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Falkland Oil and Gas

 

Falkland Oil and Gas

Falkland Oil and Gas Ltd
Type Public
Traded as LSE: FOGL
Industry Oil and gas extraction
Founded 27 May 2004
Headquarters London, United Kingdom
Area served Falkland Islands
Key people Richard Liddell (Chairman)
Tim Bushell (CEO)
Operating income –£2.8m (2009)
Profit –£5.5m (2009)
Total assets £142m (2009)
Total equity £128m (2009)[1]
Employees 7[2]
Website FOGL.com

Falkland Oil and Gas Ltd, abbreviated to FOGL, is an energy company registered in the Falkland Islands and headquartered in London, the United Kingdom. Its business is based on exploring for offshore oil reserves off the coast of the Falklands. It owns the right to extract oil from a number of blocks to the east and the south of the islands, and has partnered with BHP Billiton to do the extraction.[3][4]

FOGL is listed on the Alternative Investment Market of the London Stock Exchange, with an 8.2% stake being owned by Falkland Islands Holdings.[5] The company issued an initial public offering on 14 October 2004, debuting at a price of 40p.[2] By 2010, FOGL estimated that its four best prospects could contain 8 billion barrels (1.3 billion cubic metres),[3] with up to 60 billion barrels (9.5 billion cubic metres) in total in all sectors off the coasts of the Falklands.[6] The share price peaked at 267p in June 2010, but slumped by half on 12 July 2010, when it was found that one of its prospect wells, Toroa, was empty.[7] However recently the company has raised enough money to do two drilling off the coast of Falklands, these will be done after drillings carried out by Borders & Southern. The first site is named "Loligo" and the second site is yet unknown.

Other oil-exploring firms off the islands include Rockhopper Exploration, Desire Petroleum, and Borders & Southern.[5]

Footnotes

  1. ^ "Report and Financial Statements". Falkland Oil and Gas. 1 March 2010. Retrieved 8 July 2010. 
  2. ^ a b "Fact Sheet". Falkland Oil and Gas. Retrieved 8 July 2010. 
  3. ^ a b "Q&A: The Falklands oil row".  
  4. ^ "Argentina warns BHP not to drill for Falklands oil".  
  5. ^ a b Motevalli, Golnar (24 June 2010). "Oil drilling boost for Falkland Islands".  
  6. ^ Irvine, Chris (2 December 2009). "'"Falkland Islands oil reserves 'to help British economy.  
  7. ^ "Falkland Oil & Gas shares plunge as well proves empty".  

External links

  • Falkland Oil and Gas official website
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