LONDON--Falkland Oil and Gas Limited (FOGL.LN), the oil and gas
exploration company focused on the South and East of the Falkland
Islands, Tuesday announced that the Scotia exploration well FI
31/12-01 was spudded on Sept. 25.
MAIN FACTS:
-Well is designed to test the Scotia prospect within the mid
Cretaceous fan play.
-Anticipates that the well operations will be around 75 days
with a total depth of 5,000 meters.
-Scotia is the second of the company's two well exploration
program using the Leiv Eriksson semi submersible drilling rig.
-Company is the operator of the well, holding a 75% interest,
together with its partner Edison International Spa, which holds the
remaining 25% interest.
-Under a farmout agreement announced on Aug. 6, Noble Energy
Inc. (NBL) will also participate in this well for a 35% interest,
thereby reducing company's interest to 40%.
-Farmout agreement has been approved by the Falkland Islands
Government and the changes to the licenses will be formally
executed in the near future.
-Shares of Falkland Oil on Monday closed at 68 pence.
-Write to Tapan Panchal at tapan.panchal@dowjones.com
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