On November 27, 2012, Falklands Oil and Gas (OTCPK:FLKOF) announced disappointing results on the Scotia well. Scotia was the second and last well to be drilled in this drilling campaign. Hydrocarbons were encountered in the well, however, reservoir quality (permeability and porosity) was poor and deemed uncommercial. FOGL stock plummeted 50% on the news.
The companies involved in the Scotia prospect are FOGL, Noble Energy (NYSE:NBL) and Edison SPA. Noble is a major partner in the play having a 35% working interest (WI) and set to take over operatorship of the license in question in 2013. FOGL has a 40% working interest with the remainder held by Edison SPA. Noble has carried FOGL for 60% of...
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