.

Circa 25 nautical miles apart RF for distance.

Stebbing is shallower and less likely oil thats been overcooked and gone to condensate/gas. Also its slightly into the oil mature window as well.

it must be disconcerting for holders of both BOR and FOGL to see sp dropping by a further 5% albeit that the market is generally pretty pissy all round

on the other hand, those promoters of GOO could well be viewing beachy head with some interest

Pissy for oilies, but have taken a nice profit on Advanti so can't complain. Held GOO for years now, averaging some 10p a share and had written this equity off along time ago... Lets see it Z34 farmout can get me out evens although I won't hold my breath.

Wrong thread I know but I fancy going long on BNC right now, just a pure punt, any views cynic?

Updated destination is Stebbing 3.

The LE rig is on its way and will arrive today, so spud over the weekend it looks like.

And for anyone interested :

Stebbing is shallower water than Darwin (around 1.5km against 2km for Darwin)

Vertical depth of the well is about 1km less than Darwin - its a shallower drill, the target is higher up.

Drilling days allocated is TD estimated at 34 and the rig is estimated to be on site for 45 days from today.

Target is 25 API oil. Being shallower and in the mature oil window one could suggest Stebbing is more likely to be oil than gas.

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

Looks like you heard wrong again maybe you should just read the RNS pro....

Ps the man who said DES had no oil,wrong again if you read the RNS today......thicky!!

mark - you devalue your own argument and point

Second day strong on the bounce

there is seller at 82.50p on the order book ( you will see the quantity of "AT" at this price, that re-enters again on size of 21K once is previous one is gone), once finish should carry on with the rise

The problem now is whether to keep some BOR or to put everything into FOGL......at the mo it's 85% in FOGL for me...

Always wise to spread the risk a little, rf, even though, in this case, the two companies are linked.

Yes Harry....biggest holding for me is FOGL.....more like 90% in FOGL and 10% in BOR.....who knows : we might even hit oil sooner or later.....the Loligo prospect looks massive.....Stebbing.....risky .......we shall see....

Bouncing from 50MA

15 minutes delay

RNS Stebbing spudded.

I thing the price will drift down now until nearer the time of drill results

StockMarketWire.com
Borders & Southern has reported that exploration well 61/25-1 has been spudded.

The well is located approximately 170 km south of the Falkland Islands. Borders & Southern is the operator of the well, holding a 100% interest in licence PL018. It is the second of a two well exploration programme.

It is designed to test the Stebbing prospect, a thrust cored anticline structure with an area of closure of 85 square kilometres. Objectives comprise Tertiary and Upper Cretaceous sandstone reservoirs.

The well duration is estimated to be 49 days. However, this is a wildcat exploration well and geological challenges might cause variation from this initial estimate. A further announcement will be made once the well has reached its total depth and the wireline logs have been run and their interpretation completed.

With respect to the Darwin gas condensate discovery, fluid samples are being shipped back to the UK for detailed analysis.

The results are anticipated in the third quarter of the year and will be announced as soon as the work has been completed.

Harry why do you think it will take several months to analyse the condensate found at Darwin?

No idea, h. It has to be flown back the the U.K. to a laboratory and I suppose has to be slotted into a schedule with other samples from other companies. Then analysis plus re-checking plus presentation of the results to BOR, then BOR deliberation and release of details to the public. I seem to remember the details of the RKH samples took nearly a month to be released to the public.

Q3 and "nearly a month" are not comparable ...... Q3 can take you to end september; if they mean they expect the results in say june or early july, then they would undoubtedly have said 4/6 weeks ...... bad news and figures always take much longer to produce than good

I concede that is a remarkably long time. Bizarre that they don't seem in more of a hurry to get the job done.

it may well be that my (cynical) analysis is correct