Falkland Oil & Gas Says BHP Billiton Pulls Out Of License
September 28 2010 - 3:07AM
Dow Jones News
Oil and gas explorer Falkland Oil & Gas Ltd. (FOGL.LN)
Tuesday said BHP Billiton PLC (BLT.LN) has decided not to
participate in the next phase of drilling in its licenses near the
Falkland Islands.
BHP Billiton will assign its 51% interest in the licenses in the
South Falklands basin to Falkland Oil & Gas, the company
said.
Drilling there is scheduled to take place before Dec. 3,
2015.
The company didn't specify why BHP gave up its interest in the
license, but Falkland Oil & Gas didn't find any oil at a well
on the Toroa prospect during drilling earlier this year.
The company said its analysis of data from Toroa indicates its
licenses are still prospective.
Falkland Oil & Gas added it isn't likely to drill in its
northern licenses before the end of 2010 because of a lack of
available rigs. The Falkland Islands government has agreed to
extend its license term by a year to Dec. 15, 2011, however, it
said.
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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