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Falkland Oil comfortable with cash position

Fri, 13th Apr 2012 07:17

Falkland Oil and Gas (FOGL) says it has more than enough cash to fund its planned expenditure for 2012, even if it does not find a partner to take a share of its assets and planned expenditure.The explorer, focused on licence areas to the South and East of the Falkland Islands, said it had around $184m in cash at the end of March. Forecast expenditure for 2012 is around $140m on the assumption that two exploration wells will be drilled: the first on Loligo and the second on Scotia. This cash position does not take into account the farm-in option which, if exercised, would add materially to the company's financial flexibility.The company said in March that it has granted an option to an industry counter-party to farm-out a maximum of 25% of its licences. This farm-out will, if completed, bring to FOGL a pro-rata share of the drilling costs of the two wells, a contribution towards certain past costs and an additional cash contribution of $43m. "This would provide us with a substantial buffer against unforeseen cost escalation and provide funds for further exploration," the group said.The group announced a loss before tax of $6.64m for 2011, versus a loss of $3.74m the year before, as the company booked a $1.57m loss on a loan note conversion to equity while foreign exchange rate movements deepened losses by $1.07m."We are looking forward to the 2012 exploration drilling programme," said Richard Liddell, Chairman of FOGL. "The Loligo well, with prospective resources of 4.7bn barrels, will be one of the highest impact exploration wells to be drilled by an independent E&P [exploration and production] company this year. Either of the likely second well targets have a resource potential of over 1bn barrels. Any degree of success on these wells will be a transforming event for FOGL," he added. JH
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28 May 2015 07:41

Three companies say discover oil north of the Falkland Islands

LONDON, May 28 (Reuters) - Three oil companies said on Thursday they had discovered oil north of the Falklands, setting up potential further confrontation with Argentina which disputes British sovereignty over the islands. Falkland Oil and Gas (FOGL), Premier Oil and Rockhopper said they h

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28 May 2015 07:32

LONDON MORNING BRIEFING: Germans Deflate Greek Debt Deal Optimism

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28 May 2015 06:53

Premier Oil, Falkland Oil And Rockhopper Make Another Oil Discovery

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19 May 2015 09:08

Rockhopper, Falkland Oil & Gas Give Update On Isobel Deep Well

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12 May 2015 10:39

Falkland Oil & Gas Says Drilling Has Restarted On Isobel Deep Well

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12 May 2015 06:22

Falkland Islands oil explorers resume drilling work after repair

LONDON, May 12 (Reuters) - Oil drillers Falkland Oil and Gas and Rockhopper resumed normal drilling work on Monday at the Isobel Deep well in the Falkland Islands following the repair of a blow-out preventer control system, the companies said. The oil explorers had suspended work on the fi

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1 May 2015 08:29

Falkland Islands Holdings Sells 5 Million Falkland Oil & Gas Shares (ALLISS)

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30 Apr 2015 08:09

Falkland Oil & Gas Pretax Loss Narrows In 2014 After Cost Cutting

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30 Apr 2015 06:28

Falkland Oil and Gas says Argentina legal threats are unlawful

LONDON, April 30 (Reuters) - Oil explorer Falkland Oil and Gas (FOGL) said legal threats made by the Argentine government against oil drillers in the Falkland Islands were unlawful. Argentina lodged a domestic lawsuit this month against five companies, including FOGL, exploring for oil in t

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24 Apr 2015 11:45

Falkland oil drillers suspend work after technical problem

LONDON, April 24 (Reuters) - Oil explorers drilling in the waters surrounding the Falkland Islands have suspended work on the first well of their 2015 drilling campaign after a technical problem, two of the companies involved said on Friday. Oil drilling in the area remains controversial du

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24 Apr 2015 11:15

Premier Oil, Falkland Oil, Rockhopper Experience Isobel Well Problems

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17 Apr 2015 17:50

CORRECTED-UPDATE 2-Argentina launches lawsuit against Falklands oil drillers

(Corrects name for Edison Spa, adds comment) By Karolin Schaps LONDON, April 17 (Reuters) - Argentina announced on Friday it had started legal proceedings in one of its own courts against five companies, including three British, who are drilling for oil and gas off the Falkland Island

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17 Apr 2015 09:13

Argentina launches lawsuit against Falkands oil drillers

LONDON, April 17 (Reuters) - Argentina has started legal proceedings against five companies, including three British firms, which are drilling for oil and gas in the disputed Falkland Islands, raising tensions in a diplomatic row over the islands' sovereignty. Argentina's minister for the F

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14 Apr 2015 17:33

Tuesday tips round-up: Aviva, Falkland Oil and Gas

The Tempus column in The Times has labelled new-look Aviva as a 'buy' following the insurer's now-completed takeover of Friends Life, saying that the enlarged group is one of the most high-yielding stocks in the life insurance sector. After each one of the past three chief executive officers at Aviv

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13 Apr 2015 07:51

Falkland Oil & Gas Agrees Drilling Campaign Revision With Partners

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