.

duster.

We don't know but there are several targets within this one well, the biggest being of course Loligo....and there is a hefty chance of a commercial strike whether gas or oil.....go back to the thread before the Sealion strike for RKH....same old rhetoric with plenty of doubters...and then wooossshhh...the area is vast and there are at least a dozen prospects if not more.....the chances of a find are quite good in my opinion...we already have perhaps a commercial gas condensate discovery on its own....it probably will need to be tied in with something else to be viable but not bad for a first well...FOGL is stock numer uno for me...and I have a foothold in BOR with a ratio of 9 FOGL for 1 BOR share.....we shall see...if BOR's Stebbing is a dud...I'll put the balance into FOGL....remember these wells are a long, long way apart : Loligo to Stebbing 120 miles I think if not more...but similarities in geology...as it is a marine basin...check out the pdf's on their websites....makes a great evening read...I'm almost convinced that either gas or oil awaits FOGL....the seismic shows something very large...

FOGL - Reuters interview and AGM notes.


http://af.reuters.com/article/energyOilNews/idAFL5E8GMDRA20120522?pageNumber=1&virtualBrandChannel=0


INTERVIEW-Falklands Oil sees huge potential despite Argentina noise
Tue May 22, 2012 4:25pm GMT

By Sarah Young

LONDON May 22 (Reuters) - The political noise stirred up by Argentina over the Falkland Islands will not deter big energy firms from investing in the region if there is enough oil found to make it worthwhile, said the chief executive of explorer Falkland Oil & Gas.

"It's not the politics that are stopping the companies coming in, it's the fact that no-one has yet made big, world-class discoveries," the company's chief executive Tim Bushell said in an interview with Reuters on Tuesday.

Verbal sparring over the sovereignty of the islands, which are claimed by Argentina, has gathered pace since oil was discovered in Falkland waters in 2010, with Argentina using legal threats and shipping curbs to try to disrupt exploration.

FOGL, due to drill a well off the south of the islands in less than two months, is close to finalising a deal to bring in an unnamed partner to help it explore its licences, Bushell said.

He described the group as "a listed independent" oil firm, referring to the tier of companies below the biggest international oil firms or oil majors.

"At the moment, there's no reason to suspect that it's not going to happen," Bushell said, referring to the option arrangement signed with the unnamed group in March.

Named Loligo after the squid which is fished in the area, the well could hold up to 4.7 billion barrels of oil, said Bushell, a tall, affable character, who worked on a failed campaign to find oil in the Falklands in the late 1990s.

Bushell is confident that should oil and gas be found in sufficient quantities, the politically sensitive nature of the region won't stop oil majors from investing to get the oil pumping, potentially transforming the islands, which are heavily reliant on fishing.

Another British explorer, Rockhopper, has found an oil field to the north of the Falklands and is trying to secure a partner to help fund the $2 billion development of the field, but the process is taking longer than the three months it originally guided.

"What big oil companies want is not only one big discovery, they want a big area where there's lots of follow-on so that they can go and set up a business there that's going to be there for 30 years. The southern basin could have that," he said.

Leading the charge to explore the southern Falkland basin is Borders & Southern, which made a significant discovery of gas condensate at its Darwin prospect in April, something Bushell said was a big positive for FOGL.

"We're excited about it because we have five, maybe even six things, that look just like Darwin literally across the licence boundary," he said.

Bushell shrugged off the notion that finding gas in the remote Southern Atlantic islands would be uneconomic to develop, pointing to the example of East Africa, where huge finds have been made and plans are underway to extract it.

Oil tends to be cheaper to develop in remote locations as a floating production operation can be installed and it can be more readily transported, whereas transporting gas requires the building of costly facilities to freeze the gas into liquefied natural gas.

Any further discoveries in the Falklands will likely prompt more hostility from Argentina, coming at a time when the country is intensely focused on its own resources, having nationalised oil firm YPF in a move to boost production and keep up with domestic demand. (Reporting by Sarah Young; Editing by Jon Loades-Carter)


-------------------

AGM notes thanks to faldiz on III


........There were 4 or so people I recognised at the AGM, and then may add their own notes. Here are the bits that interested me.

DARWIN
Good result. Proves Aptian working HC system. Game on for exploration. Possibly also a Jurassic source.

Likely to be 2-3 TCF of gas, 2 - 300m barrels of condensate. Sample could go on a chartered cargo flight, at cost – or by sea in about 6 weeks. Delay is likely because BOR taking their time to think through implications for rest of their acreage. May or may not be stand alone commercial, depending on liquid content.

Darwin drilled the mid-cretaceous, but not the Springhill reservoirs.

5 or 6 Darwin look-alikes in FOGL licences, but structurally complex, and FOGL need 3D to define them. Some of these not as deeply buried, and may have oil.

Gas re-injection could be done at this depth, at a cost.


LOLIGO
Some form of HC now likely, question is what. Worst case would be fizz-gas (experts explain), which would be bad news, but unlikely, and would in any case gather at higher end of the reservoir, leaving room for better stuff below.

Likely, FOGL would test each reservoir as they drilled through it, and may well issue RNSs after each – because whether good or bad, it is price sensitive. No guarantees, though.


GAS
FLNG ships are now being built that could deal with SFB waters, but development using these are 15 years off. However, on-shore, or FLNG in a sheltered bay may be realistic sooner, but would need of order 6TCF.

Geothermal model confirmed by Darwin result – as hot as thought. Oil window at 3-4km burial. Toroa was an anomaly which made temperatures appear lower than model. Gas was predicted at Darwin (by FOGL), condensate a nice surprise.

FARM-IN
Hopefully resolved, if so news in coming month. Did not talk to majors – they take too long for current need, and would want control. Later, in success case. Farm-in partner not the Indian company. FOGL have had 8 or 9 medium sized European and US companies through their data room. 3 or 4 still showing interest.

RIG
FOGL being kept aware of teething problems. These are being sorted out.

Possibility of FOGL taking 3rd slot (5th over all), in the success case. 5th option lapsed formally in May of last year, but Ocean did offer it again earlier this year, at a cost that neither BOR of FOGL were willing to pay, ahead of Darwin results. May not be possible in time, as rig is contracted to Total from early 2013.

3D
Likely BOR and FOGL will share a survey ship for southern licences. FOGL may in addition survey northern licences. 4th quarter 2012, if so.

Follow-on drilling campaign would not be until end of 2013.

rf pro iwork im the city watching many companies but they are wary check out next news and number of shares avilable and gl but it is interesting

Gibby if you work in the city then a lot of your so called info you get about the Falklands is totally wrong ,why is that?

marky i do work in the city i am normally right especially about falkland exporers look at my posts to fogl des and others also the falklands based service company i know very well atb

Gibby you always hint that you know some thing and the share price is going to fall and it never does its like the time you were going to email me the crack about why the share price was going to plumet ....it never did nor did i get the email.

Do tell me what line of work you do in the city or is it top secret.

I have had Gibby on Squelch for months.
Looking at the replies he/she generates, reminds me why.

Don't forget the high level government contacts he has which are little gold mines!! lol

marky i wanted to email you but could not ref insider i have to be careful

gm and hc lol

btw way one thing to make laugh did you see what cameron called straw today in the commons very funny

i think you're rather out of touch .... it may well be that jack straw has actually retired, but the apposite comment was re ed balls in any case

agreed cynic been a long day thanks for the correction it was metioned in talks in canary wharf earlier i still laughed we all did

Must be a pinic area then in Canary Wharf

marky you are a quick whit i will say no more gl

AGM presentation link :

http://www.fogl.com/fogl/uploads/companypresentations/FOGL_AGMPresentation_May2012.pdf
.

I'm starting to wonder if Borders might just hit the jackpot !.....two targets ....it is possible.....I'm more and more convinced that another Sealion awaits out there....thanks for the link Prosels......today's prices will be a joke if some of these prospects roll in......even Borders is looking undervalued...might hit another condensate discovery or even better oil...if not into FOGL for the following wells....

you really are trying very hard to convince yourself without any logic at all .... i fear you are badly over-exposed in this sector

I have enough let's say.....I'm just baffled by the lack of interest.....there is obviously a strong working petroleum system around the Falkland Islands.....first well in a remote part of the southern licences and bingo ! : they come up with a sizeable condensate discovery.....now.....doesn't the market think that within this vast area that another sizeable discovery awaits...no it doesn't.....well I think there is one out there waiting to be drilled if not many.....exposed to these future wells ...yes I am.....and happy to be so....check out the very latest presentation by FOGL...Prosels has kindly put a link above....

just because there's (perhaps) oil out there, does not mean that that a company sticks a hole in the ground, albeit having done as much research as possible, and up comes the goodies ..... if that were the case, then across the world the strike rate would be 80% and not 20/25%

True...but this lot do have a lot of prospects...and the planned wells should go through several oil and gas targets one at a time...