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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 14, 2012 03:34AM

From todays Times ( [www.thetimes.co.uk] )

Explorer dismisses Falklands oil threats

Falkland Oil & Gas’s pre-tax losses for the year to December 31, 2011, rose from $3.7 million to $6.6 million amid a rise in financing costs

Ken Ardill Tim Webb Published at 1201AM, April 14 2012 The Times

Argentinian threats against companies involved in the Falkland Islands have no legal grounds, according to an AIM-listed oil explorer about to start drilling there.

Tim Bushell, the chief executive of Falkland Oil and Gas, said that international law did not support threats from Buenos Aires to sue oil companies operating in the Falklands and the banks helping them. Having sought legal advice on the issue, he said there was “nothing they can do.“What actions can they take? Unless you have got assets in Argentina which could be seized, there is nothing under international law which they can use. It’s outside their jurisdiction.”

Last month, Argentina’s Embassy in London sent letters to as many as 15 banks, thought to include Royal Bank of Scotland, Barclays and Goldman Sachs. They were warned that they faced criminal and civil action in the Argentine courts for advising Falkland oil explorers or even if their analysts wrote research reports about them.Falkland Oil & Gas will drill the first of two deepwater wells in June off the largely unexplored south coast of the islands.

The first well, at 4,756ft, is a similar depth to BP’s doomed well in the Gulf of Mexico. It is much deeper than the 1,500ft well drilled in 2010 by Rockhopper Exploration — named after a native species of penguin — in the northern basin for its Sea Lion prospect, the islands’ first commercial discovery. The 450 million barrel find raised other explorers’ hopes that they would enjoy similar success.

The company still hopes to raise $250 million (£158 million) by selling a quarter of its prospect. An unnamed partner has bought an option over the stake but had to delay completion owing to a “corporate situation”.

Mr Bushell insisted that the hitch was nothing to do with Argentina’s legal threats. “We have no expectations over major problems with partners,” he said.

Falkland Oil & Gas’s pre-tax losses for the year to December 31, 2011, rose from $3.7 million to $6.6 million amid a rise in financing costs. Its shares closed up 3 per cent at 68½p

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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 14, 2012 09:52AM



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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 18, 2012 10:08AM

Strong performance today.

Its looking like BOR.L (Borders and Southern) have made an oil find in the South Falklands, and if true that will massively derisk many of the FOGL.L prospects.

Exciting times.



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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 18, 2012 07:18PM



Stocks Discussed: FOGL.L,
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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 18, 2012 08:57PM

[www.thesun.co.uk]

Falklands phwoar

HOPES of more black gold being discovered off the Falklands sent shares in an oil minnow soaring 55 per cent last night.

BORDERS & SOUTHERN was forced to play down talk it had made a strike south of the islands — as excited investors piled in.

But a spokesman refused to rule out success at the company’s “Darwin” field. Sources in the Falklands claimed the company HAD made a bumper discovery but was currently evaluating its size and scale.

A crew change on Borders’ rig two days ago is thought to have seen workers returning to Port Stanley fuelling rumours that have been fizzing around the internet.

One analyst conceded amid the confusion: “I guess it’s just speculation as to a positive result.” Borders’ share price soared 38.50p to 108. FALKLANDS OIL & GAS, which has interests close to the Borders field, climbed 24.25p to 93.................................................


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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 21, 2012 07:37PM

[www.thesun.co.uk]

Brit oil strike

EXCLUSIVE
By DAVID WILLETTS

Published: 34 minutes ago

A HUGE oil discovery has been made in the Falklands, sources claimed last night.

The find, by a British-backed company, could contain up to a BILLION barrels of “black gold” an insider revealed.

The strike, off the Falklands’ southern coast, was made by oil explorer Borders and Southern.

It has been tight-lipped about the discovery — but shares have soared on growing rumours. Borders was unavailable for comment last night but Foreign Office officials refused to deny the news.

The latest find follows a.....................................


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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 23, 2012 01:29AM

Lovely - a condensate discovery and massive one as well, no wonder BOR are pleased to announce it !

[www.investegate.co.uk]

Condensate sells for a premium to Brent Crude.

A billion barrels of condensate - well ........... worth even more than a billion barrels of API32 crude.

The Times was half right, The Sun was half right.

Its not dry gas as The Times could have been taken for, and its not Crude Oil that The Sun said - however, its liquid gasoline in effect - more valuable than Brent crude and 26 square kilometers of it with very thick net pay.

Well done BOR and all !! no need to build an LNG plant like those East African finds - this comes out as condensate, beautiful !! :)

Opens the basin and not only wonderful news for BOR, but great news for FOGL with now a proven working hydrocarbon system in the South Falklands for the first time.


Stocks Discussed: FOGL.L,
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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 23, 2012 06:46AM

BOR - big condensate discovery.

From Merchant Securities, and I agree very much with the last part ref-FOGL

Borders & Southern Petroleum (BOR.L) Oil & Gas
UNDER REVIEW

Darwin well makes gas condensate discovery

Borders & Southern announced a “significant gas condensate discovery”. Good hydrocarbon shows were encountered from 4,633m down to 4,810m. Net pay of 67.8m was encountered (above the 55m pre-drill estimate). Average porosity is 22%. The company will be able to comment on the liquid content of the reservoir after fluid samples are analysed.

The question now becomes one of assessing whether the liquid content in the gas will be sufficient for the reservoir to be commercially viable on a liquids-only basis. We are very cautious about arriving too early at a positive conclusion for the commerciality of the condensates. At present, we are reluctant to ascribe value to the gas discovery. We keep an open mind for this eventuality, especially given the excellent quality of the reservoir (high recovery rates) and the liquids rich nature of the gas.

; The presence of condensate confirms that the South Falkland basin is conducive to the generation of liquid hydrocarbons. However, due to the close proximity of the Darwin and Stebbing prospects we believe that the probability of finding gas condensate at Stebbing has increased and the probability of finding black oil has decreased.

The read across for Falkland Oil & Gas is somewhat more positive to the extent that the larger scale prospects of Falkland Oil & Gas would make a liquefied natural gas project more viable. We also note that Falkland Oil & Gas has prospects which are deeper into the area that is conducive to oil generation.


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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 24, 2012 12:30AM

Scotsman reporting 2 billion pound gas discovery, samples to be tested in Aberdeen.

[www.scotsman.com]

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Re: FOGL.L (Falkland Oil and Gas)
Posted by: Proselenes (IP Logged)
Date: April 24, 2012 06:09AM

Maps updated for locations and windows - comment 87 on below link.

[www.stockopedia.co.uk]

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