Strategic rationale for FOGL : Desire combination Consolidates FOGL and Desires Falkland Island portfolios Geographic Creates the only Falkland E&P Company operating in both the North & South Focus Basins Opportunity to accelerate…
North Falkland Basin portfolio Interests in 5 licences PL004b (40% WI) contains Sea Lion southern extension Material exploration prospect stacks in PL004a, b & c Zebedee Jayne Isobel 3
Sea Lion area The Sea Lion field straddles PL032 & PL004b FOGL estimate that c.30% of the Sealion oil-in-place STOIIP is within PL004b 85 mmbbls 2C resources net to FOGL (Senergy) Premier are proposing a two phased development…
Sea Lion Development Premier Oil (PMO) plan to develop Sea Lion field in 2 phases A tension leg platform (TLP) has been selected as the preferred development concept Phase 2 will either be via subsea tiebacks to the Source: Premier…
PL04b: Zebedee prospect FOGL 40%, Premier (Op.) 36%, Rockhopper 24% Well to test at least 7 target horizons The well will seek to extend the proven F2 sequence towards the south and will also test deeper targets within the older F3…
PL04a & PL04c: Isobel & Jayne wells (FOGL 40%) Jayne East Stack Net resources c.30 40 mmbbl (un-risked) Overall risk assessment moderate Key risk: up-dip seal Isobel / Elaine Stack Net resources c. 30 90 mmbbl (un-risked) Overall…
FOGLs Southern Licences 2010 & 2012 drilling 5 wells drilled: 4 found gas or gas-condensate & 1 dry hole Proved a working hydrocarbon system in the basin Good quality Source Rocks & Reservoirs 8
Cretaceous Source Rocks: The key to finding oil 9
2012-2014 Major 3D seismic programme Major 3D acquisition programme 3 separate survey areas Over 10,000 sq. km in total 10
Diomedea Fan Complex The Toroa well proved thick, good quality, mid-Cretaceous sands on the edge of the basin. These sands have been eroded and re- deposited in the basin in the Diomedea area as deep-water channels and fans. Mid…
Cretaceous Fault Block play N S The Darwin exploration well discovered a rich, gas condensate in good quality mid Cretaceous sands in a tilted fault block structure. Darwin Pay Numerous, similar features had been mapped by…
FOGLs drilling programme Next drilling campaign will be in 2015 The drilling order is yet to be agreed, but In the South Falkland Basin (SFB) the programme will include 2 drill two deep-water wells (Noble Energy operated) In the NFB…
Funding FOGL is fully funded through a 5 well drilling programme It is either partially or fully carried on 4 of the wells as a result of farmout carry arrangements with Noble Energy, Premier Oil and Rockhopper Exploration At end…
Conclusions Geographic Focus Balanced, Diversified Portfolio Active Drilling Programme FOGL shareholders have near term exposure to a 5 well, fully funded high-impact exploration programme across the major basins &…
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