Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Falkland Oil and Gas raises £32m
AIM-quoted Falkland Oil and Gas (FOGL) has secured £32 million at 70p to drill to the south and east of the Falkland Islands. The company, which recently swelled its exploration coffers with a ring-fenced £69 million in escrow from mining giant and exiting joint venture partner BHP Billiton, has obtained this latest chunk of money through broker Oriel Securities and says it will use it to target three deeper reservoirs, Trigg, Trigg Deep and Three Bears, which it suggests hold 54 per cent of the estimated reserves in the Loglio complex within its licence area.
Steered by chief executive Tim Bushell, FOGL has reached agrement with fellow prospector Borders & Southern to share a drilling rig for part of its programme and with key shareholder RAB Special Situations Fund to convert £10.6 million of loan notes and interest into shares at the 70 placing price. As part of the deal, RAB is also accepting warrants over 15.1 million new shares exercisable at 105p.
Floated at 40p seven years ago, FOGL shares, which reached 244p at one point last year, have never yet recovered from discovering last July that its Toroa F61/5-1 exploration well was dry. That disappointment wiped £141 million off the company's AIM value in a day, nearly halving its share price to 104p.
Bushell declares today's funding puts FOGL 'in a position to fully evaluate the Loglio prospect and also provides the financial strength to develop additional drilling options.' But investors have reacted so far without enthusiasm, sending the shares down 5.5p to 75.5p this morning, where they value the company at £110.5 million and offer speculative prospects.
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