16 Dec 2008 07:14
16 December 2008
Falkland Oil and Gas Limited
("FOGL" or "the Company")
Operational Update
FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands would like to provide the following update on progress. In particular, the Company is pleased to announce the commencement of the site survey programme.
Site Survey Commences
The MV Fugro Meridian survey vessel has now commenced work on the programme. The MV Fugro Meridian, which is operated by Fugro Surveys Limited, will acquire digital site surveys in order to assess drilling hazards in the top few hundred meters of sediment below the sea bed. Detailed sea bed bathymetry and imaging surveys will also be obtained to assist in ensuring the stability and suitability of the selected drill sites.
The British Antarctic Survey vessel the James Clark Ross has been contracted to deploy wave and current meters. These instruments will be used in the environmental assessment and the preparation of rig mooring and riser design.
The final part of the site survey is a coring programme that will establish the make-up of the top 150 metres of seabed. Information derived from this survey will be used to assist in the detailed casing design of the wells. This survey will be carried out by the MV Fugro Saltire and is planned to commence in January 2009.
The site survey programme will be undertaken on 5 different prospects, which represent a range of geological play types across the licences.
Outlook
The site survey program is expected to be completed in early 2009. Further updates on the progress of the site programme will be provided on FOGL's corporate website.
Efforts to secure a suitable drilling rig are in progress and an update on this will be provided in due course.
- Ends -
Enquiries:
| FOGL | Tel. 020 7563 1260 |
| Tim Bushell, Chief Executive | |
| Oriel Securities (Nominated Adviser) | Tel. 020 7710 7600 |
| David Arch / Richard Crawley | |
| Financial Dynamics | Tel. 020 7831 3113 |
| Ben Brewerton / Ed Westropp |
www.fogl.com