Falkland Oil and Gas (FOGL) has completed two farm-out agreements of its North Falkland Basin licences with Premier Oil and Rockhopper Exploration.
The new partners will share FOGL’s exploration costs for drilling two wells in licences PL004a and PL004c, due between 2014/15 and targeting the Isobel and Jayne prospects, in return for 40% working interest in the prospects.
“The farm-out allows us to participate in a more extensive exploration drilling programme, whilst retaining meaningful equity stakes in high potential assets and signifies the launch of a very exciting period ahead for FOGL,” said Tim Bushell, chief executive of FOGL.
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