Drilling commences at Toroa prospect offshore the Falkland Islands

Source: Falkland Oil & Gas Limited

Falklands Oil & Gas spudded the Toroa F61/5-1 exploration well offshore the Falkland Islands near Argentina on May 31, 2010. 

The well is being drilled by the Ocean Guardian semisubmersible to an estimated target depth of circa 2,700 meters. Drilling operations are expected to take approximately 35 days. 

The Toroa prospect is located in the South Atlantic on License PL15, in which FOGL has a 49% interest. BHP Billiton serves as the company’s partner in the Toroa prospect. This is FOGL’s first exploration well offshore the Falkland Islands. 

The total net cost of the Toroa well to FOGL is expected to be circa $21 million. At current rig rates we anticipate a single deep water well would cost in the order of $60 million. The cost of mobilising a rig to the Falkland Islands would cost between $30 and $80 million. 

FOGL is continuing to review with BHP Billiton a number of rig options with a view to drilling further wells on its licenses. Securing a suitable rig will determine the ultimate timing of the second phase of the program, and BHP Billiton continues working to secure a suitable drilling rig.

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