FOGL: $1.95M Loss in 1H 2015, Humpback Well Delay

In its 2015 first half results Tuesday, Falkland Oil and Gas Limited (FOGL) revealed a $1.95 million loss for the six month period ended June 30, 2015 and announced a delay to the Humpback well program.

FOGL’s loss for the period was $660,000 more than the loss of $1.29 million registered during the same period last year. The company reported cash and cash equivalents at the end of 1H 2015 of $40 million, which was significantly lower than the $68 million figure achieved in the first half of 2014.

Located offshore the Falkland Islands, the Humpback well, which is testing multiple stacked reservoirs within the Cretaceous Diomedea fan complex, has experienced a series of unforeseen equipment and operational issues which has resulted in a delay to the completion of the well, according to FOGL.

The delays are expected to extend the duration of the well from 65 days to approximately 100 days. As a result, the company expects the results of the well to be available in September 2015. FOGL has stated that it anticipates a proportion of the additional costs from the delay to be paid by Noble Energy, under a commercial arrangement that is currently being negotiated.

John Martin, chairman of FOGL, commented in a company statement:

"Drilling on the Humpback prospect in the South Falkland basin is currently on­going and we look forward to receiving and sharing the results of this well following completion of the drilling operations. With two successes under our belt already and two more wells to complete, the board looks to the future with confidence."

FOGL made an oil and gas discovery at the Zebedee well, and an oil discovery on the Isobel Deep well, during the first half of 2015. The company’s new non-executive chairman, John Martin, was appointed in June 2015.

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