Falkland Oil and Gas

Falkland Oil and Gas Ltd

Company type| Public

Traded as

| LSE: FOGL
ISIN| FK00B030JM18
Industry| Oil and gas extraction
Founded| 27 May 2004
Defunct| January 2016
Successor| Rockhopper Exploration
Headquarters|

London

United Kingdom

Area served

| Falkland Islands

Key people

| Richard Liddell (Chairman)
Tim Bushell (CEO)
Revenue| None

Operating income

| -£4,404,000 (2014)

Net income

| -£3,232,000 (2014)
Total assets| £357,317,000 (2014)
Total equity| £349,781,000 (2014)[1]

Number of employees

| 7[2]
Website| www.fogl.com

Falkland Oil and Gas Ltd, abbreviated to FOGL, was an energy company registered in the Falkland Islands and headquartered in London, the United Kingdom. Its business was based on exploring for offshore oil reserves off the coast of the Falklands. It owned the right to extract oil from a number of blocks to the east and the south of the islands.

FOGL was listed on the Alternative Investment Market of the London Stock Exchange. The company issued an initial public offering on 14 October 2004, debuting at a price of 40p.[2] By 2010, FOGL estimated that its four best prospects could contain 8 billion barrels (1.3 billion cubic metres),[3] with up to 60 billion barrels (9.5 billion cubic metres) in total in all sectors off the coasts of the Falklands.[4] The share price peaked at 267p in June 2010, but slumped by half on 12 July 2010, when it was found that one of its prospect wells, Toroa, was empty [5]\- as of 1 March 2015, the share price had dropped to ~31 pence.

The company merged with Rockhopper Exploration on 18 January 2016.[6]

## Operations

[edit]

North Falkland Basin in millions (106) barrels and cubic metre of oil equivalent.

Prospect Name  | Estimated Resources (106 bbl)  | Estimated Resources (106 m3)  | Start date  | Results and/or notes

|
|
|
|

Zebedee | 281  | 44.7  | April 2015  | 40 percent owned by Falklands Oil and Gas, 36 percent by Premier Oil and 24 percent by Rockhopper Exploration.

On the 2 April, during the first of the 4 planned wells at Zebedee a 27.9 meter oil reservoir and 18.5 meter gas reservoir was found (this was better than expected.)

Isobel Deep | 240  | 38  | May 2015  |
Jayne East | 85  | 13.5  | June 2015  |

South and East Falkland Basin in millions (106) barrels and cubic metre of oil equivalent.

Prospect Name  | Estimated Resources (106 bbl)  | Estimated Resources (106 m3)  | Start date  | Results and/or notes

|
|
|
|

Humpback | 510  | 81  | July 2015  | Part of Diomedea fan complex. WI 52.5% / PI 27.5%. Net prospective resources 268 Million barrels. Operator Noble energy (35%), Partner Edison (12.5%)
Stingray |  |  |  | Part of Diomedea fan complex. Requires success at Humpback. Operated by Noble
Scharnhorst North | 335  | 53.3  | Q1 2015  | Part of Fault Block Area. Noble operated
Starfish | 402  | 63.9  | Q1  | Part of Hersilia Fan Complex. Operated by Noble
Well 2 | 300 to 400  | 48 to 64  | August 2015  |
Scotia |  |  | November 2012  | Gas shows - proven working hydrocarbon system but poor quality reservoir
Loligo |  |  | September 2012  | Gas bearing zones but poor quality reservoir
Toroa |  |  | July 2010  | Dry - but excellent Cretaceous reservoirs

## Legal issues

[edit]

Due to the ongoing disputed nature of the Falkland Islands, FOGL received criticism from Argentina. On 30 April 2014 FOGL announced the following in their annual report;

> Argentina legal issue
>  It is well documented that Argentina claims sovereignty over the Falkland Islands and the surrounding maritime areas. The Argentine government has recently stated that it intends to take legal action against companies and individuals with regards to this claim. Neither FOGL, nor any of its Directors have received any written notification or legal documents from the Argentine Government with respect to such actions. FOGL's position on this issue is clear. The Hydrocarbons Law (Law No 26.659) enacted by the government of Argentina does not apply to the Falkland Islands or its surrounding waters, and is therefore unlawful. Any attempts to enforce Argentine domestic legislation in relation to the Falkland Islands continental shelf are an unlawful assertion of extraterritorial jurisdiction. As such, Argentina's action is contrary to the UN Convention of the Law of the Sea. It is also unlawful interference with the right of the Falkland Islanders under the UN Charter to selfdetermination, their right to develop their hydrocarbons resources and the peaceful development of their economy.

[7]

## References

[edit]

1. ^ "Falkland Oil & Gas Ltd Summary financial accounts | FOGL - Morningstar".
2. ^ a b "Fact Sheet". Falkland Oil and Gas. Archived from the original on 11 July 2011. Retrieved 8 July 2010.
3. ^ "Q&A: The Falklands oil row". BBC News. 17 February 2010.
4. ^ Irvine, Chris (2 December 2009). "Falkland Islands oil reserves 'to help British economy'". The Daily Telegraph.
5. ^ "Falkland Oil & Gas shares plunge as well proves empty". BBC News. 12 July 2010.
6. ^ "Rockhopper, FOGL merger complete". Offshore Energy Today. 18 January 2016. Retrieved 21 March 2016.
7. ^ "Home • Rockhopper Exploration PLC" (PDF).

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