• Funding
• Execute work programme and obtain government approvals for drilling
• Mature propsects as potential drilling locations
• Secure a rig
• First exploration well planned for 2009

Funding

FOGL are in the enviable position of retaining 49% of their original equity. Various alternatives exist for fund raising to support the drilling campaign and these will be fully explored in 2008.

Execute work programme and obtain government approvals for drilling

Mature prospects as potential drilling locations

Some of the existing seismic database will be reprocessed to better define the top ranked prospects. Additional, advanced amplitude analysis will be performed on key, propsect specific, seismic lines. The CSEM data will undergo enhanced processing and the combined datasets will be used to select a shortlist of the best prospects. The objective, after a rigorous reassessment of risk and reserves is to select the prospects for site surveys in 2008 and ultimately for drilling in 2009.

Secure a rig

BHP Billiton is a major operator and as such has good access to the rig market. It has drilling units on long term contract, has the ability to contract additional capacity and may even elect to swap drilling slots with other operators. This flexibility should ensure that a rig is secured and that drilling starts on the FOGL licences in 2009.

First Exploration well planned for 2009

Preparation for drilling will require careful logisitics planning. Some drilling equipment (long lead items), such as well-heads, will have to be ordered up to a year in advance. BHP Billiton's record in deep water drilling is excellent and we are fortunate to have such a highly competant operator in control of supply chain and logisitcs management.