Final Results for the year ended 31 December 2013
FOGL, the oil and gas exploration company focused on its extensive licence areas offshore the Falkland Islands, announces its Final Results for the year ended 31 December 2013.
Robust financial position
•At 31 December 2013, cash balances were US$151.4m
•Fully funded for a 5 well drilling programme commencing in 2015
Acquisition of Desire Petroleum
•The acquisition of Desire Petroleum has created a broader based exploration portfolio
•FOGL has retained substantial upside exposure to high-impact exploration
•Gained an interest in the Sea Lion project
•Successfully farmed-out two of Desire’s licences to Premier Oil and Rockhopper Exploration
Scale
•FOGL is the largest licence holder of the six oil companies operating in the Falkland Islands with a net interest of over 40,000 sq. km
•FOGL is the only oil company to have exploration exposure to both the northern and southern basins offshore the Falkland Islands
•The Company has been able to retain a material licence interest of at least 40%, thereby providing substantial exposure for shareholders in the event of success
•The 2015 five well drilling programme will target gross un-risked resources of more than one billion barrels of oil
New 3D seismic
•Extensive 3D seismic programme completed, with the acquisition of over 12,000 sq km of high quality data
•The new 3D seismic is being used to optimise and select targets for the 2015 drilling campaign
•Multiple new prospects have already been identified
Richard Liddell, Chairman of FOGL, said:
“2013 was a year of remarkable achievement during which the company significantly diversified its portfolio whilst simultaneously orchestrating farm-out deals to achieve a balance of upside exposure, risk and funding. During the course of 2015 we will have exposure to 5 high impact wells within a fully funded programme and we are naturally very pleased with the opportunity for value growth which this offers our shareholders, and we are looking forward to a very exciting period ahead”
