2007: A year of significant progress Exploration activity further de-risks the project 750km of Controlled Source Electromagnetic (CSEM) data acquired over 12 prospects 9,950 km of additional 2D infill seismic data acquired Over…
South & East Falklands Basin: location Magallanes Malvinas Basin Basin The P+P 16 wells Falkland 6 Billion Boe 4 oil disc. Islands Du o Chic (Ri nge nes o High FOGL sA acreage Maurice Ewing rch Bank / ) 0…
Scale: Huge licence area 48,853km2 4
Prospects and leads map 5
Multiple Play types Multiple independent play types = significant risk diversification Cretaceous Tertiary Foldbelt Onlap Play Channel Play Play e.g. Toroa & Lutra e.g. Loligo &, Nimrod e.g. Undine Cretaceous Cretaceous Fan…
Significant Potential TRACS estimate top 10 prospects have potential to hold more than 10 billion boe of prospective resources. FOGL latest estimate is over *10 billion boe (mean, un-risked resource) A further 90 prospects and leads…
Successful CSEM survey 7 CSEM lines acquired Over 750 kms of data 12 prospects surveyed 7 positive anomalies 3 negative 2 prospects too deep for 8 technique
Positive CSEM anomalies Positive CSEM anomalies within the Tertiary Channel Play Caird Garrodia Nimrod Garrodia Nimrod Water Depth: 1,400m Water Depth: 1,500m Depth to Reservoir 2,700 m Depth to Reservoir 2,900 m 9
Loligo Nautilus Loligo is one of a number of prospects and leads within the Tertiary Channel Play. Strong seismic DHIs Positive CSEM anomaly Loligo has most likely reserves of 3.5 billion barrels (un-risked) Loligo Seismic…
Toroa prospect Top sand amplitude, with depth (m) overlay Toroa is a prospect within the Cretaceous Onlap Play. Toroa has most likely reserves of 1.4 billion barrels (un-risked) Positive CSEM anomaly over the Toroa prospect 11
Thulla prospect Thulla Thulla is a prospect within the Springhill Play. Thulla has most likely reserves of 630 million barrels (un-risked) 12
Development of oil & gas Conventional oil and gas development solutions will be used. These have already been proven in comparable environments elsewhere Weather conditions similar to West of Shetland or Norwegian Sea Water depths of…
BHP Billiton BHPB Petroleum accounts for 1/5 of BHBP Group operating profits Current production 380,000 boped Proven reserves: 1.35 billion boe Probable reserves: 2.24 billion boe Planned 2008 exploration spend 700MM Current…
BHP Billiton Farm-In Agreement Commitment to drill a minimum of two exploration wells within 3 years Underlines quality of exploration potential Acquired 51% interest and operatorship Paid 12.75 million and will pay 68% of the…
Drilling Programme a number of options 1. Minimum 2 well exploration programme committed to by BHP Billiton 2. 2 additional exploration &/or appraisal well locations under consideration 3. BHPB actively seeking a rig 4. Rig…
2008: preparation for drilling Complete seismic & CSEM analysis and prospect evaluation Select best prospects for drilling and order of wells Select drilling locations, including potential appraisal well locations Select and…
Undervalued compared to our peers FOGL is currently significantly undervalued compared to the other Falkland explorers. This differential is not supported by the underlying technical case 50000 250 Licenced acreage 45000 Market…
Outlook FOGL is poised to participate in the first drilling campaign in the basin Preparation work for drilling in progress Site surveys expected to be carried out in second half 2008 We anticipate that exploration drilling will…
Disclaimer Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements. Actual results may differ from those expressed in such statements, depending on a variety of…
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