FOGL Releases Interim Results
- Business & Finance
FOGL, the oil and gas exploration company focused on its extensive licence areas to the North, South and East of the Falkland Islands, announces its Interim Results for the six months ended 30 June 2014.
– Progress towards next drilling campaign scheduled to start in Q1 2015;
– Major 3D seismic acquisition programme completed in February 2014 and interpretation continues;
– Eirik Raude deep-water rig contracted for the 2015 drilling campaign;
– Five well drilling programme targeting over 1.3 billion barrels of gross prospective resources;
– Interest of at least 40% in each licence ensures shareholders will have substantial equity exposure to these resources in the case of success;
– FOGL is the largest licence holder of the six oil companies operating in the Falkland Islands with a net interest of over 40,000 km2;
– Strong Financial Position;
– Cash Balance of $109 million at period end;
– Funded to undertake 2015 drilling programme.
Richard Liddell, Chairman of FOGL, said:
“The first half of 2014 has been an active period for the Company with the completion of a the 3D seismic survey and the contracting of the Eirik Raude deep-water rig for a multi-well drilling programme commencing in Q1 2015. FOGL will be the only company drilling in both the northern and southern basins, and will have the largest overall equity participation.
“With our substantial partners and our strong financial position, we are well placed to capitalise on the opportunities that have been identified across our licences offshore the Falkland Islands. We have made excellent progress in preparing for the drilling campaign which could transform the Company.”
Press Release, September 16, 2014