FAQs

  • Where can I find the latest information on FOGL's operations?

    The latest information on FOGL's operations will be released to the market via press release. Press releases are automatically uploaded to the FOGL website. As a publicly listed company, FOGL is restricted from divulging information to individuals if such information is considered to be 'price sensitive' and has not already been issued in the public domain.

  • When will FOGL drill its first exploration well?

    We will drill the Toroa prospect as soon as the Ocean Guardian rig becomes available.  It is currently being used by Rockhopper to drill the Sea Lion well that spudded on 16 April and is expected to take 35 days to complete.  Therefore, we expect to spud Toroa in mid-late May 2010.

  • You say that you are planning a deep water drilling campaign for 2010, but have not contracted a rig yet, is this still a realistic timeframe?

    That remains the target but securing a suitable rig will determine the ultimate timing of drilling. BHP Billiton has been working to secure a suitable drilling rig.

  • How much would it cost to get a rig to the Falklands and drill a well?

    The total net cost of the Toroa well to FOGL is expected to be circa $21 million.  At current rig rates we anticipate a single deep water well would cost in the order of $60 million. The cost of mobilising a rig to the Falkland Islands would cost between $30 and $80 million.

  • Why did you select BHP Billiton as your partner? Surely they are a Mining Company not an Oil and Gas Company?

    BHP Billiton is an obvious partner to us. They currently produce 350,000 boepd with a strategy to increase this to 500,000 boepd in 2010. They have an extensive and impressive track record of deep water drilling in the Gulf of Mexico, Australia and West Africa. The company also have a long history of working in sensitive environments; they understand the regional geology of the South Atlantic systems and have access to rigs.

  • Are you still looking for further partners?

    This is an option.  Since we announced our agreement with BHP Billiton we have been approached by, and had discussions with, a number of other parties. However, we believe we are funded through the initial drilling programme and are under no pressure to bring in another party unless the terms are very attractive for FOGL’s shareholders.

  • What is the forward programme / when will you be drilling?

    We will drill the Toroa prospect as soon as the Ocean Guardian rig becomes available.  It is currently being used by Rockhopper to drill the Sea Lion well that spudded on 16 April and is expected to take 35 days to complete.  Therefore, we expect to spud Toroa in mid-late May 2010.

    Meanwhile we are continuing to review with BHP Billiton a number of rig options with a view to drilling further wells on our licences. Securing a suitable rig will determine the ultimate timing of the second phase of the programme and BHP Billiton continues working to secure a suitable drilling rig.

 

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