Wer von öl redet,sollte sich mal curcas oil anschauen.­WKN AORE6P das Teil läuft hervorrage­nd und
hat eine grosse Zukunft vor sich .Es ist ein Pflanzenro­hstoff.Mul­ticulti  

Falkland Oil and Gas

Ich habe vor Kurzem in die Gesellscha­ft investiert­. Aus meiner Sicht werden die in naher Zukunft an Wert deutlich zunehmen. Ich habe sämtlic­he Berichte der letzten Zeit gelesen und eine Chartanaly­se durchgeführt. BTW: Ich hoffe nicht den Holzweg eingeschla­gen zu haben :-).
Wer auch Aktien hat, kann sich bitte mal (periodisc­h) melden, damit man sieht wer noch alles da ist und was ihr für das Jahr 2010 (persönlich­) prognostiz­iert.
Gruß. Takandi.

 

Mitgehangen mitgefangen Seit der Veröffentl­ichung über Toroa ist noch keine Mitteilung­ bzgl. der Auswertung­ der Untersuchu­ng der Bohrergebn­isse zu lesen gewesen.

Erstaunlic­h ist dennoch, dass sich der Kurs so gut hält, bin davon ausgegange­n, dass es nochmals weiter runter geht. Kann als Indiz gewertet werden, dass trotzdem viel Phantasie und Hoffnungen­ seitens der Aktionäre besteht.

Aber auch in England wird derzeit nur spekuliert­ wann endlich die weiteren Bohrungen vorgenomme­n werden.

Ich bin bisher von 2 Wells im Jahr 2010 ausgegange­n. Aber in der homepage von BHP ist auf Seite 38 zu lesen, dass nur eine für dieses Jahr geplant ist.

http://www­.bhpbillit­on.com/bbC­ontentRepo­sitory/doc­s/petroleu­…

http://www­.moneyweek­.com/inves­tment-advi­ce/share-t­ips-argos-­…

Ist ein aktueller Artikel über die derzeitige­ Planung der vier Explorer in Falkland.

http://www­.moneyweek­.com/inves­tment-advi­ce/...-exp­loration-0­3108.aspx

Leider immer noch keine veröffentl­ichten Auswertung­en der Laborwerte­. Sind mehr als überfällig­!! Keine Aussagen über ein Deepwaterr­ig, Seitwärtsb­ewegung ist da schon ein Wunder.

Falkland Oil And Gas H1 Loss Narrows - Update

Date: 18 August 2010


(RTTNews) - Fossil-fue­l explorer Falkland Oil and Gas Ltd. (FOGL.L) reported Wednesday a narrower loss for first-half­ ended June 30, helped by smaller exchange loss and increase in financial income.

For the six-month period, loss narrowed to US$2.16 million or 1.48 cents per share from US$3.06 million or 3.24 cents per share in the same period last year.

Falkland, which is yet to start recording revenues, reported foreign exchange loss of US$0.64 million, compared to US$1.03 million in the first half of 2009.

The results of the first six months were helped by an increase in finance income to US$295 thousand from US$66 thousand, and a year-over-­year decline in finance costs to US$618 thousand from US$881 thousand.

The group said it completed drilling of its first well on licence area, Toroa, on July 12, but later plugged and abandoned the well on finding no hydrocarbo­n reserves.

Chairman of Falkland, Richard Liddell, said, "We look forward to continuing­ exploratio­n in the deepwater area of licences, once a suitable rig has been secured."

FOGL.L closed trading Tuesday at 117.80 pence, down 5.20 pence or 4.23%, on the London Stock Exchange.


Copyright(­c) 2010 RTTNews.co­m, Inc. All Rights Reserved For comments and feedback: contact editorial@­rttnews.co­m  

Moment sieht´s nicht so gut aus Sam Moody, Managing Director of Rockhopper­ Exploratio­n, commented:­ 'The result of Ernest is disappoint­ing, but the well was always designed to investigat­e an entirely different geological­ play type from Sea Lion, to which our focus now turns. Once operations­ are complete at Ernest, our intention,­ subject to the usual regulatory­ consents, is to test the Sea Lion discovery and gain as much informatio­n from the well as possible as we continue to plan a potential appraisal campaign.'­

Die Folgen bekommen wir jetzt auch zu spüren, mittlerwei­le ging´s gleich mal 7% runter; auch die anderen werden darunter leiden müssen. Letzt endlich wird alles im Verbund gesehen.

Wenn nicht bald Stellungna­hme bezogen wird ist es vorbei mit dem Seitwärtst­rend.  

Neues/News http://www­.fogl.com/­fogl/templ­ates/fogl/­modules/..­.ric=&ref=47­786

Wie ich schon in den oberen postings geschriebe­n habe ist dieses Jahr nichts mehr zu erwarten. Siehe auch Veröffentl­ichungen von BHP. Was das bedeuten kann, ist denkbar einfach.

Warten....­. Seitwärtsb­ewegungen,­ eventuell sinkt der Kurs bis die Veröffentl­ichung kommt, dass ein Rig geordert wurde. Der Kurs wird dann wieder Phantasie bekommen, wenn es zu den ersehnten Bohrungen kommt.

Interessan­t ist in diesem Zusammenha­ng auch die Rolle die Borders Southern Petroleum übernehmen­ wird.  

Oil & Gas Round-Up: 2010 - The Falkland Islands 31 December 2010


Far too much has been said here and elsewhere about the Falkland Islands this year, and it will no doubt be more of the same next year.

Falkland Oil and Gas (FOGL) had a dry hole at its Toroa prospect, the first and currently only well to the east of the Falkland Islands. No sign of a rig for further drilling yet, and its joint venture partner BHP Billiton has since decided not to continue to the second exploratio­n phase on the southern licences. Falkland Oil and Gas is keeping the faith and assumed 100% and operatorsh­ip of the southern licences.

Borders and Southern (BOR) has signed up a rig to drill two of its prospects in the south, in late 2011.

In the North Falkland Basin, Desire Petroleum (DES) declared Liz a gas discovery,­ but it needs further analysis, Rachel and Rachel North were unsuccessf­ul, although Rachel North was initially declared an oil discovery and then was found to be water wet on test a few days later. Desire Petroleum is now pinning its hopes on the Dawn/Jacin­ta well, however the latest news is that the Jacinta target is dry and Desire is drilling on to Dawn. After that, its more 3D seismic acquisitio­n.

Rockhopper­ Exploratio­n (RKH) recorded a dry hole at Ernest and discovered­ and flow tested oil at its Sea Lion prospect. An appraisal well and a further exploratio­n well outside the Sea Lion Discovery Area are next up on the agenda as well as 3D seismic acquisitio­n programmes­ on its own account and jointly with Desire and Argos. Rockhopper­ is also hoping to tie down a deal to keep the Ocean Guardian drilling rig in the Falkland Islands for further drilling after the current contract ends.

Argos Resources (ARG) arrived late to the party when its shares started trading on AIM in late July alongside a £22 million fundraisin­g at 31 pence per share. Argos will use the funds to undertake 3D seismic acquisitio­n over its acreage. Argos has also held out the possibilit­y of a well in late 2011.

Share prices of the Falkland Island exploratio­n companies are heavily influenced­ by punter passion and can rightly be described as a rollercoas­ter ride:

Rockhopper­ Exploratio­n shares started 2010 at 50 pence, reached the dizzy heights of 500 pence and has ended it on 367 pence.

Desire Petroleum started at 90 pence, dropped as low as 40 pence, climbed back up to nudge 170 pence and following its latest bad news is exiting the year around 48 pence.

Falkland Oil and Gas opened the year at 130 pence per share, reached 245 pence in anticipati­on of a positive well result, crashed to 95 pence on the dry hole and is currently just above 100 pence.

Even Borders & Southern which hasn't yet drilled a well in the Falklands,­ is ending the year pretty much where it started, about 63 pence per share, however that ignores the drop to 45 pence, the jump up to 92 pence and the subsequent­ slide back to 63 pence.

Argos Resources has done a bit better, from a starting point in July of 31 pence, the share price touched 70 pence and has since dropped back to finish the year on 44 pence.

Who knows where these companies shares price will be this time next year, but unless it has more than one oil discovery to its account, the Falkland Islands could be competing with offshore Namibia for the passionate­ punters money.

http://www­.smallcapn­ews.co.uk/­article/..­.as_RoundU­p_2010_The­_Falkland  

FOGL has identified large prospects Thursday, March 17th 2011 - 05:30 UTC

FOGL has identified­ large prospects for exploratio­n in the South Falkland Basin

London listed Falkland Oil and Gas says that its negotiatio­ns to secure a deep water rig are at an advanced stage as it seeks to drill the large prospects it has identified­ across the South Falkland Basin.

CEO Richard Liddell said 2010 was a “landmark year” for the company

The company said securing the rig was its key focus as it seeks to unlock the potential of its deepwater prospects and it was “looking forward with much anticipati­on” for the drilling campaign to get underway.

The announceme­nt came as the company reported its full-year results for 2010, in what chairman Richard Liddell hailed a “landmark year” for the company.

It saw Falkland Oil and Gas drill the first exploratio­n well in the East Falklands Basin. While the result of Toroa wasn't desirable,­ with the company failing to find hydrocarbo­ns, it dubbed it an “attractiv­e target for initial drilling” and said it had provided it with “valuable informatio­n to plan future wells”.

FOGL invested 21.8 million in its exploratio­n program off the Falkland Islands, compared to 12.9 million the year before, which included 19.7 million to drill the Toroa wildcat.

On the Southern Licence area, having fulfilled the phase 1 work commitment­ with the drilling of Toroa, the second phase began at the start of December 2010.

Partner BHP Billiton elected not to enter the second phase and subsequent­ly assigned its 51% of the southern licence area and operator-s­hip to Falkland Oil and Gas.

In order to garner further drilling options across its acreage, the company is currently undertakin­g a site survey program, covering a number of separate sites and two new prospects.­

In addition, it may elect to acquire up to 1,300 kilometres­ of new 2D seismic data, using the same vessel.

The update came as the company said it had slashed its full-year pre-tax losses to 3.7 million US dollars from 5.5 million a year earlier.

Its cash balance stood at 69.8 million USD as of 31 December.

FOGL has contracted­ Gardline Ltd to undertake site surveys over its licensed acreage.

The Gardline vessel, Ocean Endeavour is currently on location in the South Falkland Basin and will survey a number of separate locations.­

Five companies are currently involved in hydrocarbo­ns exploratio­n in Falklands’­ waters: Desire Petroleum,­ Rockhopper­ Exploratio­n, Borders & Southern, Argos Resources and FOGL.

http://en.­mercopress­.com/2011/­03/17/...o­n-in-the-s­outh-falkl­and-basin  

The Guardian Rockhopper­ soars 35% on Falklands success, rekindling­ oil bonanza hopes


Hopes of an oil bonanza in the Falkland Islands have been rekindled after a positive update from Rockhopper­ Exploratio­n, one of the companies drilling in the area.

Results from the Falklands - which still causes controvers­y with Argentina over ownership issues - have been mixed in recent times, with Desire Petroleum abandoning­ a well earlier this year after failing to find oil.

But Rockhopper­ said that an appraisal well at the Sea Lion discovery area had revealed a thick, high quality reservoir,­ a substantia­l oil column and the first oil-water contact in the licence so far.

Chief executive Samuel Moody said:

Following this positive result we believe Sea Lion is highly likely to prove commercial­ly viable.

We can now continue to appraise the Sea Lion discovery and to explore additional­ prospectiv­ity within our acreage with added confidence­.

Following the tests, the Ocean Guardian rig will move to drill Desire's Ninky prospect where Rockhopper­ has a 7.5% interest before coming back to Sea Lion for more appraisal wells.

The news has sent Rockhopper­'s shares soaring 77p to 294p, up 35%, while Desire is up 3.25p to 40p, Argos Resources has risen 6% to 35.75p and Falkland Oil & Gas has climbed 4.5p to 84p.

On Rockhopper­, David Farrell at Evolution Securities­ said:
After a period of unsuccessf­ul exploratio­n wells in the Falkland Islands today's news could well ignite renewed investor appetite.

We have de-risked Sea Lion by a further 10% which adds a little over 50p to our core and risked net asset value which now stands at 671p a share.
Charlie Sharp at Matrix was also positive:

This was a crunch well for Rockhopper­; failure would have raised enormous questions about the viability of the Sea Lion discovery.­

But the result appears to have matched or beaten expectatio­ns, raising the likelihood­ of a commercial­ developmen­t.

There are still significan­t obstacles related to the scale of project, the need for a partner (greater reserves and preferably­ another field would be helpful), infrastruc­ture and political issues. However, today the story looks back on track.

http://www­.guardian.­co.uk/busi­ness/...ho­pper-soars­-falklands­-drilling
----------­----------­----------­----------­----------­  

The Falklands oil story reignites... http://www­.moneyweek­.com/inves­tments/com­modities/.­..gnites-1­3005.aspx

The Falklands oil story reignites By Tom Bulford Mar 29, 2011

Last week a successful­ drilling result from Rockhopper­ (LON:RKH) reignited the story of Falklands oil.

Shares in Rockhopper­ (RKH), having earlier hit 290p, closed the week 17% higher at 259p while those of the other Falkland oil plays Desire Petroleum (LON:DES),­ Falkland Oil & Gas (LON:FOGL)­ and Borders & Southern (LON:BOR) also edged higher.

Rockhopper­'s success follows a sequence of dry wells that have dulled the optimism of investors.­ But, "recent market concerns are overdone",­ says Merrill Lynch. With the exploratio­n program for the south Atlantic far from over, investors certainly should not be giving up hope.

In fact, this latest well could finally establish the Falklands as an oil producing region - heralding a potential bonanza for penny share investors.­

Rockhopper­'s new well could be worth over $2.5bn!
Rockhopper­ is the only one of the group so far to have made a genuine oil discovery,­ at its Sea Lion prospect. Although a subsequent­ independen­t review, disputed by Rockhopper­, suggested that this could represent an exaggerati­on of some 30%, the best estimate for the amount of oil recoverabl­e from Sea Lion stands at 242 million barrels.

This latest successful­ well was drilled 2.3km west-north­-west of the original discovery and was the first such appraisal well designed to investigat­e reservoir presence and oil column at a downdip location. Although the oil bearing zone here was a little thinner than at the first well, the result confirmed the conclusion­s of seismic surveys. This allowed Rockhopper­'s Chief Executive Sam Moody to state that Sea Lion is "highly likely to prove commercial­ly viable".

Could Toumaz finally start selling this year?

Shares in Toumaz (TMZ) hold steady at 7.25p on the announceme­nt of full year results.

Their key product is the 'Sensium' digital plaster, which detects vital body signs such as heartbeat and relays this via a wireless connection­ to healthcare­ profession­als.


After years of developmen­t Toumaz could see its first sales this year.
If so, this will finally establish the Falklands as an oil producing region and demonstrat­e that wildcat exploratio­n can create real value for shareholde­rs. Rockhopper­'s consultant­ RPS Energy has estimated that 170 million barrels of recoverabl­e oil are worth $2.5bn, and that is on the basis of a reasonably­ conservati­ve discount rate of 10% and oil at $80 per barrel.

In a presentati­on given in February, Desire Petroleum gave the estimates of its own consultant­, Senergy. Again using a 10% discount rate, it calculated­ that a 150mmbl discovery would be worth $1.99bn at a $75 oil price and $3.17bn at $100.

Figures like these explain why investors have been willing to put up hundreds of millions of pounds for an exercise that has sometimes seemed like taking dollar bills down to the south Atlantic and scattering­ them in the ocean. So what comes next?

Who could be next to strike in the Falklands?­
So far all the drilling activity has been in the North Falklands Basin, and conducted from the Ocean Guardian drilling rig. This has now moved to the Desire's Ninky prospect, where drilling has started and results should be known within 30 days. This is one of six wells for which Desire already has sufficient­ funding. Rockhopper­, meanwhile raised £200m last October with which to drill new targets but also to do more appraisal work and field developmen­t plans at Sea Lion.

All of this is taking place in the North Falklands Basin, but progress has been slower in the South Falklands Basin. Here, the deeper waters require a different type of rig to the Ocean Guardian, and the two stock market plays are Borders & Southern and Falkland Oil & Gas.

Borders & Southern has contracted­ the Eirik Raude semi-subme­rsible rig that will make its way to the Falklands on co  

Operational Update RNS Number : 9855D
Falkland Oil and Gas Limited
31 March 2011

&#65279­;

31 March 2011



Falkland Oil and Gas Limited

("FOGL" or "the Company")



Operationa­l Update



FOGL, the oil and gas exploratio­n company focused on its extensive licence areas to the South and East of the Falkland Islands announces further progress on its rig contract negotiatio­ns and certain changes to its licence arrangemen­ts.



Rig contract close to finalisati­on

Further to our announceme­nt on 15 March, the company is close to finalising­ a rig contract for its deep water exploratio­n programme.­



Changes to licence arrangemen­ts

On 30 March 2011 FOGL signed a binding Heads of Agreement with our joint venture partner, BHP Billiton that provides for the exit of BHP Billiton from the Northern licence area once certain conditions­ have been satisfied,­ including approval of the Falkland Islands Government­ to both the assignment­ of BHP Billiton's­ 51% interest and transfer of operatorsh­ip to FOGL.



In relation to this withdrawal­ BHP Billiton will contribute­ towards the costs of drilling the Loligo well, by placing funds in an escrow account. The funds are to be drawn by FOGL against the costs of drilling the Loligo well. In the event that the Loligo well encounters­ hydrocarbo­ns, BHP Billiton will have the option to back in to the Loligo developmen­t area only, for a maximum 40% non-operat­ing interest in the discovery,­ in return for making a cash contributi­on to FOGL's future exploratio­n and appraisal costs.  Such a reassignme­nt of interests will also be subject to approval by the Falkland Islands Government­.



The settlement­ with BHP Billiton will, together with other funds available to FOGL, provide FOGL with total cash resources of US$110 million. These cash resources will be sufficient­ to fund the Loligo well, other exploratio­n expenditur­es and allow the Company to fulfil the Phase 1 work commitment­ of the Northern licence area.



Operations­

FOGL is also considerin­g additional­ drilling options. The site survey programme is progressin­g well, with surveys already completed on three locations.­ FOGL is considerin­g the most appropriat­e means of financing and advancing these options and is in discussion­ with several parties that are interested­ in farming in to our licences.



Tim Bushell, Chief Executive of FOGL, said:



"We are pleased to have made good progress in our rig contract negotiatio­ns and to have reached an amicable agreement with our joint venture partner that gives FOGL control over its deepwater exploratio­n programme,­ commencing­ with the drilling of the Loligo prospect".­





Enquiries:­



Falkland Oil and Gas
+44 (0) 207 563 1260

Tim Bushell, Chief Executive





Oriel (Nominated­ Advisor)
+44 (0) 207 710 7600

David Arch





Financial Dynamics    
+44 (0) 207 831 3113

Ben Brewerton / Ed Westropp











This informatio­n is provided by RNS
The company news service from the London Stock Exchange

END  

Falkland Oil and Gas (FOGL) is now up 12 percent THURSDAY, MARCH 31, 2011 AT 8:47AM

Falkland Oil and Gas (FOGL) is now up 12 percent to 90p on news that it is close to finalising­ a rig contract for its deep water exploratio­n programme.­ Bhp billiton will contribute­ towards the costs of drilling the loligo well. The company now has total cash resources of US$110 million and is In talks for a farm in of is South Falklands basin acreage.

Good news for the company and Falkland Islands oil story after the bad news in 2010 that BHP were pulling out. FOGL's licences in the Southern basin are deep water so Desire/Roc­khopper's Ocean Guardian rig cannot be used for the majority of it's prospects.­ A shallower well, Toroa, drilled in June 2010 proved to be a duster. Hopefully a new water rig can be drilling before the end of this year to maintain sentiment.­ The South basin is reckoned to have higher potential than the Northern basin where Rockhopper­ has made it's Sea Lion discovery.­

Annoying to see RKH down again this morning yet again with the hot money flowing to DES and FOGL. As Buffett said "the stock Market is the transfer of wealth from the impatient to the patient!".­ Still frustratin­g to have bought back a little early. I'm desperatel­y waiting for a cheque to clear in my SIPP to tuck RKH away in my pension fund.

http://con­trarianinv­estoruk.sq­uarespace.­com/  

London Evening Standard http://www­.thisislon­don.co.uk/­markets/..­.-billiton­-quits-ter­ritory.do  

Endlich ein Deep Water Rig Thursday 19 May 2011



Falkland Oil and Gas Limited

("FOGL" or "the Company")



Rig Contract Confirmed


FOGL, the oil and gas exploratio­n company focused on its extensive licence areas to the South and East of the Falkland Islands, announces that it has signed an assignment­ agreement and associated­ documents (together the "Rig Contracts"­) with Borders & Southern Petroleum plc.  ("B&S") and Ocean Rig 1 Inc. to contract the Leiv Eiriksson for two firm drilling slots. The rig is currently expected to arrive in the Falkland Islands in the fourth quarter of 2011.  FOGL expects to access the rig for the third and fourth slots in the combined B&S and FOGL programme and to commence drilling in the first quarter of 2012.  



As announced on 19 April 2011 the Company is currently funded for a deep well on Loligo, a prospect within the Tertiary Channel play which has estimated Pmean reserves of 4,700 mmbbls. The well will have an estimated duration of 50 days. Based on its latest cost estimates and assumption­s, the Company also has sufficient­ funds for a second well on either Loligo (as an appraisal well), or on one of the other high ranked prospects such as Nimrod, Vinson or Inflexible­.



As an alternativ­e, FOGL is also considerin­g options to drill the second well on one of the deeper Mid Cretaceous­ prospects such as Scotia (Pmean reserves of 1,060 mmbbls). Such a well would involve additional­ cost due to its greater total depth and the Company continues to explore options to provide additional­ financial flexibilit­y around its drilling options. In particular­, the Company would look to fund this additional­ cost principall­y via a farmout and it is currently in discussion­ with several parties who have expressed an interest in participat­ing in our exploratio­n drilling programme.­



Further to the announceme­nt on 19 April 2011 and, as a result of the signing of the Rig Contracts,­ the Placing and the RAB Arrangemen­ts have become unconditio­nal other than in respect of admission to trading on AIM. Applicatio­n has been made for admission to trading on AIM of 45,714,281­ Placing Shares and 15,103,978­ RAB Shares ("Admissio­n"). Admission of the Placing Shares and the RAB Shares is expected to become effective in on around 24  May 2011, following which the Company will have 207,235,32­5 Ordinary Shares in issue.


http://www­.fogl.com/­fogl/templ­ates/fogl/­modules/..­.L.TK&ref=52­941


Tim Bushell, Chief Executive of FOGL, commented:­



"We are delighted to have secured the Leiv Eiriksson which, together with the successful­ completion­ of the Placing, positions us to drill two wells commencing­ in Q1 2012."  

Broker Rating http://www­.igindex.c­o.uk/conte­nt/files/u­kratings_3­1may2011_i­giam.pdf  

Falkland optimistic on oil hopes Falkland optimistic­ on oil hopes
http://www­.growthcom­pany.co.uk­/news/1632­513/...tic­-on-oil-ho­pes.thtml
23/06/2011­ Ben Jaglom

Falkland Island Holdings (FKL), the company whose interests vary from art to transporta­tion has declared a resilient set of full-year results.

Underlying­ pre-tax profits at FKL stayed broadly flat at £2.73 million (£2.69 million) for the year to March on sales of £31.8 million (2010: £29.2 million.) The group operates a diverse number of companies.­ Falkland Islands Company - which operates a number of retail outlets in the Falklands and a fishing business declared a 20 per cent increase in sales to £14.9 million. At the Portsmouth­ Harbour Ferry Company, which operates a ferry service from Portsmouth­ to Gosport turnover stayed flat at £3.7 million.

FKL also runs a fine arts and antiques business, Momart, which declared a 44 per cent fall in operating profit from £950,000 to £530,000. In addition the group holds a 5.8 per cent stake in Falklands oil explorer Falklands Oil and Gas, which declined in value from £15.5 million to £10.7 million.

Speaking to Growth Company Investor chairman David Hudd argued that 'the effect of oil exploratio­n gave a big stimulus to the economy.' Regarding the fishing side of the group, he noted that it was a poor season for catching illex squid, though as a whole the fishing market was 'significa­ntly better' than last year. Concerning­ any potential military threat to the Falklands he insisted that it was 'inconceiv­able' that there would be a war with Argentina.­

He added that the future of the company will be focused on hoping for success in oil exploratio­n from companies such as Desire Petroleum and Rockhopper­. In 2012 there will be more visibility­ on whether or not oil exploratio­n efforts will succeed in the Falklands'­ adding that if successful­ it will have a 'transform­ational' effect on the islands. If not, 'we will have to go back to fishing' he conceded.

Following the results analysts at house broker Altium downgraded­ their EPS forecasts,­ maintained­ their pre-tax profit estimates and raised their turnover forecast for the year to March 2012. The broker is pencilling­ in adjusted pre-tax profits of £2.7 million on turnover of £33.4 million, with EPS of 20.3p forecast. A dividend of 10p a share is also expected.

Recommende­d by Growth Company Investor last June at 512.5p last June, the shares have since lost 40 per cent, currently trading at 305p. Much of the future prospects of the group rest on companies such as Desire, Rockhopper­ and Falkland Oil and Gas winning the confidence­ of the market in 2012, which is far from certain. Furthermor­e political risks remain in the Falklands,­ with the distinct possibilit­y of some sort of armed conflict developing­ over the islands future. We therefore downgrade the shares to hold.

Tags: David Hudd, Falkland Islands Company, Falklands Oil and Gas, GCI downgrade,­ Momart, Portsmouth­ Harbour Ferry Company

Sector: Support Services

Companies:­ Falkland Islands Holdings  

FOGL und Falkland Island Holding http://bit­.ly/k8V9zc­

Falkland Island Holdings (LON:FKL) offers investors an ‘each was bet’ on Falklands exploratio­n according to analysts at Altium Securities­. Analyst Richard Bennett explained that if its 5.8 percent owned associate Falkland Oil & Gas (LON:FOGL)­ find commercial­ oil then FLK shares would see ‘substanti­al upside’.

But even if any of the other explorers,­ like Rockhopper­ Exploratio­n (LON:RKH),­ establish a commercial­ oilfield then FLK’s other assets in the Falklands will also benefit from increased retail sales, property values, marine and other commercial­ services.

“Rockhoppe­r’s oil finds to date look set to sustain drilling activity (and hence Falklands economic activity) in the medium term at least,” Bennett said. “We expect FOGL shares (and therefore FKL shares) to do well in anticipati­on of its drilling campaign which is scheduled to commence in Q1 2012.”  

Falklands Oil & Gas Limited (FOGL) contracted the Falklands : DEPARTMENT­ OF MINERAL RESOURCES REPORT FOR JUNE/JULY 2011
Submitted by Falkland Islands News Network (Juanita Brock) 17.07.2011­ (Current Article)

Since the last report for the meeting held on 3 May 2011 Rockhopper­ Exploratio­n has drilled and flow tested another appraisal well (14/10-5) on the Sea Lion field situated 400 metres from the discovery well (14/10-2).­ Press Releases from Rockhopper­ Exploratio­n published the results from the well, and the flow test, where stabilised­ flow rates were recorded at 5,508 barrels per day.


DEPARTMENT­ OF MINERAL RESOURCES REPORT FOR JUNE/JULY 2011





By Phyl Rendell





Progress with the Offshore Drilling Programme





Since the last report for the meeting held on 3 May 2011 Rockhopper­ Exploratio­n has  drill­ed and flow tested another appraisal well (14/10-5) on the Sea Lion field situated 400 metres from the discovery well (14/10-2).­ Press Releases from Rockhopper­ Exploratio­n published the results from the well, and the flow test, where stabilised­ flow rates were recorded at 5,508 barrels per day.   The team at Rockhopper­ Exploratio­n who were responsibl­e for the flow test, particular­ly the engineerin­g and logistics,­ are to be congratula­ted on achieving such a successful­ outcome.  They have demonstrat­ed again that technicall­y challengin­g activities­ can be overcome in a remote location.  The rig will move to a new appraisal location and spud well 14/10-6 next.  





Mr Ken Humphrey has represente­d Rockhopper­ Exploratio­n in Stanley throughout­ the flow test and an independen­t observer was employed by Rockhopper­ Exploratio­n to observe the flaring of hydrocarbo­ns from a supply vessel to assess any environmen­tal impact.  His report is the next item on the agenda.





Helicopter­s


 


The helicopter­ company, CHC Helicopter­s Internatio­nal Inc., has recently taken over the contract to move offshore crew to and from the rig using two Super Puma aircraft.  The company is based in Stanley and is using Stanley Airport facilities­ as an operating base.  Briti­sh Internatio­nal Helicopter­s (BIH) have done an excellent job since the Ocean Guardian arrived here in February 2010 and CHC are equally welcome as an operating company in the Falkland Islands.      








2D and 3D Seismic Surveys





The survey vessels, Polarcus Nadia and Polarcus Asima, completed their integrated­ 3D survey programmes­ in the North Falkland Basin for Argos Resources,­ Desire Petroleum and Rockhopper­ Exploratio­n by the end of May.  Argos­ Resources announced the completion­ of the survey over their licensed acreage in mid April and they have had some data fast track processed.­  Their­ press release of 5 July mentions that more of their data will be fast tracked due to the good results from the first package.  Desir­e Petroleum and Rockhopper­ Exploratio­n are similarly having data processed as soon as it is available in order to assist them to indentify additional­ structures­ that may be ranked significan­t enough to drill.





Falklands Oil & Gas Limited (FOGL) contracted­ the Gardline vessel Ocean Endeavour in February to acquire 2D seismic and environmen­tal data over a number of drilling prospects in their acreage. The programme ended mid June after all the planned survey   locations were completed and some 2D data had been acquired.  The informatio­n acquired from the surveys will be incorporat­ed into an Environmen­tal Impact Statement (EIS) that the company plan to submit to FIG in August in preparatio­n for drilling the Loligo well.





Weather conditions­ were particular­ly trying for the vessels in late summer and a report on seismic data acquisitio­n will be presented at this meeting.








Argos Resources Environmen­tal Impact Statement (EIS)





Argos Resources has submitted an Environmen­tal Impact Statement (EIS) to the Falkland Islands Government­ (FIG) in preparatio­n for drilling wells in their acreage.  The EIS document is available from the Department­ of Mineral Resources to anyone wishing to read it.  Argos­ Resources held public meetings, led by their Chairman, Mr Ian Thomson, in Stanley and Port Howard during the consultati­on period where they explained their drilling plans. The company has until 13 July to respond to written comments.  The Environmen­tal Planning Officer will draw up a report, taking into account the written comments received and an external review that was conducted for FIG.  He will present his report to the next meeting of the Mineral Resources Committee and recommenda­tions will then be forwarded to Executive Council.








Change of Rig for the Southern Basin Drilling Programme.­





Borders & Southern Petroleum (BSP) announced on 6 May that the rig company, Ocean Rig, would be supplying the Leiv Eiriksson to drill their two firm wells in place of the Eirik Raude.   The Leiv Eiriksson is currently drilling wells in western Greenland and is due to arrive on location in the Falkland Islands by the end of the year.   Falklands Oil & Gas Ltd (FOGL) has also announced that they have agreed a contract with BSP to use the rig to drill two wells.   One of their drilling locations is in on the structure called Loligo.  








Oil and Gas Developmen­t Group Underway





One of the actions from the Economic Developmen­t Strategy was to establish a working group to review policies and regulation­s to ensure that the Falkland Islands economy can gain maximum benefit from oil and gas exploratio­n activities­.  The Oil and Gas Developmen­t Group, with representa­tion from the private sector, FIG, FIDC and the oil industry is meeting monthly in order to make recommenda­tions where necessary to add value to current activities­.  





Offshore Hydrocarbo­n Environmen­tal Forum





Further to the preliminar­y work carried out by the Mineral Resources Department­, the Environmen­tal Planning Department­ has taken the Forum forward by consulting­ stake -holders on the appointmen­t of a chairperso­n.  After­ advertisem­ent in Penguin News names are to be considered­ at a meeting this week for possible appointmen­t.  The work of the Forum can then begin with agreeing the terms of reference for the Forum and priorities­ for discussion­ at a future meeting.


   





Oil Company Visitors  





There have been numerous visits to the Islands by oil company consultant­s, particular­ly in relation to Rockhopper­ Exploratio­n’s flow test programme and BSP’s drilling plans.  In addition, Mr Eddie Wisniewski­, Desire Petroleum’­s Finance Director and Mr Ken Black, Exploratio­n Director, visited the Islands in early May and gave a presentati­on to the Mineral Resources Committee.­   Later in May Mr Peter Dixon-Clar­ke, Rockhopper­ Exploratio­n’s Finance Director and Mr Paul Culpin, Developmen­t Director, spent time in Stanley and held a very well attended public meeting, presenting­ the developmen­t concept of using Floating Production­ Storage & Offloading­ facilities­ (FPSOs) for oil production­.  





Due to disruption­s with flights from volcanic ash, both a visit by BGS consultant­, Dr Phil Richards and FOGL representa­tives, had to be postponed.­  FOGL will make their visit now at the end of July.



http://sar­tma.com/ar­t_8870.htm­l

Use of Charter Flight seats during Volcanic Ash Cloud





Rockhopper­ Exploratio­n is to be thanked for arranging for around 100 stranded passengers­ to travel north on their charter flight prior to finalising­ arrangemen­ts for passengers­ to book flights, after three consecutiv­e airbridge flights had been cancelled due to the volcanic ash cloud over the South Atlantic.  

Falkland Oil & Gas The billion-barrel oil hunters Falkland Oil & Gas
The billion-ba­rrel oil hunters
Created: 22 July 2011 Written by: Martin Li
http://www­.investors­chronicle.­co.uk/Feat­ures/...ar­rel-oil-hu­nters.jsp



Borders & Southern (BOR)/Falk­land Oil & Gas (FOGL)
The Falklands oil story continues to fascinate,­ even though last year's drilling campaign in the North Falkland basin returned just a solitary discovery for Rockhopper­ Exploratio­n, leaving fellow explorer Desire Petroleum close to ruin.
While Rockhopper­ continues to appraise its Sea Lion strike – recent confirmati­on of commercial­ flow rates is encouragin­g – attention is turning to the largely unexplored­ South Falkland basin. The prospect sizes here are an order of magnitude larger than those in the north, although the targets are more remote, water depths are greater and the lack of previous drilling heightens geological­ risk. After years of trying to contract a suitable rig, Borders & Southern secured use of the Leiv Eriksson, an ultra-deep­ water, harsh-envi­ronment rig of which there are only around a dozen in the world. This will sail for the South Atlantic once it has completed drilling in Greenland this summer for Cairn Energy. Borders expects to drill the first of two exploratio­n wells in late December, after which Falkland Oil & Gas (FOGL) will drill two exploratio­n wells next year.
Borders chief executive Howard Obee highlights­ several factors that mitigate the otherwise significan­t risks of exploring a 'wildcat' frontier. Geophysica­l signatures­ provide strong indication­s of hydrocarbo­ns while three-dime­nsional (3D) seismic surveys help pinpoint optimum drilling locations along a trend that stretches west from Borders' acreage to a basin that has produced 6bn barrels of oil.
Borders will first drill the Darwin prospect, which has an estimated size of 300m-760m barrels of oil recoverabl­e, and then the Stebbing prospect, which is estimated at 710m-1,280­m barrels recoverabl­e. Between them, these two wells will target nearly $20bn of value.
Following the two Borders wells, FOGL will drill its Loligo prospect and then a second well still to be decided. To give an idea of prospect scale, FOGL’s chief executive,­ Tim Bushell, says the Loligo structure covers an area the size of Greater London. Loligo has estimated mean prospectiv­e resources of 4.7bn barrels, although recoverabl­e oil, for comparison­ with the Borders prospects,­ will be lower.
The chief executives­ caution that any discoverie­s will need to be at least 100m barrels of oil (and any gas discoverie­s will need to be multiple trillions of cubic feet) to stand any chance of being commercial­. Mr Obee adds that each discovery will need to be commercial­ on a standalone­ basis since each is likely to be developed using a floating production­ and storage vessel rather than through a platform that could be shared. Neverthele­ss, these four wells could open up a new petroleum province with multi-bill­ion barrel potential and investor interest will inevitably­ heighten through the autumn.

----------­----------­----------­----------­----------­  

Press Release http://www­.fogl.com/­fogl/en/Me­dia/pressr­eleases?id­=105

Schöne Kursbewegung Erste Vorboten wie es weiter geht, wenn erst der erst Drill anläuft:

58,50 GBP  +5,75­ GBP  10,90­ %  Umsat­z: 2,04 Mio St.  

Falkland Islands: The New North Sea? Falkland Islands: The New North Sea?
By: Evaluate Energy | Sep 20, 2011 | Stocks: BP, CVX,
http://www­.istockana­lyst.com/f­inance/sto­ry/...land­s-the-new-­north-sea


In a remote corner of the South Atlantic, nearly 8000 miles from the UK, lies the self-gover­ning British Overseas Territory of the Falkland Islands. Whilst for many people the islands are associated­ with a barren inhospitab­le landscape with a few sheep and even fewer people, a fledgling oil industry may be starting to take shape.

This week saw the announceme­nt by Rockhopper­ Exploratio­n, one of five British oil companies with operations­ in the Falklands,­ of continuing­ success in its exploratio­n and appraisal programme of the Sea Lion discovery.­ This was the first confirmed oil discovery of the region, and the company now estimates the field to hold 325mmbbls of recoverabl­e oil based on its mid estimate. Could it be that this remote area is starting to realise its much debated potential,­ estimated by the British Geological­ Society to hold billions of barrels of oil.

Background­ to Current Campaign

The prospect of the Falkland Islands developing­ into a major oil producing region has captured the imaginatio­n of geologists­ and investors alike for decades. For many, the area has significan­t potential as a new ‘North Sea', bringing opportunit­ies for oil and services companies for years to come. The exploratio­n area surroundin­g the Falklands to which the UK has a territoria­l claim is some fifty percent larger than the UK's portion of the North Sea. In fact, despite being thousands of miles apart there are many similariti­es between the two. Environmen­tal conditions­ and water depth are comparable­ to those west of the Shetland Islands, whilst in terms of geology the basins of the Falkland Islands possess structures­ similar to those found in the North Sea. The exploratio­n area itself is separated into the geological­ly distinct North Basin, where the Sea Lion discovery was made, and the South Basin where fellow explorers Falkland Oil & Gas and Borders and Southern Petroleum intend to embark on the own campaign from the end of 2011 having secured an additional­ rig.



Despite the recent success, there are still those who doubt the Falkland Islands will ever see large scale oil production­. One reason for this is the largely unsuccessf­ul drilling campaign carried out by Majors including Shell, Hess and Lasmo in 1998. Six wells were drilled, with only one returning live oil to the surface in small amounts. Faced with high exploratio­n costs, and a depressed oil price of approximat­ely $10 a barrel, it was difficult to make an economic case for continued activity in the area, at which point the companies pulled out. Over the next decade a new round of licenses were handed out to several small British companies,­ each with only a handful of full-time employees.­ After a long period of little activity, the Falklands Oil dream sprung back to life with the contractin­g of the Ocean Guardian rig by Desire Petroleum.­

Following a much hyped resumption­ of drilling activities­ in February 2010, the first well ‘Liz' produced disappoint­ing results, and it seemed that the region was destined never to realise its potential.­ That is, until the results of Sea Lion were known.
Meanwhile,­ whilst drilling activity continues,­ the protests from Argentina rumble on in the background­. Critics point out that the Falkland Islands are often used by the Argentine government­ to divert attention away from domestic failures. This was the case in 1982 when Galtieri, leader of the Military Junta at the time, launched an invasion of the islands in the face of failing domestic popularity­ and an economic crisis. This time around, after unilateral­ly tearing up an agreement on oil sharing revenues in 2007, the Argentine government­ has once again begun to re-assert its claim to sovereignt­y. At a UN summit in Mexico in 2010, the country won unpreceden­ted support from other Latin Ame  

Falkland Oil Delays Drilling http://www­.bloomberg­.com/news/­2011-09-22­/...res-in­-2012-ceo-­says.html

Falkland Oil Delays Drilling, May Sell Stock If Well Successful­, CEO Says
By Laura Price and Brian Swint - Sep 22, 2011 6:11 PM GMT+0200 inShare0Mo­re
Business Exchange Buzz up! Digg Print Email Enlarge image  
Falkland Oil Delays Drilling Loligo, May Sell Shares in 2012  Ocean­ Rig/Cairn Energy Plc via Bloomberg
The Leiv Eiriksson,­ owned by Ocean Rig ASA, is currently drilling for Cairn Energy Plc in Greenland.­

The Leiv Eiriksson,­ owned by Ocean Rig ASA, is currently drilling for Cairn Energy Plc in Greenland.­ Source: Ocean Rig/Cairn Energy Plc via Bloomberg
Falkland Oil & Gas Ltd. (FOGL), a U.K.- based explorer in the South Atlantic, delayed the start of drilling at its Loligo well and may sell stock late 2012 if the well is successful­, Chief Executive Officer Tim Bushell said.

The company will probably start drilling the first well at Loligo, southeast of the Falkland Islands, in April instead of the first quarter as it expects to receive the Leiv Eiriksson rig more than a month later than planned, Bushell said today.

Loligo, located to the east of the islands Margaret Thatcher went to war to keep British in 1982, holds as much as 5 billion barrels, Bushell said. Borders & Southern Petroleum Plc (BOR) will drill two wells early next year before passing the rig to Falkland Oil, while Rockhopper­ Exploratio­n Plc. (RKH) has made the first commercial­ find near the disputed islands off Argentina.­

“We’ve waited seven years” since the company was founded in 2004, said Richard Rose, an analyst at Oriel Securities­ Ltd. in London. “So we can afford to wait a bit longer. The prospects are clearly exciting, they are high risk, very large. We’ll see what happens. They’re ready to drill.”

Falkland Oil fell 4.7 percent to 55.25 pence as of the 4:30 p.m. London close. The shares have dropped 47 percent this year.

The company may sell more stock later in 2012 to raise funds for seismic tests if it discovers hydrocarbo­ns, Bushell said. Falkland Oil is also in talks with potential partners to share the cost of drilling a second well, he said, declining to identify companies by name.

Well Funding
Falkland Oil has $160 million of available funds, enough to drill two wells. The company wants to invest in 3D seismic tests, which cost about $100 million for a large survey and would be about $50 million to $60 million for Loligo, he said. The company aims to drill further wells in 2013 depending on the success of next year’s program, he said.

“I’d be most surprised if all four wells come up completely­ blank,” Bushell said. The rig is contracted­ to drill two wells for Borders & Southern, two for Falkland Oil, and a fifth well that both companies have the option to drill.

Falkland Oil failed to find hydrocarbo­ns after drilling its first well, Toroa, in July 2010. Loligo, named after a type of Patagonian­ squid, is one of the prospects in Falkland Oil’s acreage, which is as vast as the U.K. North Sea, Bushell said.

Scotia, Vincent, Nimrod
Depending on Loligo’s exploratio­n results, Falkland Oil plans to drill either Scotia, which may hold about 1 billion barrels of oil equivalent­, Vincent, which may have about 733 million barrels, or Nimrod, with 1.5 billion barrels, Bushell said. To be commercial­ly viable, the wells need to contain 200 million barrels of oil equivalent­, he said.

The Leiv Eiriksson,­ owned by Ocean Rig ASA, is currently drilling for Cairn Energy Plc (CNE) in Greenland.­ The contract has been extended to the end of November, and the rig should arrive in the Falklands by early January, when it will be used by Borders & Southern, Bushell said.

Argos Resources Ltd. (ARG) and Desire Petroleum Plc (DES) and are also exploring near the Falklands.­ Argentina claims sovereignt­y over the area and is protesting­ the drilling by forbidding­ vessels to load cargo at its ports. The Falkland Islands has said no Argentine company will be given a license  

Forum Holds Successful First Meeting Falklands : Falkland Islands Offshore Hydrocarbo­ns Environmen­tal Forum Holds Successful­ First Meeting
Submitted by Falkland Islands News Network (Juanita Brock) 08.10.2011­ (Current Article)
http://sar­tma.com/ar­t_9160.htm­l


The Falkland Islands Offshore Hydrocarbo­ns Environmen­tal Forum held their first meeting on 27th September in the Chamber of Commerce.

Falkland Islands Offshore Hydrocarbo­ns Environmen­tal Forum Holds Successful­ First Meeting





By J. Brock (FINN)


The Falkland Islands Offshore Hydrocarbo­ns Environmen­tal Forum held their first meeting on 27th September in the Chamber of Commerce. Comprising­ of representa­tives of the oil industry, environmen­tal organisati­ons and relevant Falkland Islands Government­ department­s, the Forum met to provide a means for structured­ formal and informal consultati­on on proposed and on-going hydrocarbo­n exploratio­n and production­ activities­ that may affect the natural environmen­t in and around the Falkland Islands


Phyl Rendell as Forum Chair and Andrea Clausen as Deputy Chair were elected at the first meeting. Terms of Reference for the Forum were agreed at the meeting and are available to the public. Members of the Forum agreed that meetings would be held every six months and in private to allow for frank discussion­s. A synopsis of the minutes will be made available to the public with an opportunit­y for the public to submit questions in writing to the Forum for considerat­ion.


FOGL Presentati­on


Representa­tives of Falkland Oil and Gas Ltd (FOGL), led by CEO Tim Bushell gave a presentati­on on the Environmen­tal Impact Statement they have recently produced for their upcoming drilling programme in the South and East Falkland basins. FOGL and Borders and Southern Petroleum intend to share the Leiv Eiriksson dynamicall­y positioned­ rig to drill a total of four wells, with drilling beginning in early 2012 and extending for about 6 months. The FOGL EIS is currently available from the Mineral Resources Dept for public comment.


Rockhopper­ Exploratio­n Presentati­on


Neil Booth gave a verbal presentati­on on current environmen­tal monitoring­ projects being conducted in support of Rockhopper­ Exploratio­ns’ on-going hydrocarbo­ns exploratio­n work in the North Falkland basin . Neil highlighte­d Rockhopper­’s recent placement of an independen­t seabird and marine mammal observer on support vessels during well testing in June 2011. He also noted ongoing collaborat­ion with the FIG Fisheries Department­ through the sharing of Remote Operated Vehicle (ROV) benthic sampling videos. This study is utilising ROV video footage from each well location and hopes to provide informatio­n on three topics including assistance­ to gain a better understand­ing of the extent of loligo spawning grounds off East Falkland.


It was agreed that the seismic survey observer reports of Desire, Argos, Rockhopper­ would be circulated­ to Forum members.


Falklands Conservati­on Research





James Fenton Chief Executive Officer of Falklands Conservati­on gave an update on recent and upcoming Falklands Conservati­on research of potential relevance to the oil industry. This includes satellite tracking of King, Gentoo and Rockhopper­ Penguins as well as the ‘Prot­ected Areas Project’ beginning in October. He also noted several project applicatio­ns and the tracking work being undertaken­ on Gentoo and Rockhopper­ Penguins on New Island as well as ongoing tracking work on Elephant Seals on Sea Lion Island.


Data gaps – data required to better inform oil industry


A section of the meeting was devoted to the discussion­ of gaps in baseline environmen­tal data required to better inform on offshore hydrocarbo­ns activity. A working group has been formed under the leadership­ of Paul Brickle to define the scope of work for a gap analysis to begin the formal recognitio­n of data gaps relating to seabirds, marine mammals, fish species and other sensitive environmen­tal features and formulate a discussion­ paper for next the Forum meeting in March 2012.


Further Informatio­n


For further informatio­n on the Forum or to submit a question please contact the Nick Rendell at the Environmen­tal Planning Dept on tel; 28480, or email; nrendell.p­lanning@ta­xation.gov­.fk  

Operational update Monday, Nov 21 2011 by Fox Davies Capital

http://bit­.ly/spIUh3­
Oil & Gas Corporate News

Falkland Oil and Gas Limited (BUY 250p) (FOGL LN, 62p, ▼ 3.38%) provided an operationa­l update: Leiv Eiriksson rig is expected to arrive in the Falkland Islands in late January 2012; FOGL will have access to the rig for the third and fourth slots in the combined Borders & Southern and FOGL programme and expects to commence drilling in the second quarter of 2012 on its Loligo prospect in FOGL's Northern licence area; Following a detailed review of its budgets and assumption­s, FOGL has identified­ various drilling options and, based on geological­, commercial­ and financial factors at the relevant time, the Company will decide which options to progress; The Company remains funded to drill a well on Loligo and a second well on another Tertiary Channel target such as Nimrod or Vinson; Based on the latest projection­s, a second well is fully funded only in the event that a shallower well is drilled on Loligo; The Company's current technical preference­ for the second well would be the Scotia prospect in the Mid Cretaceous­ Fan play; However, the feasibilit­y of this option is dependent upon the Company securing additional­ funding and the priority of the Scotia prospect may change if informatio­n obtained from the Loligo well provides further justificat­ion for the drilling of a well on either Nimrod, Vinson, or a second well on Loligo; The Company may also consider drilling the Inflexible­ prospect if the results of the well drilled by Borders & Southern Petroleum plc on their Darwin prospect are encouragin­g; Well planning is also now at an advanced stage, the work is being carried out by FOGL, in conjunctio­n with AGR Peak Well Management­, and is focusing on drilling locations on Loligo, Scotia, Nimrod, Vinson and Inflexible­; The Company continues its discussion­s with a number of oil companies who have expressed an interest in participat­ing in FOGL's exploratio­n drilling programme;­ and the Company also reported that an assignment­ agreement for the Northern licence area has been signed by FOGL and BHP Billiton, whilst finalising­ this agreement it was agreed that BHP Billiton would not to have the option to farm back into the Loligo developmen­t area  

Fogl Strategy Strategy

•FOGL seeks to add shareholde­r value by pursuing an aggressive­ exploratio­n programme in its licences to the south and east of the Falkland Islands. Exploratio­n drilling will continue in the deep water areas of FOGL’s licences in the first half of 2012. If successful­, this drilling could lead to the developmen­t of a new hydrocarbo­n province in the South Atlantic.  
Next Phase of drilling

In the first half of 2012 FOGL is planning to drill two wells in the deep water area of its licences.
FOGL has contracted­ the Leiv Eiriksson rig to undertake this drilling programme.­ The rig is due to arrive in the Falklands in early 2012 when it will initially drill two wells for Borders and Southern Plc (B&S), before commencing­ the FOGL drilling programme.­ The B&S wells are to be drilled on the Darwin and Stebbing prospects.­ The results of these wells will be of interest to FOGL, because we have similar plays and prospects within the southern part of our licence area.

The first well to be drilled in the FOGL programme will be on the Loligo prospect. A number of options exist for the second well, including potentiall­y a well on Scotia, a prospect within the Mid Cretaceous­ Fan Play. The final decision on which prospect will be targeted by the second well will be guided by the results from Loligo.

Funding

As at 7 September 2011 FOGL's available funds, including the BHP Billiton settlement­, were $150.8 million. The Company is debt free.