Toroa: The first well in the East Falklands Basin Toroa (F61/5-1) Drilled May-July 2010 Water depth: 600 metres Total depth: 2600 metres Target: Late Jurassic Springhill Sandstone Well Seismic anomaly Toroa Amplitude…
Toroa: results Only prospect accessible using the Ocean Guardian due to water-depth Reason for failure Seismic amplitude & CSEM response caused by coals rather than hydrocarbons Probably not a valid trap no lateral seal (top seal was…
Toroa 5
BHP Billiton BHP Billiton farmed in 2007 paid US13 million & 68% of all exploration costs to earn a 51% interest The joint venture has since spent over US110 million, resulting in a net saving to FOGL of US75 million due to the…
The rig The Leiv Eiriksson is a 5th generation semi-submersible drilling rig It is designed to drill in water depths down to 3,000 metres & remains stable in rough weather conditions owing to its advanced dynamic positioning system It…
Multiple play types Tertiary The Tertiary play is analogous to Mid Cretaceous 1,500 5,000 ft the successful Tertiary deep water Fan Play Channel Play play of the Campos Basin, Brazil The Cretaceous fan play is analogous to…
Prospects & options Toroa Darwin Stebbing 9
Drilling programme FOGL is currently planning a 2 well programme commencing in Q1 2012 First well on Loligo, identity of 2nd well dependent on results First well Options Successful Loligo appraisal result Loligo Nimrod 4700*…
Play openers Prospect Hopper FOGL Play Licence Area Pmean prospects Prospective Resources Loligo Loligo Tertiary Channel Northern 4700 Nimrod Tertiary Channel Northern 1500 Vinson Tertiary Channel Southern 733 Lucky Tertiary…
Loligo
Hersilia Complex Hersilia, Hero and Scotia are 3 large prospects in the Mid Cretaceous Fan play HERSILIA Scotia 1.06 billions barrels mean prospective resources Hero 1.07 billion barrels mean prospective resources Same play type as…
Licences Southern Area Licences Entered Phase 2 in December 2010 Expire 30 December 2015 Commitment to drill 1 exploration well by end of Phase 2 Northern Area Licences Due to expire 15 December 2011 6 month extension granted…
Operations FOGL Board Health, Safety & Environment Tim Bushell CEO Colin More Exploration Director Mike Thomas Dave Mackay Operations Manager Drilling Manager Wellsite Geologists RPS Richard Clarke AGR Ken Leach…
Costs FOGL has sufficient funds (c.160 million) to drill a deep well on Loligo and a second well from: Loligo (appraisal), Nimrod, Vinson or Inflexible FOGL is not fully funded for a second well on Scotia or Hero Mobilisation costs…
Farmout Received several expressions of interest during 2010 Until March 2011 not actively looking for a farminee Now in discussion with these parties Plan to market to additional parties during Q3 Need to preserve 40% in Loligo, for…
Whats next Farmout: Potentially H2 2011 Deepwater rig mobilisation to/arrival in the Falklands, Q4 2011 Borders & Southern results from Darwin & Stebbing prospects Loligo in Q1 2012, Second well Q2 2012 Additional Falkland factors…
Summary Huge prospective resource Rig contracted for 2 well programme, commencing in Q1 2012 Multiple drilling options: 6 different prospects with site surveys Multi-billion barrel targets to be tested, starting with Loligo The…
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