Falkland Oil enters 'exciting phase'
Falkland Oil and Gas (FOGL) pared back its losses in the first half and said it had moved into a very exciting phase for the business.
Falkland Oil and Gas (FOGL) pared back its losses in the first half and said it had moved into a very exciting phase for the business.
The firm, which is exploring to the South and East of the Falkland Islands, posted a loss of $0.2m, a significant improvement on the previous year when it was $3.6m in the red.
Bank deposits at the end of June were $220.7m of which 17% were held in Sterling.
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
On the basis that two wells are drilled within budget, the firm estimates its cash balance after the 2012 exploration campaign will be over $200m.
Chairman Richard Liddell said the first half of 2012 was a very significant period in the development of the business, with an equity issue raising gross proceeds of £48.5m in January 2012 and subsequent farmouts to Edison International and Noble Energy.
"FOGL is in the enviable position of having a very strong balance sheet, leading industry partners and the potential to realise value across our large acreage position in the Falkland Islands," he said.
"Following the period end, we have entered into a very exciting phase for the business and our partners, commencing with the spudding of our high impact Loligo exploration well."
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Six investment funds for beginners
Beginner investors can use funds to start building their portfolio, making it easy to access global trends while managing their risk level. Here’s six funds that beginner investors can consider.
-
Farming isn't for the faint-hearted – and isn't profitable
Opinion Farming may look appealing, but turning a profit is extremely hard. No wonder many farmers are attracted to the Sustainable Farming Incentive, says Max King