Industry Oil and gas extraction Number of employees 7 Total assets 357.3 million GBP (2014) | Traded as LSE: FOGL Defunct January 2016 Founded 27 May 2004 Ceased operations January 18, 2016 | |
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Key people Richard Liddell (Chairman)Tim Bushell (CEO) | ||
Falkland Oil and Gas Ltd, abbreviated to FOGL, was an energy company registered in the Falkland Islands and headquartered in London, the United Kingdom. Its business was based on exploring for offshore oil reserves off the coast of the Falklands. It owned the right to extract oil from a number of blocks to the east and the south of the islands.
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FOGL was listed on the Alternative Investment Market of the London Stock Exchange. The company issued an initial public offering on 14 October 2004, debuting at a price of 40p. By 2010, FOGL estimated that its four best prospects could contain 8 billion barrels (1.3 billion cubic metres), with up to 60 billion barrels (9.5 billion cubic metres) in total in all sectors off the coasts of the Falklands. The share price peaked at 267p in June 2010, but slumped by half on 12 July 2010, when it was found that one of its prospect wells, Toroa, was empty - as of 1 March 2015 the share price had dropped to ~31 pence.
The company merged with Rockhopper Exploration on 18 January 2016.
Operations
North Falkland Basin
South and East Falkland Basin
Legal issues
Due to the ongoing disputed nature of the Falkland Islands, FOGL received criticism from Argentina. On 30 April, 2014 FOGL announced the following in their annual report;