FINN(COM) DAILY RECORD: THURSDAY, 30 SEPTEMBER 2004
Compiled by J. Brock (FINN)
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FALKLAND OIL AND GAS LIMITED LAUNCH PUBLIC OFFER
By J. Brock (FINN)
Falkland Islands Oil and Gas Limited (FOGL) have announced that an additional 5,000,000 shares at .40p are now available to the public. In a related statement, the Board of Falkland Islands Holdings Plc, holders of an 18.1 share of the Company, have announced that the proposed admission of FOGL to the Alternative Investment Market (AIM) is going as planned.
Said John Armstrong, Executive Chairman of FOGL, “We are delighted with the positive reaction and strong industrial support we have received to date and we are now giving the general public the opportunity to take part in the Offer.”
FOGL holds a 77.5% interest in 7 exploration licences covering approximately 33,700 sq km to the south and east of the Falkland Islands.
If the offer is fully subscribed, FOGL will have a market capitalisation at the issue of price of £32 Million on admission to the AIM. The net proceeds of placing an offer will be approximately £11 Million. FOGL expect the dealings in shares to commence on 14 October 2004.
KBC Peel Hunt had been appointed as nominated advisor and broker to FOGL. Further information can be obtained on the Company website at http://www.falklandoilandgas.com. Phone enquiries can be made to Tony Friend and/or Ben Brewerton at College Hill on 0044-20-7457-2020 or KBC Peel Hunt Ltd. (David Davies and/or Jonathan Marren on 0044-20-7418-8900.
FOGL was set up in May 2004 by Falkland Islands Holdings Plc through its subsidiary, the Falkland Islands Company Limited, Global Petroleum Limited, through its subsidiary, Dampier Oil Limited and RAB Special Situations LP to invest in an offshore oil exploration programme.
Tristan Da Cunha: Earth Tremors
The following information was received in a report from the Overseas
Territories Department (OTD) of the Foreign and Commonwealth Office (FCO).
The British Geological Survey (BGS) has indicated that the seismic
activity on Tristan Da Cunha is tailing off and the level of risk is low
enough to justify remote monitoring.
On the 10TH September a volcanologist Dr Vicky Hards arrived on Tristan.
She assessed the potential threat caused by the recent periods of
earthquake activity. Below are her main conclusions:
Ø There is no immediate threat to the Settlement: a significant
volcanic eruption in not imminent.
Ø The 29/30 July tremors were caused by pressure of rising magma on
the rocks below the seabed some 25km to the South East of Tristan.
Ø There is no sign of recent activity at the 1961 volcano site on the
Island.
In light of these conclusions, Dr Vicky Hards will leave the Island on 8th
October and return to the UK.
The BGS are developing software, which will allow them to accurately
analyse the information produced by the seismometers on Tristan. This
data will be monitored for the next four months, allowing them to assess
the longer-term implications.
The Administrator of Tristan has updated the Islands emergency planning
documents, which have been reviewed by Frank Savage, OTD adviser.
The Overseas Territories Department (OTD), the Conflict and Humanitarian
Affairs Department (CHAD) and the Ministry Of Defence (MOD) have revised
their disaster planning for Tristan da Cunha.
Public Relations/Information Officer, Office of the Chief Secretary,
29/9/04
FIBS NEWS DIRECT: 30 SEPTEMBER 2004
FALKLANDS STAND AT BRIGHTON:
The Falklands Stand, set up at the Labour Party Conference, is attracting many visitors. Cllrs Norma Edwards and Stephen Luxton are looking after the stand along with FIGO rep, Sukey Cameron. The conference is being held in Brighton. Next week, they will be moved to Bournemouth to the Conservative Party Conference. All other Councillors are now back. Jan Cheek arrived yesterday after going to the OTCC at the Foreign and Commonwealth Office. Richard Cockwell has also recently arrived back. He’s been at the CPA meeting in Canada.
SHEARING UNDERWAY:
The shearing season has kicked off at North Arm after a two-day delay due to the weather. Six shearers and six rouzees working for Paul Philips went out to start pre-lamb shearing yesterday. Farm Manager, Ian Jaffray, said that along with the mothers, they will be shearing 2,000 sheep on the drive out of a total of 27,000. Vikki Lee, who has recently returned from Australia, will be classing wool, and Sam Barkman is back in the Islands to act as a presser. The North Arm shearing shed will be back in action in November for shearing for the young ewes and weathers. And, the last run will take place in February for the ewes.
CAMP ROADS PROGRAMME:
Also returning for the summer season is the building of Camp Roads on East and West Falkland. Bob Hancox (BH) from the PWD Highways section told Sian Ferguson (SF) about the start of the season.
BH: It’s all starting formally on the 18th of October, although there will be a few guys out there prior to that, getting the camps ready. Sparkers will have to go out and a few chaps moving plant and equipment from Fox Bay to the road-head.
SF: How many people will be working out there all together?
BH: There will be two teams, one in the north and one in the south and each team will consist of seven plant operators, a fitter and a cook.
SF: Where are the roads going to be built in this season?
BH: This season we should reach Dunbar by Christmas and then re-locate from that area down to Little Chartres and start heading towards Dunnose Head. The Team in the South will work towards Albermale but they won’t actually reach Albermale this season. They will take a fair chunk out of it, I should think.
SF: When will the season finish?
BH: We are actually limited this year by funding rather than the weather window. Traditionally we finish at the end of April.but this year we will probably finish a month to six weeks earlier.
SF: Have you got any teams in the East this year.
BH: We haven’t got any direct labour teams in the East but there are two sections of road that have been contracted out by private contractors. One contractor will be heading towards the Murral. He won’t get to the Murral but he should get to the other side of Dirty Ditch, which will make life a lot easier for them. And, another contractor will be working towards Wreck Point Farm and Head of the Bay.
SF: What about future seasons?
BH: On East Falkland, there will be the completion of the Road to the Murral, a road to Brookfield, and then we are going to close the link between San Carlos and Port San Carlos. They will be going via Greenfield. On the West, there is still a fair bit to do. There is building towards Dunnose Head and out towards Spring Point, then there is Port Edgar. There is about four years’ work on the programme at the moment on the West.
FUEL PRICE RISE:
Fuel prices are going up again. Diesel is going up from 29p a litre to 31p. Kero, used in most of Stanley’s homes for heating, is going up a penny to 36p. Stanley Services say the increases are taking effect from tomorrow and that the prices of petrel and propane gas will stay the same. Robert Rowlands from the Company said the rises are in line with the world-wide situation.
FUNDRAISER FOR BESLIN SCHOOLCHILDREN
The Narrows Bar will be holding a fundraiser in aid of the schoolchildren of Beslin The event is being held in the bar next Friday and money raised will go towards medical Treatment and counselling for the parents. On the 1st of September, armed attackers held over 1,000 people hostage in the Russian school. More than half of the 320 casualties in the tragedy were children.
EXCO NEWS:
Two reports looking at leases were on the agenda at EXCO this morning. Members were recommended to grant FIDC a 99-year Crown Lease for a peppercorn rate on the ground (Abattoir) there and the surrounding paddocks, saying that this is a non-assignable and could be terminated by either party with 6-months’ notice. The tenant would be responsible for maintaining and insuring the building and indemnifying FIG and holding public liability insurance. The lease would be from 01 January 2003. That report also recommended that members approve the grant by FIDC to FIMCO of a 5-year licence to use and occupy Sand Bay Abattoir and surrounding paddocks with a licence also being non-assignable and 6-months’ notice. The second report looking at the lease, recommends that members approve revised terms for the grant of a crown lease for South Atlantic Marine Services. This concerns the seabed, which SAMS is building a jetty on, the lease being for 999 years. The outcome of the meeting hasn’t yet been made public.
(100X Transcription Service)
