Falkland Oil and Gas Limited (AIM:FOGL), the oil and gas exploration company focused on its extensive license areas to the North, South and East of the Falklands islands, is pleased to announce that the 14/20-1 'Isobel Deep' exploration well (the "Well") was spudded, by Premier Oil as operator, on 8 April 2015.
The well is located on licence PL004a, in which FOGL has a 40% working interest and will primarily target the Isobel Deep prospect. The well will test the F3 fan systems, which are mapped as entering the basin from the south east margin and comprise a sequence of stacked reservoirs. The Isobel/Elaine complex is estimated to contain mid case un-risked gross prospective resources, based on the operator's estimates, of 243 mmbbls (97 mmbbls net to FOGL).
The well is anticipated to take approximately 30 days to drill and no coring or testing is planned for this well. A further release will be issued once logging is completed. FOGL is carried through the costs of this well by Premier Oil and Rockhopper Exploration.
i agree the cash requirment is too big for fogl - but noble have (just) the fin capability to make it happen - will cost us on % of course. that is my point about 2nd operator. if it was pmo on both, then so what if sfb delivers oil - pmo could not exploit.
not sure i understand your last two points, unless you mean fogl should have farmed down more prior to now. if so i do not agree. i see a swap for % v dev cost.
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