.

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?

I see one of the supply boats is on its way back to the FI

http://www.youtube.com/watch?v=7odAbL3Ygts&feature=youtu.be

I got a few more late yesterday and will buy more again today as there should be a bit of a drop all around AIM.

for "bit" read "massive" and "bloodbath"

I'm not into buying anything anymore....to do so : I would have to take big losses on others......will just wait....don't need any more FOGL.....have perhaps too many as it is....badly need a market recovery....dire to say the least !.

http://www.lse.co.uk/FinanceNews.asp?ArticleCode=ubkeag0zx64zxbc&ArticleHeadline=BRIEFRESEARCH_ALERTMerchant_securities_starts_Falkland_Oil_And_Gas_with_buy

Starts coverage with a Buy rating and target price is 400p (pre drilling results).

I lied earlier.....(didn't meant to)......sold most of what was left of BOR and bought some more FOGL at the knocked down price.....now just a foothold in BOR and way overweight on FOGL.......fingers crossed....not bought so many since GKP early days.....if BOR strike FOGL go up...if they don't I agree with a FOGL rise with Loligo looking like a fabulous target !....so FOGL should rise as well....

Might get several updates as we drill deeper and deeper with Falklands oil and gas as they are targeting several reservoirs I gather....make it a bit more interesting...

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=20107756

Broker snap: Merchant Secs initiates Falkland Oil at buy
Fri 18 May 2012

FOGL - Falkland Oil & Gas Ltd.


................ LONDON (SHARECAST) - In a research note issued this morning analysts at Merchant Securities initiate coverage of Falklands Oil and Gas with a buy recommendation and a 400p price target.

For them this company, “holds the best exploration acreage in the Falkland Islands because its prospects are larger than elsewhere, yet we believe the exploration risks are not greater than elsewhere in the region.”

More specifically, they believe that the Loligo prospect is likely to be a condensate prospect, just as the Borders & Southern discovery at Darwin was a condensate discovery. They have modelled the prospect based on their estimate that, if successful, it could produce 2.0bn barrels of condensate, which compares to FOGL’s estimate of 4.7bn barrels of oil equivalent. Loligo is likely to commence drilling around the end of June or early July 2012 with results announced about 8 weeks later.

As well, they anticipate a ‘pre-drill catalyst’ in that they expect that prior to drilling Loligo the company will farm out 25% of its licence areas to a currently undisclosed party pursuant to a farm-in option agreement. FOGL would receive $60m in cash if the option is exercised in accordance with the base case of the agreement...........