Falkland Oil and Gas (FOGL) has said it is moving closer to securing a rig for a 2014 drilling campaign in the remote Falklands region.
The firm, focused on areas to the south and east of the Falkland Islands, said a rig enquiry had been issued and available units identified. The company believes it is likely that the rig will be shared with one or more of the other Falkland operators.
It said, in the past six months, 7000sq km of 3D seismic data over the Diomedea fan complex and Cretaceous fault blocks had been acquired. Initial interpretation of fast-track 3D seismic data over the Diomedia fan was encouraging, said FOGL.
FOGL, which had US$161 million cash at the end of the six months to June 30, said it was substantially carried through the next two exploration wells by Noble Energy, partner and operator on a number of northern and southern area licenses with FOGL, and had sufficient funds to undertake 3D seismic survey in the northern license area, and participate in a multi-well drilling program commencing in late 2014.