Oct. 2010 - BHPB Petroleum has decided to relinquish operatorship of the Southern license and assign its 51% holding back to Falkland Oil and Gas Limited (FOGL). Drilling of the FI61/5-1 well on the Toroa prospect fulfilled the work obligations for Phase 1 of the license; and based on the drilling results, FOGL has elected to enter Phase II of the license. The work obligation for Phase II is the drilling of one well, which must be drilled before December 2015. Following the withdrawal of BHPB Petroleum from the Southern License, FOGL will become the operator with 100% equity in the license.

Jul. 2010 - The Toroa F61/5-1 well was drilled to a total depth of 8,123 feet (2,476 meters) and logging operations were completed. Hydrocarbons were not encountered, so the well will now be plugged and abandoned. A further evaluation will be performed, and an update will be provided upon completion. Situated roughly 62 miles (100 kilometers) south of the Falkland Islands in 1,969 feet (600 meters) of water, the well was drilled by the Ocean Guardian semisub.

Jun. 2010 - Drilling has commenced on the Toroa F61/5-1 exploration well, which is expected to reach an estimated targeted depth of 8,858 feet (2,700 meters) by the Ocean Guardian semisub. Drilling should take about 35 days to complete. Situated roughly 62 miles (100 kilometers) south of the Falkland Islands in 1,969 feet (600 meters) of water, Toroa is estimated to hold 1.4 billion barrels of un-risked reserves.

Feb. 2010 - Falkland Oil and Gas Limited (FOGL) reached an agreement with Desire Petroleum to contract the Ocean Guardian to drill the first exploratory well in the East Falklands Basin on the Toroa prospect. Drilling is expected to commence within the first half of 2010, and if drilling is successful, FOGL may arrange to use the rig to drill a second well on the prospect. Situated roughly 62 miles (100 kilometers) south of the Falkland Islands in 1,969 feet (600 meters) of water, Toroa is estimated to hold 1.4 billion barrels of unrisked reserves.