Falkland O&G (LSE:FOGL)
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RNS Number : 1046Q

Falkland Oil and Gas Limited

15 June 2015

15 June 2015

Falkland Oil and Gas Limited

("FOGL" or the "Company")

Humpback Well Spud

Falkland Oil and Gas Limited (AIM:FOGL), the oil and gas exploration company focused on its extensive licence areas to the North, South and East of the Falklands islands, is pleased to announce that the 'Humpback' exploration well, (the "Well") was spudded on 13 June 2015.

The well is located on licence PL012 in which FOGL has a 52.5% working interest and will target the Humpback prospect. Humpback is located within a cluster of similar prospects, in the Fitzroy sub-basin, which have a total, combined, prospective resource of over one billion barrels of oil. The well will test multiple stacked reservoirs within the Cretaceous Diomedea fan complex. The Humpback well is located in a water depth of approximately 1,260 metres and is expected to reach a total depth of 5,350 metres.

The well is anticipated to take approximately 65 days to drill. A further release will be issued once logging is completed. FOGL is partially carried through the costs of this well by Noble Energy (Licence Operator) and has a paying interest of 27.5%.

Tim Bushell, CEO, commented:

"The Humpback well is the exciting first test of a new geological play concept within the South and East Falkland basins. In the event of encouraging results, we have identified, on 3D seismic, multiple follow-up prospects."

- Ends -

For further information:

 
Falkland Oil and Gas Limited 
 Tim Bushell, Chief Executive                              +44 (0) 20 7563 1260 
RBC Capital Markets (Nominated Advisor and Joint Broker) 
 Matthew Coakes / Daniel Conti                             +44 (0) 20 7653 4000 
Numis Securities Limited (Joint Broker) 
 John Prior / Ben Stoop / Paul Gillam                      +44 (0) 20 7260 1000 
FTI Consulting 
 Ed Westropp / George Parker                               +44 (0) 20 3727 1000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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