FOGL completes Falkland rig negotiations

Falklands Oil and Gas Ltd. has secured a rig to drill two wells south of the Falkland Islands, starting early next year.

Offshore staff

LONDON -- Falklands Oil and Gas Ltd. has secured a rig to drill two wells south of the Falkland Islands, starting early next year.

The company signed an assignment agreement and associated documents with Borders & Southern Petroleum (BSP) and Ocean Rig 1 to contract the semisub Leiv Eiriksson for the two firm drilling slots. The rig is expected to reach the Falklands in 4Q 2011.

FOGL says it expects to take its third and fourth slots under a shared program with BSP.

FOGL currently has funds for a deep well on the Tertiary Channel play Loligo prospect, expected to take 50 days to drill. The second well could be an appraisal of Loligo, or on other high ranked prospects in its licenses.

05/20/2011

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