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06 Mar 2015
Well Spud Announcement
Falkland Oil and Gas Limited (AIM:FOGL), the oil and gas exploration company focused on its extensive license areas to the North, South and East of the Falklands islands, is pleased to announce that the 14/15-5 'Zebedee' exploration well (the "Well") was spudded, by Premier Oil as operator, on 6 March 2015.
The well is located on licence PL004b, in which FOGL has a 40% working interest and is to be drilled on the Zebedee prospect. The well will test a total of seven stacked fan bodies withvarying geological chances of success, ranging between 10% and 50%. The well is targeting mid case unrisked gross prospective resources based on FOGL management estimates of 281mmboe (112mmboe net to FOGL).
The well is anticipated to take approximately 30 days to drill and a further release will be issued once logging is completed. The anticipated well cost net to FOGL is c.22mUSD.
Tim Bushell, CEO, commented:
"I am very pleased to announce the commencement of the 2015 drilling programme. The Zebedee prospect, if successful, will significantly increase the hydrocarbon resources of the Sea Lion field complex within our licence area."
-Ends-
In 30 Tagen wissen wir mehr ....
Falkland Oil and Gas Limited
("FOGL" or the "Company")
Well 14/20-1 'Isobel Deep' operations update
Falkland Oil and Gas Limited ("FOGL"), the exploration company focused on its extensive licence areas to the North, South and East of the Falkland Islands, is providing an operational update on the 14/20-1 "Isobel Deep" well that was spudded by Premier Oil (well Operator) on 8th April 2015.
A zone of suspected elevated formation pressure was penetrated at the base of the current 12 ¼" hole section and oil shows were also encountered in this interval. The operator has decided to run an additional casing string before drilling ahead through the main reservoir target to total depth. This scenario had been anticipated and the additional 9 5/8" casing is already on the rig.
This additional activity will add approximately 10-15 days to the schedule and final results are now expected in early June.
This additional work has no financial impact on FOGL, as the Company is fully carried through the costs of the Isobel Deep well by Premier Oil and Rockhopper Exploration.
For further information:
Falkland Oil and Gas Limited
Tim Bushell, Chief Executive
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+44 (0) 20 7563 1260
RBC Capital Markets (Nominated Advisor and Joint Broker)
Matthew Coakes / Daniel Conti
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+44 (0) 20 7653 4000
Numis Securities Limited (Joint Broker)
John Prior / Ben Stoop / Paul Gillam
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+44 (0) 20 7260 1000
FTI Consulting
Ed Westropp / George Parker
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+44 (0) 20 3727 1000