Falklands : Oil Slicks and Gas Chimneys: Fogle's Acreage Has it All
Submitted by Falkland Islands News Network (Juanita Brock) 04.10.2005 (Article Archived on 18.10.2005)
2D Seismic shows excellent rock structures and other indicators of hydrocarbons.
OIL SLICKS AND GAS CHIMNEYS: FOGLE’S ACREAGE HAS IT ALL
By J. Brock (FINN)
When Falkland Islands Oil and Gal Limited (FOGL’s) John Armstrong and Patrick Bird go to the United States this week, they will have some pretty impressive seismic data with them. It is their hope to interest investors in the South Falkland Basin, where 2D Seismic (including satellite imagery) has shown crude slicks on the ocean and gas bubbles from reserves below the seabed in their acreage.
Results of the 2 D survey have been placed on FOGL’s website at http://www.fogl.co.uk. There are 44 pages that show. This presentation shows the status of FOGL’s business as of October 2005 and it’s intended to bring shareholders, potential investors and possible partners up to date as to the state of the Company’s business.
As reported before, FOGL has 79,000 sq km with several play types – more than 130 leads that include encouraging direct hydrocarbon indicators. Twenty drillable projects have been identified with a target date for drilling in 2007. The direct hydrocarbon indications or evidence of the presence of hydrocarbons include Gas Chimneys, amplitudes, Gas Hydrates and possible flat spots.
Graphics include Cretaceous Fault Blocks – Amplitudes that may indicate oil and gas, Fold Belt Trap Potential, Gas Chimneys Springhill Sand – large stratigraphic trap, Tertiary deepwater channels and fan sands, etc. There are 10 pages of graphics.
Financially FOGL has raised over £12Million since its founding in 2004, with a market cap of £32Million. £10Million alone was raised in 2005. With no debts, FOGL has a cash balance of £19.3Million (US$36Million) with a market cap of £116Million (US$213Million). At present FOGL has 91.7 Million shares with an average daily volume of 733,000 at 120p per share (US$2.19/share).
FINN could go on for 44 pages but it is highly recommended that interested parties go to FOGL’s website to see the presentation for themselves.
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