Falkland Oil and Gas Limited Humpback Well Spud (1046Q)
15 June 2015 - 4:00PM
UK Regulatory
TIDMFOGL
RNS Number : 1046Q
Falkland Oil and Gas Limited
15 June 2015
15 June 2015
Falkland Oil and Gas Limited
("FOGL" or the "Company")
Humpback Well Spud
Falkland Oil and Gas Limited (AIM:FOGL), the oil and gas
exploration company focused on its extensive licence areas to the
North, South and East of the Falklands islands, is pleased to
announce that the 'Humpback' exploration well, (the "Well") was
spudded on 13 June 2015.
The well is located on licence PL012 in which FOGL has a 52.5%
working interest and will target the Humpback prospect. Humpback is
located within a cluster of similar prospects, in the Fitzroy
sub-basin, which have a total, combined, prospective resource of
over one billion barrels of oil. The well will test multiple
stacked reservoirs within the Cretaceous Diomedea fan complex. The
Humpback well is located in a water depth of approximately 1,260
metres and is expected to reach a total depth of 5,350 metres.
The well is anticipated to take approximately 65 days to drill.
A further release will be issued once logging is completed. FOGL is
partially carried through the costs of this well by Noble Energy
(Licence Operator) and has a paying interest of 27.5%.
Tim Bushell, CEO, commented:
"The Humpback well is the exciting first test of a new
geological play concept within the South and East Falkland basins.
In the event of encouraging results, we have identified, on 3D
seismic, multiple follow-up prospects."
- 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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