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Farm-out Agreement Update

28 Nov 2007 07:00

Falkland Oil and Gas Limited28 November 2007 Falkland Oil and Gas Limited FOGL Partner increases interest in exploration agreement Falkland Oil and Gas Limited ("FOGL") is pleased to announce that BHP Billitonhas decided to exercise its option to increase its interests in FOGL's 2002 and2004 licences to the South and East of the Falkland Islands. Highlights: • BHP Billiton will increase its interest to 51% from the 40% announced on 2 October 2007 • FOGL retains a very substantial stake in the licences • BHP Billiton will pay FOGL an additional US$2.75 million in reimbursement of historical costs • The decision by BHP Billiton to increase its interests in our licences further confirms our view of the significant petroleum potential of the South and East Falkland Basins. Details of the agreement Under the terms of the farm-out agreement announced on 2 October 2007 BHPBilliton had the option to further increase its interest in the licences. BHPBilliton has decided to exercise this option by increasing its interest to 51%.Consequently, BHP Billiton will pay four thirds of 51% (approximately 68%) ofthe costs of the near term work programme, including the drilling of twoexploration wells and all other associated work to the completion of thisdrilling work. In addition, BHP Billiton will pay FOGL a further US$2.75million in relation to certain costs already incurred by the company. At end2007 FOGL's forecast cash position is £12.2 million (US$25 million). As such,FOGL is now funded through a significant proportion of the near term explorationprogramme, which will include the drilling of the first two exploration wells. Since announcing the agreement with BHP Billiton, FOGL has had discussions witha number of other parties potentially interested in farming in to the area.FOGL will now look to advance these discussions, but with the clear intent ofretaining a material interest in its licences. Tim Bushell, Chief Executive of FOGL commented: BHP Billiton's decision to increase its interests in our licences furtherconfirms our view that the South and East Falkland basins are highly prospectiveand have the potential for the discovery of significant volumes of oil and gas. 28 November 2007 Note to investors: FOGL is planning to make an announcement on its 2007 exploration results andoperational plans shortly. Enquiries: FOGL 020 7563 1260Tim Bushell, Chief Executive KBC Peel Hunt (Nominated Adviser) 020 7418 8900Jonathan Marren / Matt Goode College Hill 020 7457 2020Nick Elwes / Paddy Blewer www.fogl.com www.bhpbilliton.com This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
13th May 20093:42 pmRNSResult of AGM
17th Apr 20099:51 amRNSAnnual Report and Accounts
18th Mar 20097:00 amRNSDirectorate Change
17th Mar 20097:00 amRNSFinal Results
23rd Feb 20097:00 amRNSCompletion of Site Survey Programme
16th Dec 20087:14 amRNSOperational Update
20th Oct 20083:12 pmRNSOption Award
30th Sep 20087:38 amRNSStatement re significant shareholder
23rd Sep 20087:00 amRNSInterim Results
9th Jun 20083:16 pmRNSAnnual Report and Accounts
19th May 20082:18 pmRNSHolding(s) in Company
14th May 20084:27 pmRNSResult of AGM
14th May 20087:05 amRNSAGM Statement
30th Apr 200812:42 pmRNSHolding(s) in Company
30th Apr 200812:37 pmRNSHolding(s) in Company
29th Apr 20083:25 pmRNSHolding(s) in Company
29th Apr 200811:38 amRNSSale of Shares
28th Apr 20087:00 amRNSChange of Adviser
15th Apr 20081:46 pmRNSGrant of Options
12th Mar 20083:30 pmRNSFOGL Preliminary Results
12th Mar 20087:01 amRNSFinal Results
19th Dec 20071:03 pmRNSDirectors Interests
13th Dec 200710:29 amRNSRe FOGL Announcement
13th Dec 20077:01 amRNSFOGL Announcement
13th Dec 20077:01 amRNSExploration Activity Update
28th Nov 20079:41 amRNSFOGL Announcement
28th Nov 20077:00 amRNSFarm-out Agreement Update
22nd Oct 20074:19 pmRNSAdditional Listing
5th Oct 200711:41 amRNSOption Award
2nd Oct 20071:25 pmRNSFOGL announcement
2nd Oct 20071:00 pmRNSFarm-out Agreement
24th Sep 20077:01 amRNSInterim Results
11th Sep 20071:44 pmRNSHolding(s) in Company
17th Aug 20077:00 amRNSAIM Rule 26
24th Jul 20078:40 amRNSRe: FOGL announcement
23rd Jul 200712:58 pmRNSRe share price movement
7th Jun 20079:41 amRNSOperations Update
17th May 200711:29 amRNSResult of AGM
16th May 20073:00 pmRNSAGM Statement
28th Mar 20077:04 amRNSPreliminary Results
6th Feb 20078:53 amRNSFOGL update
5th Feb 20077:02 amRNSOperational Update
2nd Jan 200710:25 amRNSRe: FOGL announcement
29th Dec 200610:21 amRNSRe: FOGL announcement
28th Dec 20067:00 amRNSCompletion of Transaction
27th Dec 200612:10 pmRNSGrant Of Options
21st Dec 20067:01 amRNSInterim Results
30th Nov 20069:20 amRNSAnnouncement by FOGL
29th Nov 200610:23 amRNSConvertible Loan
8th Sep 200610:31 amRNSAnnouncements by FOGL

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