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15 May 2008 09:36
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Thursday 15Β MayΒ
Falkland Islands Holdings plc
FalklandΒ Oil and Gas Limited - Annual General Meeting
Falkland Islands Holdings plc ("FIH"), an AIM quotedΒ company operating a range of businessesΒ in the Falkland IslandsΒ andΒ the Portsmouth Harbour Ferry CompanyΒ andΒ Momart International LtdΒ in the UK, and which also has a 16.2%Β strategicΒ shareholding in Falkland Oil and Gas Limited ("FOGL"), notes the announcement issuedΒ on Wednesday 14 MayΒ by FOGL, the full textΒ of which is outlined below.
FalklandΒ Oil and Gas Limited
("FOGL" or "the Company")
Annual General Meeting
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of theΒ FalklandΒ Islands,Β will hold its Annual General Meeting today. At the meeting Richard Liddell, Chairman, will make the following remarks:
"2007Β wasΒ a year of significant progress.Β We undertook additional exploration activity to further de-risk theΒ project;Β this work confirmed the high potential of theΒ assets. In aggregate, ourΒ tenΒ top ranked prospects have the potential to contain hydrocarbon resources in excess of 10 billion barrels oil equivalent.
"The farm-in dealΒ secured inΒ OctoberΒ 2007Β with BHP Billiton includes a commitment to drill a minimum of two exploration wells.Β BHP Billiton has extensive deepwater drilling expertise and the deal added credibility to the exploration assets and was a crucial step in moving towards a drilling campaign next year.Β Β
"Preparation work for the drillingΒ programmeΒ is in progress. BHPΒ BillitonΒ isΒ currently reviewing a number of options to secure a suitable rigΒ andΒ focusingΒ on the selection of the best prospects for drilling. AnΒ environmental impact assessmentΒ has been initiated, together with other planning activities that will be required before drilling can commence. Planning for site surveys is also underway and theseΒ areΒ expectedΒ to be carried out inΒ theΒ second half of 2008.
"InΒ conclusion,Β FOGL is poised to enter the exploration drilling phase with aΒ materialΒ licence equityΒ interest in what may well be a significant new petroleum region in theΒ South Atlantic. We believe this is probablyΒ one ofΒ the most exciting high impact exploration projectsΒ currently being undertaken anywhere in the world.Β
"We hope to commence exploration drilling in 2009, the next year promises to be a very exciting one for FOGL.Β The rewards for success could be substantial,Β given the large resource volumes of the prospects being targeted."
Enquiries:
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Falkland Islands Holdings plc |
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John Foster, Managing Director |
01279 461 630 |
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Dawnay, Day Corporate Finance Ltd Nominated adviser to FIH |
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David Floyd |
020 7509 4570 |
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Financial Dynamics |
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Billy Clegg/Β GeorginaΒ Bonham/ Edward Westropp |
020 7831 3113 |
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