Outline 2011: Preparation for drilling Licences Implications of Darwin East well Drilling programme Safety & the Environment Funding and farmout option Summary 2
2011: Preparation for drilling Contracted Leiv Eiriksson for 2 firm wells 5 site surveys acquired: Inflexible, Vinson, Scotia, Hero & Loligo Infill 2D seismic over Scotia & Hero Established drilling management team Contracted AGR…
Licences Southern Area Licences Expire December 2015 Northern Area Licences Extension granted to 30 September 2012 25% relinquishment made at end 2011 Expire December 2016 BHP Billiton Complete exit from all licences No option to…
Implications of Darwin East well 5
Location Map Darwin East gas condensate discovery Stebbing 6
Darwin East well results On 23 April 2012 Borders & Southern announced: Significant gas-condensate discovery Total depth: 4876 metres, (Water depth: c.2000m) Strong AVO anomaly represented a porous sandstone reservoir containing…
Darwin East de-risks the Fault-block Play Toroa Darwin East Fold-belt Play B&S are currently drilling Stebbing. FOGL has look-alike prospects such as Undine Fault-block Play 2 main reservoir targets: Mid Cretaceous…
Darwin East de-risks the Fault-block Play De-risks FOGLs lookalike prospects Mature source rocks proven in the vicinity of Darwin Cretaceous reservoir sandstones now proven in 2 wells : Darwin & Toroa Good reservoir quality preserved…
2012 drilling programme 10
Location Map Stebbing 11
Drilling programme FOGL is planning a 2 well programme commencing in early July 2012 First well on Loligo, identity of 2nd well dependent on results First well Second well options Successful Either 2nd well on Loligo result…
Loligo 4.7 billion boe resource potential Loligo Basin wide amplitude map + Class 1 Amplituide Class 2 Class 4 - Class 3 Loligo Squid Loligo Prospect: Class 3 AVO response Brightening with Offset Tertiary Channel…
Scotia 1.1 billion bbl resource potential Hersilia, Hero and Scotia are 3 large prospects in the Mid Cretaceous fan play and are part of the Hersilia fan complex Scotia has estimated mean prospective resources of 1.1 billion barrels…
Expected timetable Leiv Eiriksson: FOGL has two rig slots Q1 2012 Q2 2012 Q3 2012 Q4 2012 - 2013 Q1/Q2 2012 July 2012 August 2012 Forward plan B&S to drill Darwin FOGL to commence FOGL to commence Acquire new seismic in Q4…
Safety & the environment FOGL is committed to high standards of heath, safety, environmental and social performance An integral part of our business Prevent and minimise impacts to the environment Competent staff, preparedness &…
Funding & farmout option Successful equity fund raising in January 2012 FOGL has sufficient funds, plus a contingency of c.40 million, to drill a deep well on Loligo and a second well on Scotia Farmout Option Financial flexibility:…
Summary High impact frontier exploration with world class prospects Multi play exposure reducing exploration risk Darwin result de-risks fault-block play in Southern licence area Loligo success will also prove a concept with a large…
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