Update and Management Change

7 Apr 2005 07:00

Falkland Oil and Gas Limited07 April 2005 Falkland Oil and Gas Limited Exploration Update &Appointment of Full Time Exploration Manager Falkland Oil and Gas Limited ("FOGL") announces the appointment of Patrick Birdas Exploration Manager. Patrick (46) has twenty-four years experience of the oil and gas industry. Forthe past eight years he was been working for Premier Oil fulfilling variousroles including: Exploration Manager - Pakistan; General Manager Exploration -UK; and CEO Premier Kufpec - Pakistan. He has previously held exploration rolesat Dragon Oil and at Scott Pickford, a consultancy specialising in geology,geophysics and petroleum engineering analyses. He began his career as apetroleum engineer for Shell International in 1981. Patrick replaces Jim Webb who had been acting as project manager for FOGL on apart-time basis. It is now clear that FOGL requires a full time explorationmanager and Jim felt unable to commit to a full-time role. Exploration Update FOGL is currently undertaking a 10,000km 2D seismic survey over its licenceareas. It announced on 17 February, when the survey was 50% completed, that theearly processed results had provided further information on the 8 leads referredto in the AIM Listing Prospectus, as well as identifying several additionalleads which could warrant further work. Overall, the indications for the datawere encouraging. Now with some 80% of the survey completed, it is evident that there are severaldifferent play types (tilted fault blocks, rollovers, channels, seafloor fans,basement onlap) each with several leads. It is particularly encouraging thatpossible Direct Hydrocarbon Indicators (DHI's - which can be due to rock effectsas well as oil and gas) are associated with a number of the leads - and theseDHI's could be indicative of a working petroleum system. John Armstrong, Executive Chairman of FOGL, said: "Although it is still too early to be definitive, the indications to date areencouraging; we have identified additional leads in the original licence area aswell as a number of new leads in the licence area awarded to FOGL in December2004. As a result, FOGL has many more opportunities than originallyanticipated. Further 2D and 3D seismic programs, and possibly anElectromagnetic Survey, will be needed to fully evaluate the play types andleads to define prospects for drilling. The fully processed and interpretedresults of the entire survey are expected to be available in the third quarter. The appointment of a full time exploration manager with extensive experience istestament to FOGL's development and circumstances. Patrick's appointment willhelp to ensure that we have the capability to properly assess and investigateall of the opportunities that are emerging from the current 2D seismic survey. I would like to thank Jim for his valuable contribution to FOGL in its firstyear, particularly during the IPO process. I wish him the best for the future." 7 April 2005 Enquiries: FOGL John Armstrong, Executive Chairman + 61 (0) 7 3211 1122 or 07854 810 646 David Hudd, Deputy Chairman 07771 893 267 College Hill 020 7457 2020 Ben Brewerton Notes to Editors Falkland Oil and Gas Limited ("FOGL") is a single purpose oil and gasexploration company focused exclusively on opportunities offshore the FalklandIslands. It was successfully admitted to London's Alternative Investment Market("AIM") on 14 October and raised £12million at an issue price of 40p per share,there are 80million shares in issue. 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