FOGL Briefs Interim Results for 1H11
FOGL announced its Interim Results for the six months ended June 30, 2011.
- Contract signed for the Leiv Eiriksson drilling rig for two firm slots in first half 2012.
- Operatorship and remaining 51% equity in Northern License Area assigned back to FOGL by BHP Billiton together with a significant cash settlement.
- Completed the site survey and 2D seismic program.
- Equity placing raised US $51.8 million before expenses. Cash balance of $110.6 million at period end (2010: $80.4MM).
- Current available funds, including BHPB settlement, of $150.6 million.
Richard Liddell, Chairman of FOGL, said, "We made good progress during the first half of 2011, during which we negotiated the exit of BHPB from our licenses and regained complete control and operatorship of our license areas while also securing a significant cash payment from BHPB. This was an excellent outcome, which has enabled us to drive forward with the most important phase of our exploration program. In addition, we successfully raised $51.8 million through a share placing, which, combined with existing cash resources and BHPB's payment, leaves us in a strong financial position to drill two wells in 2012. We also signed a rig contract and expect drilling to commence with the Loligo well in the first quarter of 2012. In addition, a number of other prospects have been selected and prioritized as possible targets for the second well in the program."
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