Seismic Survey Update

17 Feb 2005 09:24

Falkland Oil and Gas Limited17 February 2005 Falkland Oil and Gas Ltd ("FOGL") Seismic Survey Update FOGL announces that it has completed recording approximately 50% of the planned10,500 km 2D seismic survey in its 83,000 sq km licence areas to the south andeast of the Falkland Islands. 90% of the survey to date has been in thesouthern 33,000 sq km licence area where FOGL (77.5%) is in joint venture withHardman (22.5%). The balance of the survey to date has been in the northernlicence area where FOGL holds 100% and this is the area that will be the focusof operations in March and April. A preliminary review of the early processed sections of the lines recorded thusfar has provided further information on the 8 leads in the FOGL / Hardman areareferred to in the AIM listing prospectus, and has also identified severaladditional leads which could warrant further work. Full processing of these lines will take place over the coming months, while thebalance of the survey by the vessel "GSI Admiral" will continue through Marchand April 2005. The fully processed and interpreted results of the entiresurvey are expected to begin to be available about mid year. Dr Armstrong, Executive Chairman of FOGL, said: "Although it is early days, the overall indications from the data we havereceived to date are encouraging. We are looking forward to completing thebalance of the survey and in due course fully assessing the results of thiswork." 17 February 2005 Enquiries: FOGL John Armstrong, Executive Chairman + 61 (0) 7 3211 1122 David Hudd, Deputy Chairman 07771 893 267 College Hill 020 7457 2020 Ben Brewerton / Jim Joseph Notes to Editors Falkland Oil and Gas Limited ("FOGL") is a single purpose oil and gasexploration company focused exclusively on opportunities offshore of theFalkland Islands. It was successfully admitted to London's AlternativeInvestment Market ("AIM") on 14 October 2004 at an issue price of 40p. At the time of the admission to AIM, FOGL held a 77.5% interest in sevenoffshore production licences covering approximately 33,700 sq km to the southand east of the Falkland Islands. FOGL holds these licences in a joint venturewith Hardman Resources. In December 2004, FOGL was awarded a 100% licence overan additional 50,000 sq kms adjacent to its existing licence areas. www.fogl.co.uk This information is provided by RNS The company news service from the London Stock Exchange