Falkland Oil and Gas raises £50m as talks continue over 2010 drilling campaign
26 November 2009
Falkland Oil and Gas, the exploration group with licence interests to the south and east of the Falkland Islands, is raising £50 million in order to fund its share of the costs of a planned drilling programme next year.
Falkland, which is in a joint venture with natural resources giant BHP Billiton, is currently in discussions with fellow Falklands-focused explorer Desire Petroleum, to contract the Ocean Guardian rig to drill the first ever exploration well in the East Falklands Basin.
In September, Desire agreed a deal with UK driller Diamond Offshore to contract the Ocean Guardian for a minimum four-well campaign starting in February. It has since agreed to sell-on two additional option wells to its partner in the region, Rockhopper Exploration.
Today, Falkland said that while discussions with Desire were at an advanced stage, there was no certainty that the joint venture would contract the Ocean Guardian. Talks are understood to be focused on the third slot in Desire’s contracted programme, which should fall in the first half of 2010.
If contracted, the Ocean Guardian will be used to drill the Toroa prospect, which lies in water depths of between circa 550 and 730 metres. The company estimates that the Toroa prospect has mean, gross, unrisked prospective resources (recoverable hydrocarbons) of 1.7 billion barrels and a range between 380 million barrels (P90) and 2.9 billion barrels (P10)
Separately, Falkland said the JV also intended to contract a deepwater rig for late 2010, which would incorporate a programme of one committed well and other possible discretionary wells.
The share placing is priced at 115p, a discount of 5p to yesterday’s average price, and is being led by Oriel Securities.
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