.

http://www.irishtimes.com/newspaper/world/2012/0327/1224313954479.html

.

http://epetitions.direct.gov.uk/petitions/31848

.

Well, late next week is the first time there could be potential rumours as the drill bit could enter into the upper of the target zone at Darwin for BOR. Should be entering either late next week or early the week after, and so the fun begins.

From the Telegraph:

FALKLAND OIL AND GAS

Market cap: £206m

Described by one analyst as the “sleeping giant” of the frontier exploration companies on Aim, its giant Loligo prospect will be its first target

you might care to put that in the context of the rest of the article

The article is more to do with RKH and their immediate plans, which, as I expected, are not rushing along...........

FOGL has farm out interested and RKH........well, not - as I expected.

the article was actually entirely to do with the political threat from argentina, real or imagined ..... the insert listed the various FI oilies with a brief resume on each with market cap and prospects

Have a read of MRQ magazine...big article on the Falklands.

shall do ... i have it on my desk at the office ..... btw, i think the argentian so-called threat is little more than political shop-front window-dressing for the benefit of the argie voters ..... no way will argentina take up arms, but all this posturing has to be taken seriously and answered, dull and time-wasting as it is

Looks like they are getting ready for some major oil finds in the South... LOL ;)

http://www.telegraph.co.uk/news/9180967/Parachute-Regiment-to-return-to-Falklands-for-first-time-in-30-years.html

.

Cairn have just completed some corporate action, buying Agora Oil and Gas.

Is it therefore Cairn who fill farm into FOGL's licenses ?

From the farmout RNS

............For corporate reasons unconnected with the proposed farmout, the counterparty is unable to execute the FOA/JOA at this time, but expects to be able to do so within the next two months and prior to the commencement of FOGL's drilling programme............


Given the Cairn purchase of Agora includes cash and shares then yes, that is a corporate reason for being unable to enter into the FOA/JOA until that purchase was completed. So I would suggest Cairn now moves to favourite to be the one to farm in.

http://www.thisislondon.co.uk/business/business-news/falklands-tycoon-laughs-off-argentine-threats-7618602.html

.

Perking up, getting ready for next week. Should see loads of buying of BOR and FOGL next week.

I am guessing the timing of the 20th March Farm Out Potential RNS was done because on the 21st of March there was a meeting of the FIG, where one of the topics was an add on to the FOGL drilling program.

http://www.epd.gov.fk/wp-content/uploads/1.0%20March%20agenda%20front%20page.pdf


So given the change was likely, imo, the application to drill a 3rd well, if the farm out goes ahead, its why they RNS'd on the 20th March.

The farm out means FOGL can :

Drill 3 wells and do a 3D seismic study starting Q4 and still, after all that is paid for, including demob costs - have well over 100 million US$ in the bank - therefore meaning there is no need for any fund raising until the 3D is complete in 2013 and a new CPR is done.

If FOGL only drill 2 wells and do 3D in Q4 they will end up with nearly 150 million US$ cash in the bank as they issue their CPR in 2013, meaning they could fund another 2 wells in later 2013 with their farm in partner without the need for any further fund raising.

A very nice position to be in, and lets hope the farm out going ahead news is coming very soon.

And worst case would therefore be, Loligo and Scotia both fail - FOGL give up and do no 3D, they would have circa 195 million US$ cash at the end of drilling 2 wells and could return to shareholders. 195 million US$ = 38p a share cash left over if the farm in goes ahead and FOGL drill only 2 wells and fail on both.

It means therefore you could be looking at 5000% or more gains - or worst case cash in bank value and fall of less than 50% from todays buy in price.

50% down to cash leftover value if both wells fail or 5000% or more up - those odds do like mightily attractive - perhaps why I am so long in FOGL.

Anf if Borders come up dry with the two next wells...swap everything over into FOGL....so many prospects.....and who knows, BOR might just strike it lucky....best to have more FOGL than BOR...that's for sure at the present moment....

or neither until bor results are known and not just rumoured or worse, BB 3rd-hand hype and rubbish from other sites

http://www.oilgasmonitor.com/falkland-islands-oil-gas-exploration%E2%80%99s-newest-frontier/1714/

.

Any rumours anybody ?.....