Falklands : FOGL Awarded 50,000 sq km Extra Acreage
Submitted by Falkland Islands News Network (Juanita Brock) 07.12.2004 (Article Archived on 21.12.2004)
Falkland Oil and Gas Limited (“FOGL”) announces that it has been awarded an offshore
production licence for an additional 50,000 sq km by the government of the Falkland Islands;
the licence area is adjacent to its existing licences where FOGL is in a Joint Venture with
Hardman Resources.
Falkland Oil & Gas Limited (“FOGL”)
Awarded Licence for an Additional 50,000 sq km
Award Doubles the Size of FOGL’s Acreage
Falkland Oil and Gas Limited (“FOGL”) announces that it has been awarded an offshore
production licence for an additional 50,000 sq km by the government of the Falkland Islands;
the licence area is adjacent to its existing licences where FOGL is in a Joint Venture with
Hardman Resources.
FOGL already holds a 77.5% interest in licences covering 33,000 sq km to the south and east
of the Falkland Islands, with its joint venture partner Hardman Resources holding the
remaining 22.5%, and the Company now has 100% of the new 50,000 sq km licence area.
As a result , FOGL now has an interest in a total of 83,000 sq km.
Geophysical Services Incorporated (“GSI”) has been contracted to undertake a 2D seismic
survey on FOGL’s Joint Venture acreage and that survey will now be extended to include the
new area. This will enable the mobilisation and demobilisation costs to be spread over both
licence areas.
It is expected that the seismic survey over both the new and the Joint Venture areas will
amount to over 10,000kms of 2D seismic lines. The surveys will investigate the 8 leads
already identified in the 33,000 sq km Joint Venture area as well as providing a 5,000 km
reconnaissance grid of new seismic lines in the new 50,000 sq km area. These new data will
be used to high grade the 8 leads, to investigate other parts of the Joint Venture licence area
and to provide the first ever seismic survey of the new 50,000 sq km area.
John Armstrong, Executive Chairman of FOGL, said:
“ We are very pleased to have secured the offshore production licence for this
additional acreage, which is intended to provide the company with opportunities
to the North East of and on trend with the leads in the company’s Hardman Joint
Venture area.
“ FOGL now has licences covering a vast area and has by far the largest acreage of any company operating in the region. ”
www.fogl.co.uk
7 December 2004
Enquiries:
FOGL
John Armstrong, Executive Chairman + 61 (0) 7 3211 1122
David Hudd, Deputy Chairman 07771 893 267
College Hill 020 7457 2020
Ben Brewerton / Jim Joseph
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