The Leiv Eiriksson rig is now under contract to Falklands OIl and Gas and its joint venture partner Edison International Spa. The rig has commenced its move to the Loligo well location.
The oil and gas exploration company is focused on its extensive licence areas to the South and East of the Falkland Islands
The farm out considerably strengthened FOGL's financial position. In the event that the two exploration wells are drilled within budget it is estimated that on completion of the wells the Company's cash balances will not be less than $100 million and they will be available to fund additional exploration work. This may include further drilling and/or the acquisition of 3D seismic.
A further update will be provided once the well has spudded stated the company.
The rig was most recently under contract to Borders and Southern which has now completed its 2012 drilling programme.