FOGL.L Regulatory News (FOGL)

6 Sep 2006 14:30

Falkland Oil and Gas Limited06 September 2006 Falkland Oil and Gas Limited("FOGL" or "the Company") Falkland Oil and Gas to conduct new 2D seismic survey Falkland Oil and Gas Limited has signed a contract with Wavefield InSeis AS ("Wavefield") to undertake a 10,000 km 2D seismic survey over the company'slicences in the South and East Falkland Basins. This is the second part of our revised forward exploration programme. Ourstrategy is to acquire Controlled Source Electro-magnetic ("CSEM") data overmany of the larger prospects and leads that we have identified, and, based onthe results from the CSEM survey, acquire infill 2D seismic over the mostprospective targets. The data from the two programmes will help us to furtherde-risk the prospects and determine the best targets for drilling explorationwells in 2008. Our revised programme is a very significant achievement for theCompany. With the large number of prospects that we have, these two methodswill provide the most effective exploration solution for FOGL. FOGL will also have the option to acquire additional 2D seismic over the 10,000km, dependent on both the results of the CSEM survey and weather conditions. Weexpect to commence both the 2D seismic and the CSEM surveys before the end of2006 and be in a position to announce the results next year. Tim Bushell, Chief Executive Officer commented: "The proposed 2D seismic programme, in conjunction with the recently announcedCSEM survey, represents the launch of our revised forward programme. Thisachievement is highly significant for the Company and we believe it will provideFOGL with the most effective solution to further explore its licence areas. Thedata collected from this programme, will assist us to further de-risk andidentify the best prospects for drilling in 2008. 6 September 2006 Enquiries: FOGL 020 7563 1260Tim Bushell, Chief Executive College Hill 020 7457 2020Nick Elwes / Paddy Blewer www.fogl.com For further information on Wavefield please see www.wavefield.no This information is provided by RNS The company news service from the London Stock Exchange