Sep. 2012 - Falkland Oil and Gas confirmed that their Loligo exploration well is a gas discovery. Drilling operations were carried out by the Leiv Eiriksson (UDW semisub). The well was drilled to a measured depth of 13,264 feet and intersected six-gas bearing Tertiary aged targets. Information obtained from the well will be used with existing seismic data to gain a better understanding of reservoir potential and distribution. The well will be plugged and abandoned but it is important to note that Loligo has proven a working hydrocarbon system in the northern part of the East Falkland Basin.

Aug. 2012 - Borders & Southern announced that well 61/25-1 (Stebbing) has been successfully plugged and abandoned, bringing an end to the Company's current two well drilling program. The Leiv Eiriksson (UDW semisub) drilling rig will now be assigned to Falkland Oil and Gas for its two well program at Loligo, after which it will be demobilized.

Jun. 2012 - Falkland Oil and Gas has executed a farm-out agreement with Edison International in relation to its licenses in the Falkland Islands. Edison will farm-in and earn a 25 percent interest in FOGL's northern area license, which contains the Loligo prospect, in return for which it will contribute a pro-rate share of the costs of the 2012 drilling program - comprising two exploration wells. Edison will also farm-in and earn a 12.5 percent interest in FOGL's southern area license, containing the Undine prospect, and will contribute to the 2012 work program. Meanwhile, Edison has agreed to pay its pro-rate share of certain historical costs incurred by FOGL during 2011 related to the 2012 drilling program. Edison's share of these costs is expected to be around $50 million. FOGL expects to receive the Leiv Eiriksson (UDW semisub) in July to commence the drilling program.

Apr. 2012 - FOGL plans to spud the Loligo prospect, which is one of the highest impact exploration wells in their drilling program, in June 2012. The prospective resources of Loligo are 4.7 billion barrels. The Loligo complex comprises several reservoir objectives along with a number of various reservoir targets. The well is located in the Falkland Islands.

Dec. 2011 - FOGL announced that the Leiv Eiriksson (mid-water semisub) has left Greenland and is now en route to the Falkland Islands for the upcoming B&S and FOGL drilling program. The company plans to spud the Loligo prospect in late April or early May 2012, and the second well to spud on completion of Loligo. Loligo is a Tertiary Channel play structure with estimated Pmean reserves of 4.7 Bbbl. The Loligo complex comprises several reservoir objectives along with a number of various reservoir targets. The well is located in the Falkland Islands.

May. 2011 - Falklands Oil and Gas (FOGL) has finalized an agreement with Borders & Southern Petroleum to contract the Leiv Eiriksson for two firm drilling slots. The rig is currently expected to arrive in the Falkland Islands in 4Q11. FOGL expects to access the rig for the third and fourth slots in the combined B&S and FOGL program and to commence drilling in the first quarter of 2012.

Apr. 2011 - Falklands Oil and Gas (FOGL) has signed a heads of agreement with Borders & Southern Petroleum to share a rig for drilling operations off the Falkland Islands in 2012. Exploratory drilling is expected to commence on the Loligo prospect in the first quarter. Loligo is a Tertiary Channel play structure with estimated Pmean reserves of 4.7 Bbbl. The Loligo complex comprises several reservoir objectives along with a number of various reservoir targets. FOGL stated it is considering a second drilling slot, with numerous options for the second well, depending on the drilling results from Loligo. If the well is successful FOGL could drill an appraisal well or another prospect within the Tertiary Channel play, such as Nimrod (Pmean reserves of 1.5 Bbbl) or Vinson (733 MMbbl). If the well isn’t successful, the company is considering the Scotia prospect (Pmean reserves of 1,060 MMbbl). However, if B&S has success on its Darwin prospect, FOGL may consider drilling the nearby Inflexible structure, where Pmean reserves are estimated at 250 MMbbl. FOGL is continuing its farm-out discussions with interested parties, which would allow for an additional well to be drilled as part of this drilling campaign.

Mar. 2011 - In March, FOGL signed a binding Heads of Agreement with its joint venture, BHP Billiton, allowing for the exit of BHP from the license, effectively ending the joint venture. Once conditions in the agreement are satisfied, the assignment of BHP Billiton's 51% operating interest will transfer to FOGL. Due to the withdrawal, BHP will pay towards the costs of drilling the Loligo well, by placing funds in an escrow account. If Loligo is a discovery, BHP retains the right to back-in to the Loligo project (the development area only). The company would have a maximum stake of 40% and it would have to contribute funds to future exploration and appraisal work. The settlement with BHP Billiton will, coupled with other funds, provide enough cash resources to fund the Loligo well, and fulfill the phase one work commitment of the Northern License area. Furthermore, FOGL is considering additional drilling options. The site survey program is progressing with surveys already completed on three locations.