FOGL prepares for next Falkland drilling

Offshore staff

London – Falkland Oil and Gas Ltd (FOGL) says it is at an advanced stage in contract negotiations for a deepwater rig for its Southern License area acreage offshore the Falkland Islands.

BHP Billiton, as operator of the company’s Northern Licence area, is also in talks to secure a rig slot to drill the Loligo prospect.

Recently, the partners renegotiated the terms of the Northern License area with the Falkland Islands government. The permits have been extended by one year without any further work commitments or mandatory acreage relinquishments.

On the Southern License area, the Phase I work commitment was completed last year following an unsuccessful well on the Toroa structure.

BHP elected not to enter the second phase, which started on Dec. 3, assigning its 51% interest and operatorship to FOGL, which now has full control over these concessions, and may pursue another farm-out agreement.

FOGL has contracted a vessel to performing a site survey to determine locations for future wells. This will cover separate sites including the Vinson prospect, in the Tertiary channel play, and two new prospects (Scotia and Hero), within the mid-Cretaceous fan play.

Site surveys will also be acquired on Inflexible, a Springhill fault-block, and Undine, a Tertiary fold-belt play prospect. Springhill and Undine are similar to targets Borders and Southern intends to drill in the same region - FOGL will have the option to drill in the event that Borders and Southern has success with its wells.

FOGL may also opt to acquire up to 1,300 km. (808 mi) of new 2D seismic data to enhance prospect definition and assist selection of drilling locations.

03/17/2011

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