FOGL: OHM Acquires 4 of 8 CSEM Lines

Offshore Hydrocarbon Mapping (OHM) to date has acquired four of the eight planned controlled source electromagnetic (CSEM) lines on concessions held by the UK's Falkland Oil and Gas (LSE: FOGL) in the Falkland Islands, the latter said in a statement.

The survey's progress "has been slower than expected due to unusually poor weather," the statement said.

The lines acquired to date cover six different prospects.

"It will take up to three months to process and interpret this data fully, but preliminary results indicate several promising anomalies," the statement said.

OHM will begin acquisition of the remaining four lines next month.

Meanwhile, Norwegian marine geophysical company Wavefield InSeis has acquired roughly 6,000km of 2D seismic data on Falkland's concessions since starting in December.

Wavefield has a 10,000km seismic survey program planned for the concession in order to provide additional details of Falkland's top leads and prospects.

Falkland's third evaluation process, sea-bottom coring, is due to begin in the second half of 2007.

Falkland will begin detailed well planning in 2007 and has contracted the UK's AGR-Peak Group as drilling advisor.

Falkland still aims to begin drilling by the end of 2008 despite the global difficulty in contracting rigs.

The company continues to discuss farm-in arrangements with prospective partners, the majority of which have been "major or super major" oil companies, although these have not yet resulted in an agreement.

Falkland has made an arrangement with UK environmental consultancy RPS Hydrosearch to assist with the EIA of the area.

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