.

No connection whatsoever. If CHAR was affecting FOGL it would surely affect all other E&P stocks, which it's not. Some others are doing very well today with no news within their specific regions.

wow! never thought of that :-)

Drilling update in response to speculation and price movement

FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, is providing this update on drilling operations at the Loligo prospect following recent market speculation.

The well has been drilled to a depth of 3,900 metres and is expected to reach total depth ("TD") within the next 24 hours. Drilling operations are approximately five days behind schedule, principally as a result of having to run an additional string of casing in the top section of the well. No abnormal pressures have been encountered during the drilling of the well and all operations have been conducted without issue.

A further announcement will be made within the next seven days, once the well has reached TD and wireline logging operations have been completed.

Well this is certainly giving me the shakes

now i know why i am pleased i had the sense to reduce my holding by 2/3 - therefore annoyance and some pain likely, but nothing horrendous

sp now tumbling hard .... assuredly does not presage good news

Why is that a logical conclusion? The RNS doesn't hint at anything, intentionally. There is no good news, which presumably has got investors spooked, but it doesn't actually say anything apart from 'on target but a little behind schedule'.

What on earth was the point of that rns ?...

I think that they are obliged to comment if the sp moves more than a certain %age within a short time scale (up or down 10%, I think).

EDIT: I cannot find any direct reference to the above but the FSA have this rule:
"Market rumours - Where rumours are false or press speculation is groundless, a company is under no obligation to issue denials. Untruths can’t amount to inside information.
But where rumours or speculation are largely correct, the company needs quickly to decide whether it has inside information that should be released. Once news has leaked, delay can no longer be justified, and directors need to ensure that the market is trading on the basis of accurate information that is available to all."

No leaks of any good news at all.....drastic bad luck if they don't find anything at all...

No "abnormal" pressures have been encountered..

Still all to play for, its the shorters and the likes of cynics of this worlds thats making the hay well they have the chance and relishing the the thought of rubbing the noses in the dirt of the LTH's..

The fingers are crossed of course...

rf the point of the rns was because of the fall in the s/p! DOH!.

Char Did the same then announced a duster ........ I am afraid this is looking the same

i truly wish i had the influence as to a share's direction ...... granny's inaccurate sniping worries me not one iota, though it does get rather tiresome ...... and am i short of fogl? ..... assuredly not; i am long but at a prudent level reflecting the very high risk of this stock

unkind of me as it may be, if this does indeed prove to be an early forecast of a duster, i shall not exactly cheer if P and his acolytes like granny get badly singed through being (foolishly) overexposed, but it will be with some difficulty that i shall refrain from saying "i did warn you heavily, which you chose to ignore and indeed abused me for so doing"

That is not very clever by FOGL to release that rns.....

RF - you're not a bad chap, and sorry if the above looks to include you

The EIS stated drilling operations of 40 to 45 days so they are on schedule - they tell you in the RNS that they are "behind schedule" which tells you they have not drilled quickly, they are slow by 5 days.

All to play for on logging. I have not sold any - not my plan, waiting for the logging results now - they must have something.

The additional casing in the upper section suggests gas up there, above T1 target, so guessing T1 failed - but who knows - will be a lot of interest in the bottom section - Three Bears and the potential oil there or not.

Holding long and strong !!

I fear it might do, I probably should not have bought as many......there is still the possibility of a success....but they should not have released this rns out of the blue with the operations still ongoing....

Chariot Oil & Gas Limited

Response to Share Price Movement

Chariot Oil & Gas Limited (AIM: CHAR), the independent Africa focused oil and gas company, notes the recent fall in the share price.

As announced on 27 July 2012, the drilling of the Kabeljou exploration well on the Nimrod prospect has commenced and operations are continuing. The results of the well are not yet known. Once the well has reached TD and the results have been logged a further announcement will be made.

too many eggs in one basket RF no good.,.

RF - the only way they will know if any section, in particular the lowest Three Bears has oil or not is to do the wireline logging and tests on it.

Fresh water appears the same as oil (as we all know from DES) and so it all needs to be tested in order to give the full results.