Business
Re: FOGL results
Re: FOGL results.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n12 July 2006\n\n\n12 July 2006\nGlobal Petroleum Limited\n\nGlobal Petroleum advises that the following announcement was made by Falkland\nOil and Gas Limited ('FOGL') on the 11 July 2006. Global Petroleum holds a 14%\ninterest in FOGL.\n\nPlease find attached below the highlights from yesterday's announcement. A link\nto the full announcement can be found at: \nhttp://www.fogl.com/fog/pdfs/Prelimrel110706.pdf.\n\nJohn Armstrong\nExecutive Chairman\nTelephone: 61 7 3211 1122\nFax : 61 7 3211 1122\nWeb: www.global-petroleum.co.uk\n\n\nFalkland Oil and Gas Limited\n('FOGL' or 'the Company')\n\nPreliminary results for the year ended 31 March 2006\n\nFOGL, the oil and gas exploration company operating in the undrilled South and\nEast Falkland Basins, announces its preliminary unaudited final results for the\nyear ended 31 March 2006.\n\n\nHighlights\n\n* Second 2D seismic survey completed taking total 2D recorded by FOGL to \n 22,450 km\n\n* Technical information continues to provide encouragement that the Company's \n licences could contain a new petroleum province\n\n* Technical and commercial information presentations to potential third-party \n participants currently underway\n\n* UK-based executive management team put in place\n\n* Cash balance of £14 million at 31 March 2006\n\n\nStrategy & Outlook\n\n* Execute modified work programme of 2D seismic acquisition and electromagnetic \n seabed logging in order to further de-risk and define prospects\n\n* Define and prioritise prospects and identify 'top 20' prospects for drilling\n\n* Drill first exploration well in 2008 - a number of rig options currently \n being investigated\n\n* Introduce suitable partners by farm out - offer period extended by two months \n at the request of a number of major oil companies\n\n* Multiple hydrocarbon plays, over 100 prospects and leads mapped and the \n potential for multi-billion barrels of oil and gas reserves\n\n* FOGL is committed to creating significant shareholder value through the \n successful exploration of its assets\n\nRichard Liddell, Chairman of FOGL, said:\n\n'We have made significant progress in the past 12 months and have a clear plan\nfor the next. We have just completed a further 2D seismic survey taking the\ntotal amount of 2D seismic recorded by FOGL to 22,450km. The data is still to be\nfully e...