Business
FOGL Preliminary Results
FOGL Preliminary Results.
About this update from Fih Group Plc
[{"type":"text","content":"\n Falkland Islands Holdings PLC\n12 March 2008\n\n\n\nWednesday 12 March 2008\n\n\n\n Falkland Islands Holdings plc\n\n Falkland Oil and Gas Limited Preliminary Results\n\n\nFalkland Islands Holdings plc ('FIH'), the international services Group which\nowns essential services businesses focused on transport and logistics and which\nhas a 16.2% strategic shareholding in Falkland Oil and Gas ('FOGL'), notes the\nannouncement issued today by FOGL, the full text of which is outlined below.\n\n\n\n\n\n\n\n Falkland Oil and Gas Limited\n\n ('FOGL' or 'the Company')\n\n\n\n Preliminary Results for the year ended 31 December 2007\n\n\n\nFOGL, the oil and gas exploration company focused on its extensive licence areas\nto the South and East of the Falkland Islands, announces Preliminary Results for\nthe year ended 31 December 2007.\n\n\n\nThe year 2007 has seen significant progress:\n\n\n\n• Exploration activity further de-risks the project\n - Over 750 kms of CSEM data were acquired over 12 prospects delivering\n encouraging results\n - 9,950 kms of additional 2D seismic data were acquired allowing\n improved definition of the key prospects\n\n\n• Positive results confirm the high potential of the project\n - A short list has been produced of prospects which offer the lowest\n exploration risk but also could contain large potential hydrocarbon \n resource volumes\n - FOGL's top ranked prospects have the potential to contain hydrocarbon\n resources in excess of 10 billion barrels oil equivalent (mean, \n un-risked)\n\n\n• BHP Billiton farm-in deal adds credibility to the exploration assets\n and includes a commitment to drill a minimum of two exploration wells\n - Following an extensive review of the exploration data, BHP Billiton\n acquired a 51% interest and operatorship of FOGL's licences\n - BHP Billiton paid $12.75 million cash and will pay 68% of the costs of\n the first two wells in the drilling programme\n\n - BHP Billiton has extensive deepwater drilling expertise\n\n\n\n• FOGL is poised to participate in the first drilling campaign in the\n basin\n - FOGL's licence areas are in the basins to the South and East of the\n Islands which, to date, have never been drilled\n\n\n• FOGL is substantially funded through its share of this programme\n - Cash balance of £12.5 million at year end\n\n\n• Preparation work for drill...