Falklands exploration firm Falkland Oil & Gas (FOGL) has said it will be continuing its 3D seismic acquisition campaign and looking for drilling targeting for exploration drilling in the second half of this year.
The firm's 3D seismic programme is covering more 10,000sq km in the Falklands basin. An initial 5,235sq km 3D survey over the Cretaceous aged Diomedea Fan Complex was completed in April 2013
A 1,000sq km survey over the Cretaceous fault block area in now underway and a further large 3D survey in the Northern Licence Area is planned for 4Q 2013. FOGL said it would be defining targets for exploration drilling during H2 2013.
Richard Liddell, Chairman of FOGL, said: "In 2012 FOGL made great progress towards its objective of making commercial discoveries within our licences. As operator two deep-water exploration wells were drilled, safely, within budget and on schedule. Both wells significantly de-risked the East Falkland basin and, in the case of Loligo, demonstrated significant in-place gas volumes within multiple reservoirs.
"Post well drilling analysis indicates that significant potential for oil discoveries still exists within our licences. Major farm-out agreements were secured with two substantial international E&P companies with strong exploration track records. At the same time FOGL retained a very substantial interest in its extensive acreage.
"FOGL is fully funded for an extensive 3D seismic survey covering some 10,000sq km and a three well exploration programme.
"With our partners, we have an ambitious work programme designed to further de-risk our prospect inventory and in particular, focus on the oil potential within our licence areas. This will lead to the identification of new targets and further exploration drilling in 2014/15
"To date we have acquired 35,000km of 2D seismic, drilled three wells, and as a result proved a working petroleum system. Now with our new partners we are funded to shoot over 10,000sq km of 3D seismic and drill three further exploration wells. We remain optimistic about the potential of our licences."