FOGL, the oil and gas exploration company operating in the undrilled South and East Falkland Basins, issues the following business update.
Seismic Survey
A 15,000km 2D seismic survey is nearing completion with just 3,500km left to record. The vessel has been off site briefly to fulfil other obligations but will return next week and the survey is expected to be completed by the end of March. This survey will take the total of 2D seismic undertaken by FOGL since 2004 to 24,500km.
The initial indications from the data have been promising but full processing and interpretation of the data will not be completed until the summer after which a further announcement will be made as appropriate.
Farm Out
As previously announced, the farm out process is underway and Stellar Energy Advisors, a firm specialising in brokering farm out deals, continues to advise on the farm out programme. Technical and commercial information presentations to potential participants have commenced and a data room is open and will be updated as further data is supplied by the ongoing seismic survey. The objective is to secure partners with appropriate financial capability and deepwater experience.
Press Comment
The company notes recent press speculation regarding various bid activity and confirms that it has not received any approaches regarding an offer for the company.
dated 17 Feb
HDR
hardman resources limited
