Falkland Oil and Gas Signs Rig Contract For 6-Well Drill Program

By Dow Jones Business News, 
A A A


LONDON--Falkland Oil and Gas Ltd. (FOGL.LN, an oil and gas explorer with license areas offshore the Falkland Islands, Wednesday said it signed the rig contract for a six well drilling program starting in early 2015.

MAIN FACTS:

-FOGL will participate in two wells operated by Noble in the South and East Falkland Basin and three wells operated by Premier in the North Falkland Basin

-Up to eight option slots available for additional drilling

-FOGL is fully funded throughout its five well programme

-Premier Oil signed a contract for a dynamically positioned, harsh environment semi-submersible drilling rig; several other related contracts have also been agreed, including a rig sharing agreement with Noble Energy Falklands Ltd.

-The rig will be mobilised to the Falkland Islands to start late 1Q/early 2Q

-Shares at 0714 GMT up 1 pence or 2%

-Write to Ed Ballard at ed.ballard@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


  (END) Dow Jones Newswires
  06-04-140331ET
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This article appears in: Energy

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