Falkland Kicks Off CSEM Survey

Falkland Oil and Gas Limited (FOGL) on Monday announced the following update on its Falkland Islands exploration program:

Electromagnetic Survey:

On 3rd February 2007 Offshore Hydrocarbon Mapping plc ("OHM") commenced a controlled source electromagnetic ("CSEM") survey over prospects within FOGL's 2004 licenses. Over the next 3 months OHM will use their survey vessel, the CS Teneo, 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 the subsurface and can be used as a direct hydrocarbon indicator. The interpretation of these data, when constrained by high quality seismic, can substantially reduce the drilling risk on an exploration prospect.

2D seismic infill survey:

On 19 December 2006 The Wavefield InSeis AS vessel the Bergen Surveyor commenced a 2D program of approximately 10,000 line kilometers over FOGL's 2002 and 2004 licenses. Over 3,000 kilometers of data have been acquired to date. These data are aimed at providing more detailed definition of our top 20 prospects and leads, as identified by the Company's previous seismic surveys. Results from the CSEM survey will also, be used to assist in the planning of the later stages of the 2D seismic survey. It is intended that a close spaced, one kilometer by one kilometer seismic grid will be acquired over the most promising prospects, as identified by CSEM, in order to define the best drilling locations. The seismic survey is expected to take approximately 5 months to complete.

The processing and interpretation of both the 2D and CSEM surveys is expected to take up to 6 months to complete. Further announcements of the results of these surveys will be made as appropriate.

Tim Bushell, Chief Executive of FOGL, commented:

"I am pleased to report that our work program is progressing well, with both the CSEM and infill 2D Seismic surveys now underway. The results of these surveys will provide better definition of our top 20 prospects and leads and enable us to identify the best prospects and locations for drilling."

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