29 Oct 2015 12:12
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Don't have an account? Click here to register.Broker snap: Merchant Secs initiates Falkland Oil at buy
Fri, 18th May 2012 11:54
In a research note issued this morning analysts at Merchant Securities initiate coverage of Falklands Oil and Gas with a buy recommendation and a 400p price target. For them this company, "holds the best exploration acreage in the Falkland Islands because its prospects are larger than elsewhere, yet we believe the exploration risks are not greater than elsewhere in the region." More specifically, they believe that the Loligo prospect is likely to be a condensate prospect, just as the Borders & Southern discovery at Darwin was a condensate discovery. They have modelled the prospect based on their estimate that, if successful, it could produce 2.0bn barrels of condensate, which compares to FOGL's estimate of 4.7bn barrels of oil equivalent. Loligo is likely to commence drilling around the end of June or early July 2012 with results announced about 8 weeks later. As well, they anticipate a 'pre-drill catalyst' in that they expect that prior to drilling Loligo the company will farm out 25% of its licence areas to a currently undisclosed party pursuant to a farm-in option agreement. FOGL would receive $60m in cash if the option is exercised in accordance with the base case of the agreement. As of 11:46AM shares of Falkland Oil&Gas are trading flat at 81.25p.AB
More News
29 Oct 2015 10:32
29 Oct 2015 10:00
Falkland Oil fails to find commercial hydrocarbons at Humpback well
(ShareCast News) - Shares in Falkland Oil & Gas fell sharply after the company said it failed to find any commercial hydrocarbons at its Humpback exploration well. The company said the well encountered non-commercial quantities of oil and gas within a number of sandstone intervals. In addition, it
Read more16 Oct 2015 08:18
Falkland's Humpback project finds oil and gas but remains behind schedule
(ShareCast News) - Exploring group Falkland Oil and Gas said the Humpback exploration well has found oil and gas shows, while wireline logging indicate there are hydrocarbon bearing sandstones within the main target area. The group said it had decided to drill deeper at the well, located offshore th
Read more25 Sep 2015 09:17
Falkland Oil and Gas to drill new well
(ShareCast News) - Falkland Oil and Gas has struck an agreement with Premier Oil and Rockhopper Exploration to drill a further well on the Isobel/Elaine complex. The new well, announced in a trading update on Friday, will target the Isobel Deep reservoir which was oil bearing when discovered in Apri
Read more15 Sep 2015 18:36
Tuesday newspaper tips: Chemring, Falkland Oil&Gas
(ShareCast News) - Ordnance and defence electronics manufacturer Chemring is successfully weaning itself off its reliance on Western defence budgets after being hit by the drawdown of forces in Iraq and then Afghanistan - together with a few production problems along the way. The result is a record
Read more25 Aug 2015 16:04
Falkland Oil widens loss as humpback delay revealed
(ShareCast News) - Falkland Oil and Gas posted a bigger loss in the first six months of the year and said it incurred delays at its humpback exploration well in the Falklands basin. The AIM-listed company whose portfolio spans the north, south and east Falkland basins does not yet produce revenues.
Read more