FOGL Completes Second Falkland Survey

Falkland Oil and Gas Limited (FOGL), the oil and gas exploration company operating in the undrilled South and East Falkland Basins, recently announced its preliminary unaudited final results for the year ended March 31, 2006.

--Second 2D seismic survey completed, taking total 2D recorded by FOGL to 22,450 km
--Technical information continues to provide encouragement that the company’s licenses could contain a new petroleum province
--Technical and commercial information presentations to potential third-party participants currently underway
--U.K.-based executive management team put in place
--Cash balance of GBP14 million (US$25.8 million) at March 31, 2006.

Strategy and outlook
--Execute modified work program of 2D seismic acquisition and electromagnetic seabed logging in order to further de-risk and define prospects
--Define and prioritize prospects and identify "top 20" prospects for drilling
--Drill first exploration well in 2008--a number of rig options currently being investigated
--Introduce suitable partners by farm out--offer period extended by 2 months at the request of a number of major oil companies
--Multiple hydrocarbon plays, more than 100 prospects and leads mapped and the potential for multi-billion barrels of oil and gas reserves
--FOGL is committed to creating significant shareholder value through the successful exploration of its assets.

“We have made significant progress in the past 12 months and have a clear plan for the next,” said Richard Liddell, FOGL’s chairman. “We have just completed a further 2D seismic survey taking the total amount of 2D seismic recorded by FOGL to 22,450km. The data is still to be fully evaluated but initial indications are highly encouraging. Within the licenses there are multiple hydrocarbon plays, numerous prospects and leads with the potential for multi-billion barrel discoveries. The board is confident that FOGL can continue to progress the project at pace and remains hopeful of discovering a major new petroleum province in the region.”

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