep 2012 18:59 - 1507 of 1563

And like they say you have to be in it to win it!!.. Take it you're not...lmao

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Still laughing your ass off?

Hope for the sake of those who got in too deep or even at all the next RNS is more positive.

And in answer to your question, no, I wasn't in here grannyboy, nor any other wild cat oil exploration company. I prefer to invest in over-sold oil stocks with Proven Reserves, such as XEL, up 61% since I bought back in and BLVN, up 18%.

Overall my spread bet account is up over 100% since the beginning of August, none of which has been achieved by gambling on this type of stock. Not boasting, a simple fact based on simple value investing.

Cynic, the reason I mentioned CHAR was that rampers like Proselenes always quote these crazy OIP figures as if it's some kind of guarantee that oil will be found. CHAR were talking about 13 BILLION barrels from seismic which drove the share price up to 350p. So far both of their drills have come up dry, so OIP means nothing, if that makes sense?

Blackdown...it's a new kind of dance...sorry....will correct...