Glossary

2D, 3D 

Two dimensional, three dimensional (seismic surveys

AIM 

Alternative Investment Market

AVO

Amplitude Variation with Offset

Basin

A depression in which sediments accumulate.

bbl

Barrel. The standard barrel of crude oil or other petroleum product is 42 gallons (approx 35 Imperial gallons or 159L)

bcf

Billion cubic feet

Block

A defined area of the earth's surface used to delineate licences.

UK block = 1/30 of a quadrant = (approx) 200-250 sqkm.

Quadrant = one degree x one degree

boepd

Barrels of oil equivalent per day

bopd

Barrels of oil per day

CSEM

Controlled Source ElectroMagnetic Survey. Technology remotely detects the resistivity profile of the subsurface. Resistive anomalies may be associated with hydrocarbon accumulation.

CSR

Corporate Social Responsibility

Downstream

Refining of crude oil and the marketing and distribution of oil products that occur after refining.

DHI

Direct Hydrocarbon Indicator

EIS

Environmental Impact Statement

FIG

Falkland Island Government

FOGL

Falkland Oil and Gas Limited

FPSO

Floating Production, Storage & Offloading vessel

HSES

Health, safety, environmental and social performance

Hydrocarbon

A chemical compound consisting only of the elements: carbon & hydrogen. Hydrocarbons, which are combustible, are the main components of fossil fuels, which include petroleum, coal and natural gas.

Joint venture

Participation in an oil & gas project through an equity share. The working relationship is governed by a joint venture agreement.

Lead

A geographical structure which may contain hydrocarbons.

Licence

Exploration licence - permits only geological and geophysical surveying and the drilling of shallow wells.

Production licence - exclusive rights for the licensee to search for, drill and extract petroleum.

LNG

Liquid Natural Gas

mmbbl

Million barrels

mmboe

Millions of barrels of oil equivalent

mmcf

Millions of cubic feet

mmscfd

Millions of standard cubic feet per day

NFB

North Falklands Basin

Operator

The member of a joint venture which has been appointed to carry out operations on behalf of all parties in the joint venture.

OSRP

Oil Spill Response Plan

Petroleum

Also called 'crude oil' - is a naturally occurring liquid found in formations in the the Earth consisting of a complex mixture of hydrocarbons.

PL

Production Licence

Prospect

A lead which has been fully evaluated and is ready to drill.

PlayProspects within a 'play' have the same central geologic characteristics for example in terms of age and reservoir type.

Reserves

Oil reserves refer to portions of oil in place (STOOIP) that are recoverable under technical and economic constraints.

Reservoir

A subsurface, porous, permeable rock formation in which oil and gas are found.

Seismic

Data that are acquired by reflecting sound from underground strata and are processed to yield a picture of the sub-surface geology of an area.

Semi-submersible

Mobile offshore drilling platform with floats or pontoons submerged to give stability while operating, kept in position by anchors or dynamic positioning.

SFB

South Falklands Basin

SpudTo start to drill a well

STOOIP

Stock Tank initially in Place. Oil in place is the total hydrocarbon content of an oil reservoir, before the commencement of production. Stock tank refers to the storage vessel.

sqkm

Square kilometres

tcf

Trillion cubic feet

Upstream

Refers to the exploration, production and transport of oil & gas, prior to refining