Falkland Oil To Start Drilling In 1Q Of 20112 At Falkland Islands
June 08 2011 - 9:39AM
Dow Jones News
Falkland Oil and Gas Limited (FOGL.LN), a oil and gas
exploration company, Wednesday said the Leiv Eiriksson rig is
expected to arrive in the Falkland Islands in the fourth quarter,
and added that it expects to commence drilling in the first quarter
of 2012.
MAIN FACTS:
-Will utilize the third and fourth slots in the combined Borders
& Southern Petroleum PLC (BOR.LN) and Falkland Oil program.
-Made significant progress in establishing a drilling team
managed by Dave MacKay, who has been appointed drilling
manager.
-Executive Council of the Falkland Islands on May 24 approved
the withdrawal of BHP Billiton (BHP) from the northern license area
and transfer of operatorship to Falkland Oil; They also approved a
six month extension of Phase 1 of the northern license area to June
15, 2012, from Dec. 15.
-Latest site survey program has now been completed; A total of
five site surveys were completed on the Inflexible, Vinson, Scotia,
Hero and Loligo prospects.
-In early stage discussions with several parties who have
expressed an interest in participating in exploration drilling
program; Company doesn't anticipate concluding any farmout
agreement until later this year.
-Shares at 1306 GMT flat at 61 pence.
-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448,
tapan.panchal@dowjones.com
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