Falkland Oil and Gas has reported that it is starting a 3D seismic survey programme on the southern area licences covering a minimum area of 4,000 square kilometres.
The programme is set to take about four months to complete.
The Falklands-based company said that it has had to alter its original plans and swap the order of the two planned surveys on the region, due to the late completion of the Scotia well which left insufficient time to allow the results of the well to influence the exact location and design of the 3D survey.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The second 3D survey is expected to commence in the first quarter of 2013.
Tim Bushell, Chief Executive of FOGL, said: "We are pleased to announce the start of a very important 3D seismic survey programme, which marks the continuation of our exploration activities. The 3D seismic will be invaluable for identifying future drilling targets, locating good quality reservoir and differentiating oil from gas prospects."
The share price was unmoved at 10:30.
NR
-
How much should I have in emergency savings?When your boiler breaks or your car won’t start, you can find yourself paying a hefty bill. How much should you have in emergency savings to cover unexpected costs?
-
ISA investments by age: should I invest more in my stocks and shares ISA?Stocks and shares ISAs are a great way to grow long-term wealth, but are they overlooked compared to cash savings? We look the average ISA investment by age and if you should have more.
