By combining Rockhopper and FOGL
, we shall create a more coherent licence ownership structure in the North Falkland Basin".
Tim Bushell, Chief Executive of FOGL
, said: I am very pleased to announce the spud of Isobel 2, the final well in our 2015 exploration drilling programme.
The Merger requires approval by FOGL Shareholders in connection with the Scheme and approval by Rockhopper Shareholders in connection with the allotment of the Rockhopper Consideration Shares.
The FOGL Directors and certain FOGL Shareholders have undertaken irrevocably
to approve the necessary resolutions in respect of their entire beneficial holdings in FOGL, which, in aggregate, amount to 50,390,798 FOGL Shares, representing approximately 9.
FOGL will continue as operator of the entire Northern Area Licences until early 2013, when operatorship of the farm-in area will be transferred to Noble.
Noble will not participate in certain stratigraphic horizons in these excluded areas and FOGL will retain a 75% interest and operatorship with Edison International S.
FOGL is completely carried through the expenses of this well by Premier Oil and Rockhopper Exploration.
This well location also allows us to explore four other fans and hence, provides an opportunity to assess the significant oil resource that may exist within the Isobel/Elaine complex,' said Tim Bushell, Chief Executive of FOGL.
5% stake in the PL004a and a 75% stake in the PL004c site, as such, FOGL
has cut its stake in both sites to 40%.
Announced simultaneously with the offer was the signing of an agreement between FOGL, Premier Oil Exploration and Production Limited and Rockhopper Exploration (Oil) Limited with respect to a farm-out of two of Desire s licences, conditional on the scheme to implement the offer becoming effective and on grant of any approvals required from the Falkland Islands Government.
Following closing of the offer, FOGL shareholders will own 60 per cent of the enlarged group's issued share capital, with Desire shareholders owning the remaining 40 per cent.