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avsec - people can have different views, like cynic, I would not class him as a muppet. To see the muppets look to the posts on Monday.

:)

how flattering :-) ..... shame avsec couldn't write what he meant though!

We all cannot write what we really want to say.................. ;)

tomasz can :-))

i do but pro can't see it lol.,.

Strong end to the week by BOR as well as FOGL. Will be news for sure next week, Stebbing spud, but will there be anything else as well ?? ;)

cynic PP earns his living from ramping and the lemmings that follow him.

There is just the fact that BOR have probably discovered a massive gas condensate reservoir worth a fortune.....and Stebbing could be anything....now once we have FOGL results plus more drilling from another rig later this will all be tied in together....great stuff....one not to forget is CHAR oil. in Namibia (Africa)...and that could ht the target as well...5 wells to be drilled....and number one is ongoing....

Are you pro's brother by any chance rf.,.

namibia juxtaposed with south falklands ...... why didn't i pay attention in geography 50 years ago?

A link to an interesting PDF about about LNG future demands.

http://www.gdfsuez.com/document/?f=files/fr/sg-oil-oil-services-lng-conference-april-3-2012-vdef3bis-1.pdf

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Numis: Borders & Southern (Buy, TP: 175p)

Opening up the South Falkland Basin

In our view, Borders and Southern's Darwin exploration well has proven a working hydrocarbon system in the South Falkland Basin, confirming the existence of an extensive marine source previously known to exist to the East and West of the company's acreage. The Darwin well appears to have hit high quality Lower Cretaceous reservoir, in-line with prognosis, with a thick, homogeneous gas condensate bearing interval.

Clearly, understanding the liquid content of the discovery will be key in determining its value. Based on the aerial extent, net pay and reservoir quality of the Darwin discovery we believe that a commercial stand-alone discovery remains a possibility.
We raise our target price from 86p/share to 175p/share, adjusting our valuation for the possibility of a commercial rich gas discovery at Darwin and a partially de-risked EMV for Stebbing.

• Opening up the South Falkland Basin: In our view, the Darwin well result helps de-risk the South Falkland Basin, confirming the existence of source rock, thick high quality sands and robust play types. Next steps in the SFB exploration programme include two important catalysts: 1) Determination of liquid content at Darwin (expected in approximately five weeks) 2) Testing the fold belt play type. Stebbing is the next prospect in the drilling schedule (expected to spud within one week) - a prospect for which the company estimates a P50 recoverable resource of 1280mmboe.

• Darwin - a potential stand-alone development: In our view, it would be wrong to rule out Darwin as a commercial stand-alone development. Detail released on aerial extent and net pay suggest a material discovery and we estimate recoverable gas at 2.3 to 3.7tcf. In our view, if the gas is sufficiently rich, a >200mmbbl condensate development remains a possibility and could be commercialised. Given the location of Darwin, we believe the most likely stand-alone development concept would involve condensate recovery with 100% of lean gas recycled back in to the reservoir - a development concept analogous to the Bayu-Undan phase I field development in the Timor Sea.

• Valuation: We have adjusted our NAV to include a rich gas discovery for Darwin risked at 50% commercial COS, and included an EMV valuation for Stebbing which now assumes a 30% commercial COS (10% oil case, 10% rich gas, 10% dry gas case). Please see note for full details. Our 175p/share target price stands at a 50% discount to NAV (350p/share) in order to pre-empt the dilutive effect of future share placings and farm-downs.

I have heard there is a chance FOGL will now drill Loligo next.

BOR announced the Darwin results and intention to drill Stebbing, but then did a placing to do additional work on Darwin (which may include more downhole seismic, neutron logs etc....)

It could be, so I heard, that BOR wanted to run loads more tests at Darwin, hence the quick placing. Owing to the need for time to analyze those tests and their implications they may have agreed with FOGL for FOGL to drill next at Loligo.

So at the moment everything is in limbo as FOGL must talk with their potential farm in partner before any announcement can be made.

Interesting, and possible that next is Loligo and then Stebbing. FOGL are drill ready as all their plans were made for May spud, which slipped to June.

http://en.mercopress.com/2012/05/02/with-oil-development-in-mind-falklands-trade-delegation-visits-aberdeen-and-shetlands

http://www.washingtonpost.com/world/europe/uk-foreign-minister-says-argentinas-olympic-ad-in-falkland-islands-is-a-stunt/2012/05/04/gIQAvnzl0T_story.html

Definitely Stebbing next it seems. FOGL paperwork still in process, but all in hand.


http://www.falklandnews.com/public/story.cfm?get=6231&source=3


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http://www.scotsman.com/news/scottish-news/top-stories/oil-capital-s-counsel-for-falkland-islanders-1-2280516

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From the placing RNS - which is the latest RNS and makes the 23rd April 2012 RNS out of date and no longer applicable.

Does anyone think they have done a sidetrack in the last 2 weeks to test the second reservoir and therefore hopefully bring the resource figure upwards and to possibly very commercial levels ?

I remain unconvinced but also would not fall of my chair in surprise if they have done a sidetrack - BOR like to be, lets say, shy in what they release to the public where others would shout.


.......Reasons for the Placing and use of the proceeds

These funds will be used to acquire additional 3D seismic within the Company's existing acreage, to enable further analysis of the results of the Darwin East well and for general working capital purposes, including further contingency funds for the upcoming exploration well...........

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Pro trying to twist things again ....read the last RNS u Thicky it tells you in black and white.

The Company now intends to complete wireline logging operations, plug and abandon the well in line with regulatory requirements and move to the Stebbing prospect, the second well in the current drilling programme. An announcement will be made once this well has spudded.

The thing that could support the sidetrack theory is that the initial Sun article said "1 billion barrels" but then it was updated to say "1 Billion barrels over 2 reservoirs".

That kind of suggests their "source" said hang on, the 1 billion is over Darwin East and Darwin West, not just Darwin East when asked to clarify.

If that were the case then a quick fund raise and running a sidetrack could make sense to bring Darwin West into play and therefore push the resource figure to 1 billion boe levels.

Which would make the Sun article pretty much spot on, apart from they should have said BOE (Barrels of Oil Equivalent) and not "black stuff".