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Up still the same.....if normal market conditions returned : we would be way above 100p by now !....

Nice sharp rise......just as I like it !.....like a breath of fresh air this one.....!...

Confirmation that ONGL was not the confirmed 25% farm in partner......but another one who was looking for 35%.

http://www.thehindu.com/business/Industry/article3425773.ece

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I dropped DES in favour of more FOGL....perhaps I have too many of these.....fingers crossed for more discoveries.....

rf what discoveries?

Gas .....Hali....with BOR......Loligo might have trillions of cubic feet...and if the reservoir targets have oil.....it would be sensational.....

rf its all if if if.....

With wildcats : it is but there is a confirmed working petroleum system here, so there is a big chance of something being found and the seismic confirms it.....

rf so far tens of millions spent on drilling result no commercial oil or gas where to from now? perhaps the Indians know better by telling ONGC to steer clear.

Hang on.....the condensate might be in commercial quantity for BOR...we don't know yet.....but it looks that way......you cannot go by any report from India.....

rf why is it going to take months to analyse gas condensate .... they are buying time.

Possibly...to me this is too early days.....3 wells to go...perhaps a fourth.....there are numerous prospects.....so big chances of a strike....and the prospects FOGL are going to target are closer to Sealion than Darwin......Loligo is nowhere near Darwin or Stebbing.....150 miles away !......too far away to be remotely associated....

rf chance is a fine thing but fact is a better bet.

True......but in that case you buy Shell or a big boy and watch it go up or down by a minimal percentage.....perhaps I'm too much of a risk taker....but if it does come right.....anyway...weeks of drilling and we shall see what Stebbing brings.....Prosels suggests oil...I'll believe it when I see it....but FOGL does have some superb targets...check out their presentation in pdf form available to print out from their website.....

http://en.mercopress.com/2012/05/16/indian-oil-and-gas-company-desists-from-falklands-exploration-partnership

Indian oil and gas company desists from Falklands’ exploration partnership
After having to abandon its oil and gas assets quest in Vietnam off the South China Sea India has asked ONGC Videsh Limited (OVL) not to go ahead with its acquisition of hydrocarbon assets located in deep water in Falkland Islands

If the reason ONGC are no longer interested in a farm-in with FOGL is due to the political situation between UK and Argentina, the question arises who might be able to get involved and not have the same concerns. Are there large oil/exploration companies which don't have any South American interests or aren't fussed? ONGC isn't exactly a front liner, and that might say something about how far the net has to be cast.

As rf says, there are superb targets and now there is a rig we may as well use it for a longer campaign if possible, and give more chances of gushers.

I am long on FOGL.

you might be surprised as to how big ONGC really is ..... it's MASSIVE and at least quasi-gov't owned (i think) ..... their reticence may be due to the loss of a large wad in vietnam as well as the economic impact of a collapsing (collapsed) rupee

cynic you are right ONGC is almost a para statal company, obviously the Indian government has told them to steer clear of the political implications of investing in the Falklands.

FOGL sp has pulled back but so has all the market....the month of may is a curse for the markets....

rf are you a buyer at this level, where have all the rampers gone, has the south atlantic bubble been burst at last?