FOGL reviews options for Falklands wells in 2012

Falkland Oil and Gas Ltd (FOGL) expects the semisub Leiv Eiriksson to arrive in the Falkland Islands in late January.

Offshore staff

LONDON – Falkland Oil and Gas Ltd (FOGL) expects the semisub Leiv Eiriksson to arrive in the Falkland Islands in late January.

The company will have access to the rig for the third and fourth slots in the combined Borders & Southern Petroleum/FOGL exploration program south and east of the islands.

FOGL expects to start with a well in 2Q 2012 on the Loligo prospect in its northern license area. It has funds for this and a second well on another Tertiary Channel target such as Nimrod or Vinson.

Its current technical preference for the second well would be the Scotia prospect in the mid-Cretaceous fan play, although this option would require additional funding. Another possibility is the Inflexible prospect, if results from Borders & Southern’s well on the Darwin prospect are encouraging.

An environmental impact statement for FOGL’s program was presented at a public hearing in the Falkland Islands in September, and final approval is anticipated by end-2011.

Well planning is at an advanced stage with AGR Peak Well Management. The present focus is on drilling locations on Loligo, Scotia, Nimrod, Vinson, and Inflexible.

Discussions continue with numerous oil companies interested in participating in FOGL's exploration drilling program – a successful outcome would provide greater flexibility to the campaign.

11/21/2011

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