6 Aug 2012 07:00
6 August 2012
Falkland Oil and Gas Limited
("FOGL" or "the Company")
Loligo - 42/07- 01 Well Spud
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, is pleased to announce the Loligo exploration well 42/07-01 was spudded on Friday 3 August 2012. The well is located approximately 200 km east of the Falkland Islands. FOGL is the operator of the well, holding a 75% interest, together with its joint venture partner Edison International Spa, who hold the remaining 25% interest in licence PL028. It is the first of a two well exploration programme using the Leiv Eriksson semi submersible drilling rig.
The well is designed to test the Loligo Complex, which is a large Tertiary aged stratigraphic trap with multiple reservoir objectives.
It is anticipated that the well operations will be around 60 days.
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Enquiries:
Falkland Oil and Gas
+44 (0) 207 563 1260
Tim Bushell, Chief Executive
Oriel (Nominated Advisor and Joint Broker)
+44 (0) 207 710 7600
David Arch / Gareth Price / Ashton Clanfield
Jefferies Hoare Govett (Joint Broker)
+44 (0) 207 029 8000
Alex Grant / Chris Zeal / Graham Hertrich
FTI Consulting
+44 (0) 207 831 3113
Ben Brewerton / Ed Westropp
The technical information included in this announcement has been reviewed, verified and compiled by the Company's geological staff, including a qualified person, Colin More BSc., MSc. (Exploration Director), who has over 26 years of experience in petroleum exploration, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects. Mr More is a member of the Geological Society of London, the American Association of Petroleum Geologists and the Society of Exploration Geophysicists.