Falkland Oil & Gas Says South Atlantic Exploration Program on Track

The following statement will be made by FOGL's Chairman, Richard Liddell, at the Company's Annual General Meeting to be held today:

"The last nine months have seen continued progress as we enter what we see as a crucial year in the Company's development as we continue to pursue our aggressive exploration program in the South Atlantic.

Two surveys are currently underway: The 2D infill seismic program and Controlled Source Electro-Magnetic ("CSEM") survey. These started respectively in December last year and February this year and both are progressing satisfactorily. To date approximately 8,500 kilometers of 2D seismic have been acquired. The survey is expected to be completed in June 2007. Good progress has also been made with the CSEM survey, with four out of the planned eight lines acquired to date. The second phase of the survey will commence shortly. Interpretation of the CSEM data is expected to be completed in the second half of 2007.

These surveys are designed specifically to reduce the exploration risk and identify the best prospects to target for the Company's future drilling campaign. The Company's cash reserves remain sufficient to carry out the current program.

The strategy and focus for the next 12 months remain unchanged. We continue to look to introduce suitable farm-in partners whilst at the same time evaluating the rig options. This is in combination with our operations program which will enable us to select the best prospects for drilling. It is against this robust program that a number of different scenarios and interesting opportunities could develop for the Company during the next year. The Board believes that the current exploration program will lead to an exciting drilling program that could see the development of a new petroleum province in the South Atlantic."

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