Oil and gas round-up, high hopes for Falkland Oil and Gas

Friday, 13th April 2012

Falkland Oil and Gas (FOGL), the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, has high hopes for 2012 and its share price rose sharply.

The company said 2011 saw significant activity in preparation for this year's drilling programme. Itmade an overall loss of $6.6m in the year ended December 31 2011 which was nearly $3m higher than the loss in the previous year.

During last year a comprehensive site survey programme was completed and a focused 2D seismic survey. A total of five site surveys were completed and these will provide the flexibility to determine the optimum drilling location on Loligo and also on the second well.

Richard Liddell, Chairman of FOGL, said: "We are looking forward to the 2012 exploration drilling programme. The Loligo well, with prospective resources of 4.7bn barrels, will be one of the highest impact exploration wells to be drilled by an independent E&P company this year.

"Either of the likely second well targets have a resource potential of over 1bn barrels. Any degree of success on these wells will be a transforming event for FOGL."

Rockhopper Exploration, another oil explorer working off the Falkland Islands, was also marked up significantly.

Chariot Oil & Gas, the independent Africa focused oil and gas exploration company, saw its shares rise after it reported it can go ahead with the Block C19 concession offshore Mauritania, which was announced earlier in the week.

The contract has been approved by the Government of the Islamic Republic of Mauritania and is now effective.

Antrim Energy, an international oil and gas exploration and production company headquartered in Calgary, Canada, has announced that, under the terms of the Joint Operating Agreement (the "JOA"), it will regain working interest and reserves and anticipates regaining operatorship in UK Central North Sea licence P077 Block 21/28a (the "Fyne Licence") from Premier Oil at no cost.

Antrim's current working interest in the Fyne Licence of 35.1% will increase to between 58.4% and 100%, contingent on the election by the other party to the JOA.

Among other big gainers in the day in the sector were Bahamas Petroleum, Gold Oil and Xtract Energy.

At 3:47pm:

(LON:AEY) Antrim Energy Inc share price was +1.5p at 59.5p

(LON:AUR) Aurum Mining share price was 0p at 3.25p

(LON:BOR) share price was +0.25p at 71.5p

(LON:BPC) share price was +1.38p at 11.63p

(LON:CHAR) share price was +3.88p at 179.88p

(LON:DES) Desire Petroleum share price was +1.88p at 28.88p

(LON:DGO) Dragon Oil share price was +0.75p at 615.25p

(LON:ENQ) share price was -0.35p at 124.15p

(LON:FOGL) Falkland Oil and Gas Limited share price was +2.38p at 68.88p

(LON:GKP) Gulf Keystone Petroleum share price was -1.25p at 242.75p

(LON:GPX) share price was -0.37p at 145.38p

(LON:INDI) share price was -97p at 862.5p

(LON:PET) Petrel Resources share price was -0.13p at 6.5p

(LON:RKH) share price was +19p at 346.25p

(LON:RPT) Regal Petroleum share price was 0p at 29.75p

(LON:XEL) share price was +2.13p at 115.63p

Story provided by StockMarketWire.com

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