BLBG:Falkland Oil Delays Drilling Loligo on Rig Delays, May Sell Shares in 2012
Falkland Oil & Gas Ltd. (FOGL), a U.K.- based explorer in the South Atlantic, postponed the start of drilling at its Loligo well due to rig delays and may sell more shares next year, Chief Executive Officer Tim Bushell said.
The company will probably start drilling the first well at Loligo southeast of the Falkland Islands in April instead of the first quarter as it expects to receive the Leiv Eiriksson rig about a month later than planned, Bushell said in an interview in London today.
Falkland Oil may sell more shares mid-2012 to raise funds for seismic tests if it discovers hydrocarbons at Loligo or a second well, Bushell said. Loligo holds as much as 5 billion barrels of oil equivalent, he said.
To contact the reporters on this story: Laura Price in London at lprice3@bloomberg.net; Brian Swint in London at bswint@bloomberg.net
To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net
