FOGL has provided the following update on progress. In particular, the Company is pleased to announce the commencement of the site survey program.
Site Survey Commences
The MV Fugro Meridian survey vessel has now commenced work on the program. The MV Fugro Meridian, which is operated by Fugro Surveys Limited, will acquire digital site surveys in order to assess drilling hazards in the top few hundred meters of sediment below the sea bed. Detailed sea bed bathymetry and imaging surveys will also be obtained to assist in ensuring the stability and suitability of the selected drill sites.
The British Antarctic Survey vessel the James Clark Ross has been contracted to deploy wave and current meters. These instruments will be used in the environmental assessment and the preparation of rig mooring and riser design.
The final part of the site survey is a coring program that will establish the make-up of the top 150 meters of seabed. Information derived from this survey will be used to assist in the detailed casing design of the wells. This survey will be carried out by the MV Fugro Saltire and is planned to commence in January 2009.
The site survey program will be undertaken on 5 different prospects, which represent a range of geological play types across the licenses.
The site survey program is expected to be completed in early 2009. Further updates on the progress of the site program will be provided on FOGL's corporate website.
Efforts to secure a suitable drilling rig are in progress and an update on this will be provided in due course.
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