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Falkland Oil and Gas finds drilling partner

Tue, 20th Mar 2012 08:54

Falkland Oil and Gas (FOGL) has signed an option agreement which could help pay for a quarter of its drilling programme during 2012. The farm-out, with an unnamed third party, would also pay £17m towards the £68m costs incurred during 2011 in preparation for drilling.An initial fee of $6m has been paid to secure the agreement but, disconcertingly, FOGL says: "For corporate reasons unconnected with the proposed farm-out, the counter-party is unable to execute the option at this time, but expects to be able to do so within the next two months."Falkland Oil and Gas has licences to the south and east of the disputed territory in the South Atlantic where another firm, Rockhopper, made significant discoveries in 2010, leading to increased tension between the UK and Argentina.Tim Bushell, Chief Executive of FOGL, said: "We are delighted to have agreed favourable farm-out terms...This provides further external industry confirmation of the technical case and gives us greater flexibility with respect to our drilling plans."Shares in Falkland Oil and Gas had risen 6.2% by 08:48.BS
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13 Apr 2015 07:13

UPDATE 1-Falklands oil drillers scale back after price slump

(Adds details, background, analyst comment) LONDON, April 13 (Reuters) - A group of three oil explorers drilling in the Falkland Islands, including Noble Energy , have shelved plans to drill a second well in the south and east Falklands following the steep drop in oil prices, one of the par

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13 Apr 2015 06:20

Falkland Oil and Gas, partners shelve parts of Falklands oil drilling

LONDON, April 13 (Reuters) - Falkland Oil and Gas (FOGL) said on Monday it had decided together with its joint venture partners Noble Energy and Edison International to shelve plans to drill a second oil well in the south and east Falkland basin. The partners will continue drilling in oth

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9 Apr 2015 15:31

UPDATE 1-Argentina says plans lawsuits against UK oil firms near Falklands

(recasts with Argentine response) LONDON/BUENOS AIRES, April 9 (Reuters) - Argentina said it would begin legal action on Thursday against British energy firms operating near the Falkland Islands, in a growing war of words over the disputed South Atlantic territory. The move is the lat

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9 Apr 2015 12:53

PRESS: Argentina Threatens UK Oil Companies Over Falkland Islands - Sky

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9 Apr 2015 12:17

Britain summons Argentine ambassador over Falklands' comments

LONDON, April 9 (Reuters) - Britain said on Thursday it had summoned the Argentine ambassador to explain the latest war of words over the disputed Falkland Islands which included a threat to prosecute British energy firms operating in the area. Last week, Premier Oil Plc and Falkland Oil an

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9 Apr 2015 10:46

WINNERS & LOSERS: Miners Drag FTSE 100 On Credit Suisse Downgrades

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2 Apr 2015 11:00

LONDON MIDDAY BRIEFING: M&S Hits 7-Year High, Pound Suffers Election Jitters

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2 Apr 2015 10:19

TOP NEWS: M&S UK Sales Rise As Clothing Growth Finally Returns

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2 Apr 2015 10:12

WINNERS & LOSERS: Miners Fall As Iron Ore Price Drops Below USD50

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2 Apr 2015 09:31

Premier Oil, Falkland Oil and Rockhopper find oil and gas in Falklands project

Oil and gas explorer Premier Oil said it has discovered oil and gas at the Zebedee well in the Falklands Islands. The FTSE 250 group, which owns 36% of the well, said it discovered 81 feet of net-oil net reservoir and 55 feet of net gas-bearing reservoir from the Zebedee well, in which Falkland Oil

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2 Apr 2015 08:29

UPDATE 1-Falklands oil explorers report first discovery of 2015 campaign

(Adds details on discovery, share movements) April 2 (Reuters) - Premier Oil Plc and Falkland Oil and Gas Ltd said they made an oil and gas discovery at a well in the Falkland Islands, the first in a nine-month drilling campaign. The companies said the discovery of 81 feet of net-oil

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2 Apr 2015 07:25

LONDON MORNING BRIEFING: M&S UK Performance Beats Hopes

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2 Apr 2015 06:40

Premier Oil, Falkland Oil, Rockhopper Find Oil, Gas At Zebedee Well

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19 Mar 2015 11:08

Falkland Island Holdings Slashes Falkland Oil & Gas Shareholding

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11 Mar 2015 11:50

Wednesday broker round-up

Ashtead: Credit Suisse lifts target to 1,300p from 1,220p and reiterates outperform. Cairn Energy: Jefferies lowers target to 172p from 220p and downgrades to hold. RBC downgrades to neutral. Inchcape: Exane BNP reiterates outperform, raises target to 920p from 850p. BG Group: Credit Suisse lowers

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