Agenda Focus for FOGL is: Locating oil within the basin Identifying high quality reservoir Progressing gas commercialisation strategies for Loligo But first.a review of the 2012 drill campaign 2
A proven hydrocarbon province The 4 exploration wells drilled in 2012 has demonstrated a working petroleum system in the south & east Falkland basins 1. Proven mature source rocks 2. Reservoir sands present 3. Working…
Loligo 4
Loligo: encouraging results Proves a working hydrocarbon system in the northern part of the basin: Mature source rocks Active hydrocarbon migration Presence of reservoir Loligo is a viable stratigraphic trap 6 separate gas bearing…
Loligo: multiple gas bearing zones encountered T4 Shale 6
Loligo depositional model Loligo location
Loligo depositional model - continued 42/07-1 tested weakest part of T1 anomaly 10 km 8
Scotia 9
Scotia: tight gas discovery Proves a working hydrocarbon system in 50 metres of gas bearing reservoir the mid Cretaceous Fan Play Active hydrocarbon migration Reservoir present, but tight at this location Good integral top,…
Darwin condensate discovery & the Fault Block Play 11
Farm-outs to EDF-Edison & Noble Energy Edison farmed-in to 25% of the Northern Licences & 12.5% of the Southern licences Noble farmed-in to 35% of the Northern & Southern Licences Operatorship of northern licence area transferred to…
Noble Energy Focussed on oil rather than gas Proven exploration track record Major investment in 3D seismic Recognise 12 BBbl gross unrisked potential Committed to further drilling in 2014 - 2015 13
Prudent approach to risk management Total investor funding 2008 2012 228 million Total funds received from farm-outs 105 million (BHP, Noble & Edison) Net cost to FOGL of these 3 wells 103 million Current cash 220 million Proven…
Undervalued Currently trading at a 40% discount to our cash position 250 0.45 0.42 225 220 205 0.40 200 175 0.35 150 0.30 Cash Millions 0.30 Share Price 125 100 0.25 75 0.20 50 40 25 0.15 0 0.10 -25…
Key questions Can the gas & associated liquids be commercialised Where is the good quality reservoir Is there any oil in the basin 16
Commercialising gas & associated liquids The feasibility of various LNG options are currently being investigated Natural gas is projected to be the fastest growing fuel globally LNG supply is projected to grow at 4.5% p.a. to 2030…
A new reservoir model Very good quality Cretaceous reservoir in Well developed clean quartz sands on East Falkland 2 wells: Toroa & Darwin New depositional model - source of sand (provenance) Seismic amplitude response 3D seismic…
Cretaceous reservoir distribution 19
Cretaceous Source Rocks: The key to finding oil 20
The Goldilocks zone Simplified Cretaceous Play Risk Map 21
2013 3D seismic programme 22
Funding our forward programme Estimated expenditures until 2015 Net Cost to FOGL millions 2013/14 3D seismic 60 3 Well Programme 100 Including Noble carry on first 2 wells Operating & Corporate expenses 15 175 Current Cash…
Plans, news-flow & catalysts Diomedea 3D underway. Fast track results in Q3 2013 Full Southern Licence 3D results by end 2013 Northern Licence area 3D to commence in Q4 2013 Full Northern Licence 3D results by end Q3 2014 Looking to…
Conclusion Proven working hydrocarbon province High impact exploration with world class prospects in a huge licence area Loligo gas discovery may have significant potential Darwin results de-risks fault block play in the Southern…
Appendices 26
2012 drilling performance Both wells drilled safely and without Downtime due to weather incident North Sea Average Both wells drilled within budget Demonstrated year-round drilling possible Ocean Guardian: North Falklands 2010 -…
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