FOGL.L Regulatory News (FOGL)

5 Feb 2007 07:02

Falkland Oil and Gas Limited05 February 2007 Falkland Oil and Gas Limited Falkland Islands survey programme update Falkland Oil and Gas Limited ("FOGL" or "The Company") is pleased to provide thefollowing update on its Falkland Islands exploration programme: Electromagnetic Survey: On 3rd February 2007 Offshore Hydrocarbon Mapping plc ("OHM") commenced acontrolled source electromagnetic ("CSEM") survey over prospects within FOGL's2004 licences. Over the next 3 months OHM will use their survey vessel, the CSTeneo, to acquire a series of CSEM lines over FOGL's top 20 prospects and leads. CSEM, which has had high success rates, defines resistive anomalies in thesubsurface and can be used as a direct hydrocarbon indicator. Theinterpretation of these data, when constrained by high quality seismic, cansubstantially reduce the drilling risk on an exploration prospect. 2D seismic infill survey: On 19 December 2006 The Wavefield InSeis AS vessel the Bergen Surveyor commenceda 2D programme of approximately 10,000 line kilometres over FOGL's 2002 and 2004licences. Over 3,000 kilometres of data have been acquired to date. These dataare aimed at providing more detailed definition of our top 20 prospects andleads, as identified by the Company's previous seismic surveys. Results fromthe CSEM survey will also, be used to assist in the planning of the later stagesof the 2D seismic survey. It is intended that a close spaced, one kilometre byone kilometre seismic grid will be acquired over the most promising prospects,as identified by CSEM, in order to define the best drilling locations. Theseismic survey is expected to take approximately 5 months to complete. The processing and interpretation of both the 2D and CSEM surveys is expected totake up to 6 months to complete. Further announcements of the results of thesesurveys will be made as appropriate. Tim Bushell, Chief Executive of FOGL commented: "I am pleased to report that our work programme is progressing well, with boththe CSEM and infill 2D Seismic surveys now underway. The results of thesesurveys will provide better definition of our top 20 prospects and leads andenable us to identify the best prospects and locations for drilling." 5 February 2007 Enquiries: FOGL Tim Bushell 020 7563 1260 College Hill Nick Elwes / Paddy Blewer 020 7457 2020 www.fogl.com This information is provided by RNS The company news service from the London Stock Exchange