Falkland Oil and Gas
Encyclopedia
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.
FOGL is listed on the Alternative Investment Market
of the London Stock Exchange
, with a 8.2% stake being owned by Falkland Islands Holdings
. The company issued an initial public offering
on 14 October 2004, debuting at a price of 40p. By 2010, FOGL estimated that the its four best prospects could contain 8 Goilbbl, with up to 60 Goilbbl in total in all sectors off the coasts of the Falklands. 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.
Other oil-exploring firms off the islands include Rockhopper Exploration
, Desire Petroleum
, and Borders & Southern.
Falkland Islands
The Falkland Islands are an archipelago in the South Atlantic Ocean, located about from the coast of mainland South America. The archipelago consists of East Falkland, West Falkland and 776 lesser islands. The capital, Stanley, is on East Falkland...
and headquartered in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Its business is based on exploring for offshore
Offshore drilling
Offshore drilling refers to a mechanical process where a wellbore is drilled through the seabed. It is typically carried out in order to explore for and subsequently produce hydrocarbons which lie in rock formations beneath the seabed...
oil reserves
Oil reserves
The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is...
off the coast of the Falklands. It owns the right to extract oil from a number of blocks
Block (extraction of petroleum)
A block in the context of extraction of petroleum, signifies a sub-division of an underground reservoir for the purpose of administering a certain production allowable....
to the east and the south of the islands, and has partnered with BHP Billiton
BHP Billiton
BHP Billiton is a global mining, oil and gas company headquartered in Melbourne, Australia and with a major management office in London, United Kingdom...
to do the extraction.
FOGL is listed on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
, with a 8.2% stake being owned by Falkland Islands Holdings
Falkland Islands Holdings
Falkland Islands Holdings plc or FIH is a British conglomerate which plays a key role in the economy of the Falkland Islands through the Falklands Islands Company...
. The company issued an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on 14 October 2004, debuting at a price of 40p. By 2010, FOGL estimated that the its four best prospects could contain 8 Goilbbl, with up to 60 Goilbbl in total in all sectors off the coasts of the Falklands. 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.
Other oil-exploring firms off the islands include Rockhopper Exploration
Rockhopper Exploration
Rockhopper Exploration PLC is an oil and gas exploration company headquartered in Salisbury, Wiltshire, United Kingdom. It owns offshore exploration and production licences in the North Falkland Basin in the waters north of the Falkland Islands....
, Desire Petroleum
Desire Petroleum
Desire Petroleum plc is an oil and gas exploration company headquartered in Malvern, United Kingdom. It owns offshore exploration and production licences in the North Falkland Basin in the waters north of the Falkland Islands...
, and Borders & Southern.