Falklands : A Busy Week for Falklands Hydrocarbons
Submitted by Falkland Islands News Network (Juanita Brock) 02.07.2005 (Article Archived on 16.07.2005)
It’s been a busy week in hydrocarbons terms with Rockhopper Exploration kicking things off with the announcement of new Board Members. FOGL and Hardman followed with the announcements that they were extending their oil licences by two years.
A BUSY WEEK FOR FALKLANDS HYDROCARBONS
By J. Brock (FINN)
It’s been a busy week in hydrocarbons terms with Rockhopper Exploration kicking things off with the announcement of new Board Members. FOGL and Hardman followed with the announcements that they were extending their oil licences by two years.
Entities working in the North Falkland Basin and the waters to the South of the Islands are getting their teams together and preparing for exploratory drilling and additional seismic later this year. As indicated in previous articles, technology for accessing oil reserves in deeper water is now sufficient for exploration in the South of the Falklands, where the depths are deeper than in the North Falkland Basin.
Hopes are that if exploration goes well, hydrocarbons will be found. Whether or not the findings are in commercial quantities can only be assessed when they are actually found. Geology in the region looks good and indications are that, depending on the placement of the rig and the borehole, sufficient hydrocarbons will be found to generate further exploration. Note that it is exploration and not exploitation that is happening at this stage.
There really won’t be any oil bonanza until commercial quantities are found. If things are normal, several holes will have to be drilled before anything that resembles commercial quantities will be found.
Press Release
Rockhopper Exploration Announces Board Appointments
Monday, June 27, 2005
Further to the appointment in January of Pierre Jungels as Executive Chairman, Rockhopper Exploration plc has strengthened its board with the following appointments:
Sam Moody - Managing Director: Sam is a co-founder of Rockhopper and has been responsible for building and managing the group from its formation in early 2004 and works closely with Dr. Jungels in his role at Rockhopper. He previously worked in several roles within the financial sector, including positions at AXA Equity & Law Investment Management and St Paul’s Investment Management.
Keith Williams - Exploration Director: Keith has more than thirty years’ experience in the oil and gas industry, having held senior positions at Mobil, British National Oil Corporation, Hudbay Oil and Kerr-McGee Oil (UK) Ltd, where he was Exploration Director. A geophysicist by training, Keith also has significant overseas exploration experience.
Peter Dixon-Clarke - Finance Director: Peter qualified as a chartered accountant at Deloitte & Touche LLP in the Financial Services group. He left Deloitte to work at what is now Amlin plc, to head up the financial affairs of the group’s biggest division, seeing it through the Lloyd's market turnaround and subsequent group flotation. Since then he has filled the finance director role on a number of projects, including a start-up company in the fashion industry and a turnaround situation in the textile industry.
Dave Bodecott - Consultant to the Board: Dave has been an independent consultant in petroleum geology and seismic interpretation since 1981 and has nearly 30 years experience in oil and gas industry. He has extensive international experience with much of his work focusing on seismic interpretation. He has worked on the North Falklands Basin during all the active exploration phases since the initial licensing round in 1996.He has conducted extensive seismic and geological evaluation of prospects in all parts of the basin.
John Crowle - Non-Executive Director: John, a trained geologist, has international exploration and production experience from roles at BP, LASMO, Enterprise Oil and Shell. His time at BP included involvement in its work in the UK, Norway, Egypt and the Mediterranean area. At Enterprise Oil he was a key player in the company’s entry to Italy, France and Denmark, and for three years he was general manager of Enterprise Oil’s Norwegian subsidiary.
Chris Walton - Non-Executive Director: Chris was Finance Director at Easyjet Plc from 1999-2005, where he successfully directed its IP in 2000. Prior to that he held senior posts at Australian Post Australian Airlines, Air New Zealand, and Qantas Airways. He has also worked for BP Australia, RTZ Hamersley Iron, the Australian Senate and West Australian Government. He is a member of the Bank England’s Regional Economic Advisory Panel.
Pierre Jungels, Executive Chairman, commented: ‘With these appointments, I believe we have assembled a management team that combines relevant oil industry experience with financial and business expertise to produce a blend that will create value for our investors. I look forward to working with all my fellow directors over the coming months and years, and continuing to develop the business.’
Press Release
FOGL Granted Extension to Exploration Licences
Thursday, June 30, 2005
FOGL Granted Extension to Exploration Licences Statoil Sign Cooperation Deal in Kazakhstan Granby Oil & Gas Plugs, Abandons 21/6b-6 Exploration Well Tullow Oil AGM - Statement by Chairman Gas Discovery For Po Valley’s Largest Italian Prospect
FOGL announces that it has been granted a two-year extension to its approximately 33,000 sq km licence held in joint venture with Hardman Resources, which owns 22.5% of the licence. As a result of the extension, Phase 1 of the licence now runs until July 2007 and Phase 2 will run from July 2007 until July 2010. During Phase 1, FOGL and Hardman will be required to acquire and interpret an additional 4,000 km of 2D seismic and 2,000 sq km of 3D seismic, and to enter Phase II in July 2007, FOGL and Hardman will be required to commit to the drilling of two (2) wells.
The extension will allow more time to investigate the increased number of leads identified during the recently completed 9,450 km 2D seismic survey acquired across all of FOGL’s Licence areas. This survey found more than 130 leads, compared to an initial eight previously identified.
The new 4,000 km 2D seismic survey has already commenced and the joint venture expects to conduct the 3D seismic survey later this year and into 2006. In addition to the new 4,000km of 2D seismic in the FOGL-Hardman area, FOGL will also record a further 4,000km in its 100% 2004 Northern Licence.
To date FOGL has recorded approximately 1,600 km of these new surveys.
The overall aim of this work is to define and prioritise 20 prospects for drilling across all of FOGL's Licence areas and to develop a multi-well drilling programme, targeted to begin in 2007. There have been no changes to the licence terms for the 50,000 sq km licence area that was awarded to FOGL in December 2004.John Armstrong, Executive Chairman of FOGL, said: “We would like to thank the Falkland Islands’ Government for this extension. We believe negotiations were helped by the fact that we have consistently exceeded the requirements of our licences to date. The additional flexibility afforded by the extensions will help us to introduce new parties to the project and maximise shareholder value.”
Press Release
Hardman Announce Extension of Falkland Islands Exploration Licences
Friday, July 01, 2005
Hardman Resources Limited has announced that the Falkland Islands authorities have granted a two-year extension to the licence totalling approximately 33,500 square kilometres to the south and east of the Falkland Islands. Hardman holds a 22.5% interest in the joint venture with Falklands Oil and Gas (“FOGL”, 77.5% and Operator). As a result of this extension, Phase I of the licence now runs until July 2007 and Phase II will run (subject to a drilling commitment) from July 2007 until July 2010. During Phase 1 FOGL (77.5%) and Hardman (22.5%) will be required to acquire and interpret an additional 4,000 kilometres of 2D and 2,000 square kilometres of 3D seismic, and to enter Phase II in July 2007, FOGL and Hardman will be required to commit to the drilling of two wells.
The extension will allow more time to investigate and assess the increased number of identified leads from the approximately 4,000 line kilometre seismic survey completed in the first quarter. Preliminary review of the early processed sections has also lead to the identification of several additional leads which could warrant further work.
A new 4,000 kilometre 2D seismic survey has already commenced and the joint venture expects to conduct the 3D seismic survey later this year and into 2006.
|
