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No, FOGL is currently focused on exploration within its large and prospective licences offshore the Falkland Islands.
FOGL has signed an assignment agreement with Borders and Southern Petroleum Plc (B&S) and Ocean Rig 1 inc. to contract the Leiv Eiriksson for two firm drilling slots.
The rig is currently expected to arrive in the Falkland Islands in Q4 of 2011. FOGL expect to commence drilling the Loligo prospect in the first half of 2012.
The Loligo prospect is within the Tertiary Channel play which has estimated Pmean prospective reserves of 4,700mmbbls. The well will have an estimated duration of 50 days. Based on its latest cost estimates and assumptions, the Company also has sufficient funds for a second well on either Loligo (as an appraisal well), or on one of the other high ranked propsects such as Nimrod, Vinson or Inflexible.
BHP Billiton had been a very supportive partner through the early exploration stages across all of FOGL's acreage. We cannot comment specifically on their intentions or motivations following their relinquishment of the licences back to fogl, suffice to say; FOGL is very encouraged by the potential prospectivity across all of its licence area and fully committed to realising the potentail value through the drill bit.
This is an option. We have been approached by, and had discussions with, a number of other parties. However, we believe we are funded through the initial drilling programme and are under no pressure to bring in another party unless the terms are very attractive for FOGL’s shareholders.
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