Business
FOGL - Electromagnetic survey
FOGL - Electromagnetic survey.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n26 July 2006\n\n\nGlobal Petroleum Limited\n\n26 July 2006\n\nGlobal Petroleum advises that the following announcement was made by Falkland\nOil and Gas Limited (FOGL) on the 25 July 2006. Global Petroleum holds a 14%\ninterest in FOGL.\n\nJohn Armstrong\nExecutive Chairman\nTelephone: 61 7 3211 1122\nFax : 61 7 3211 1122\nWeb: www.global-petroleum.co.uk\n\nFalkland Oil and Gas Limited\n('FOGL' or 'the Company')\n\nFalkland Oil and Gas to conduct electromagnetic survey\n\nFalkland Oil and Gas Limited ('FOGL') has signed a Letter of intent with\nOffshore Hydrocarbon Mapping plc ('OHM') to undertake a Controlled Source\nElectro-Magnetic survey ('CSEM') over the company's licences in the South and\nEast Falkland Basins.\n\nThe use of CSEM technology in this environment is particularly appropriate and\nexciting. CSEM is a method which investigates the electromagnetic properties of\nrocks and has a recognisable response when oil and gas is present. CSEM is an\nextremely cost effective method of high grading an extensive inventory of\nexploration prospects and leads. CSEM imaging works best under certain\nconditions, including deepwater (>500metres), simple sand & shale geological\nsequences, and large traps (prospects), all of which are prevalent within FOGL's\nSouth & East Falkland Basins.\n\nThis programme has the potential to indicate which of our numerous prospects may\ncontain hydrocarbons. Our strategy will be to obtain CSEM data over many of the\nlarger prospects and based on the results, infill 2D seismic will then be\nacquired in order to determine the best sites for exploration wells.\nThis is the first part of our revised forward exploration programme recently\ndiscussed with the Falkland Island Government. FOGL had already begun\npreparatory work which will enable rapid implementation of a CSEM survey,\nfurther demonstrating FOGL's commitment to this exploration acreage.\nWe expect to commence both the CSEM and 2D seismic surveys before the end of\n2006 and be in a position to announce the results early next year.\n\nTim Bushell, Chief Executive Officer commented:\n\n'We are very excited by this new technology and its application in our licences.\nThe use of CSEM imaging is an appropriate exploration tool given the large\nnumber of prospects and leads that we have identified. We believe...