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http://www.thisislondon.co.uk/business/business-news/falklands-boss-were-awash-with-cash-7643310.html

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From todays Times ( http://www.thetimes.co.uk )


Explorer dismisses Falklands oil threats

Falkland Oil & Gas’s pre-tax losses for the year to December 31, 2011, rose from $3.7 million to $6.6 million amid a rise in financing costs

Ken Ardill Tim Webb Published at 1201AM, April 14 2012 The Times

Argentinian threats against companies involved in the Falkland Islands have no legal grounds, according to an AIM-listed oil explorer about to start drilling there.

Tim Bushell, the chief executive of Falkland Oil and Gas, said that international law did not support threats from Buenos Aires to sue oil companies operating in the Falklands and the banks helping them. Having sought legal advice on the issue, he said there was “nothing they can do.“What actions can they take? Unless you have got assets in Argentina which could be seized, there is nothing under international law which they can use. It’s outside their jurisdiction.”

Last month, Argentina’s Embassy in London sent letters to as many as 15 banks, thought to include Royal Bank of Scotland, Barclays and Goldman Sachs. They were warned that they faced criminal and civil action in the Argentine courts for advising Falkland oil explorers or even if their analysts wrote research reports about them.Falkland Oil & Gas will drill the first of two deepwater wells in June off the largely unexplored south coast of the islands.

The first well, at 4,756ft, is a similar depth to BP’s doomed well in the Gulf of Mexico. It is much deeper than the 1,500ft well drilled in 2010 by Rockhopper Exploration — named after a native species of penguin — in the northern basin for its Sea Lion prospect, the islands’ first commercial discovery. The 450 million barrel find raised other explorers’ hopes that they would enjoy similar success.

The company still hopes to raise $250 million (£158 million) by selling a quarter of its prospect. An unnamed partner has bought an option over the stake but had to delay completion owing to a “corporate situation”.

Mr Bushell insisted that the hitch was nothing to do with Argentina’s legal threats. “We have no expectations over major problems with partners,” he said.

Falkland Oil & Gas’s pre-tax losses for the year to December 31, 2011, rose from $3.7 million to $6.6 million amid a rise in financing costs. Its shares closed up 3 per cent at 68½p


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http://www.bloomberg.com/news/2012-04-14/argentina-s-falkland-oil-threats-are-groundless-times-reports.html

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Nice :)

http://www.aljazeera.com/news/americas/2012/04/201241517107911574.html

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What a great slap in the face for Kirchner, mind you she looks as if she has had a few already.
Whenever I see her, the saying, 'Like a butchers dog chewing a wasp' always springs to mind!

I bet she is already discussing with her government, how they can go about seizing the assets of all those that attended the summit.

Can't wait for her memoirs to come out, 'I did it my way' or as thats already taken, 'The Kirchner diplomatic handbook'
Perhaps in years to come, there could be a TV Sitcom.

She just never learns, does she!

Someone earlier was asking why William Hague was keeping quiet lately, but why risk opening your mouth if the other person continues to shoot themselves in the foot (or in Kirchner's case, both feet).
Give her a few more days and she will become even more isolated.

FOGL will rise even if BOR don't discover a large amount of hydrocarbons...a small discovery...10 to 20 million barrels, I reckon would still send FOGL higher because a working petroleum system will be in place...and if by chance or whatever BOR do hit the jackpot.....heaven knows what these sp's will do then....

A few 100K buy orders lined up on the bid side of FOGL and BOR.

Wonder what that means ? ;)

Lots of chatter about oil find on top of gas find (actually gas on top of oil for those being pedantic) for BOR.

Either is good for FOGL as it proves a working hydrocarbon system in the South Falklands Basin and removes a wedge of risk for FOGL's prospects.

If we get the BOR RNS out before the FOGL farm in news - it makes the farm in much more valuable for FOGL as the farm in partner pays the same money but gets only 12.5% of the Southern licenses.

Nice.........

Something must have leaked out, and I don't mean oil.

I made this earlier to show FOGL follow on wells that would be derisked by success of the 4 wells (2 BOR and 2 FOGL) planned this year.




You can see that success at Darwin unlocks a lot of potential barrels into play for FOGL.

Nice close.

Amazing day.

http://www.dailymail.co.uk/money/markets/article-2131749/MARKET-REPORT-Oil-explorer-Borders--Southern-hits-Falklands-Islands-jackpot.html

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http://www.thesun.co.uk/sol/homepage/news/money/article4265337.ece

Falklands phwoar

HOPES of more black gold being discovered off the Falklands sent shares in an oil minnow soaring 55 per cent last night.

BORDERS & SOUTHERN was forced to play down talk it had made a strike south of the islands — as excited investors piled in.

But a spokesman refused to rule out success at the company’s “Darwin” field. Sources in the Falklands claimed the company HAD made a bumper discovery but was currently evaluating its size and scale.

A crew change on Borders’ rig two days ago is thought to have seen workers returning to Port Stanley fuelling rumours that have been fizzing around the internet.

One analyst conceded amid the confusion: “I guess it’s just speculation as to a positive result.” Borders’ share price soared 38.50p to 108. FALKLANDS OIL & GAS, which has interests close to the Borders field, climbed 24.25p to 93.

...........Broker Panmure Gordon has forecast that should Borders & Southern announce a large oil discovery at its Darwin prospect in the Falkland Islands its share price could rocket to 435p, while other industry experts suggested £5 a share would be a possibility............

Read more: http://www.thisismoney.co.uk/money/markets/article-2131749/MARKET-REPORT-Oil-explorer-Borders--Southern-hits-Falklands-Islands-jackpot.html#ixzz1sSeGcKyW

interestingly (and factually!), the order book for BOR is quite even, slightly in favour of bids, whereas that for FOGL shows 3x bid to offer

Were you getting your FKL's & FOGL's mixed up in the excitement Mr C? ;o)

86p looks a better buy than 96p cyners.,.

no shit sherlock :-)