Falkland Oil and Gas Limited Well Spud Announcement (7432G)
06 March 2015 - 6:04PM
UK Regulatory
TIDMFOGL
RNS Number : 7432G
Falkland Oil and Gas Limited
06 March 2015
6 March 2015
Falkland Oil and Gas Limited
("FOGL" or the "Company")
14/15-5 Well Spud
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 with varying
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 -
For further information:
Falkland Oil and Gas Limited
Tim Bushell, Chief Executive +44 (0) 20 7563 1260
RBC Capital Markets (Nominated Advisor and Joint Broker)
Matthew Coakes / Daniel Conti +44 (0) 20 7653 4000
Numis Securities Limited (Joint Broker)
John Prior / Ben Stoop / Paul Gillam +44 (0) 20 7260 1000
FTI Consulting
Ed Westropp / George Parker +44 (0) 20 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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