Positive financial results in the first half of 2013 are a sign of “excellent progress” for Falkland Oil and Gas as the company prepares to ramp up exploration, the company’s chairman said.
The Falkland oil and gas exploration company has closed the first half of the year on $161million (£100.74million), $1.58million less than for the same period in 2012.
But the company stressed it is fully funded for the current planned seismic work programme in its northern licence area and the drilling of up to three exploration wells by the end of next year.
FOGL is set to plan the well locations for its 2014/15 drilling campaign after acquiring “encouraging” 3D seismic data from over 7,000 sq. km in the Diomedea fan complex, company’s southern licence area.
Noble Energy, the operator of the southern licences from 2014, has already identified two exploration prospects: Humpback and Finback, FOGL said.
“The first half of 2013 has seen excellent progress with the follow on work from the 2012 drilling campaign and preparations for the next,” said Richard Liddell, chairman of FOGL.
“Our financial position remains very strong and we are in an excellent position to take advantage of the opportunities to exploit our exploration licences and create value for our shareholders.”
Recommended for you
