FOGL: Early Results from South, East Falkland Survey 'Encouraging'

Falkland Oil and Gas Limited (FOGL) on Thursday announced the completion of its 2006-2007 2D seismic infill survey.

The survey, which commenced on December 19, 2006, was completed on May 31, 2007. A total of 9,950 kilometers of new seismic data have been acquired by Wavefield InSeis AS. Processing of these data is now underway and early indications are that they will provide much higher definition of FOGL's high-graded prospects. Processing of the complete survey is likely to take several months.

The second phase of the Controlled Source Electro-Magnetic (CSEM) survey being acquired by Offshore Hydrocarbon Mapping plc commenced on June 4, 2007. The acquisition phase is expected to take 6 to 8 weeks to complete. Results from the first phase of the survey, which comprised 4 lines over 6 prospects are encouraging. Processing of the CSEM data is a complex and lengthy process and is still ongoing. FOGL have however, already identified several "positive anomalies."

The forward plan is to integrate the results of both the new 2D seismic data and the CSEM with FOGL's existing work in order to produce a short list of the best prospects for drilling. FOGL expects to be able to make further announcements regarding this later in 2007. Discussions with rig owners and potential farminees are continuing, and FOGL remains confident that the current exploration program will lead to an exciting drilling program in 2008.

Tim Bushell, Chief Executive of FOGL commented:

"We are very pleased to have completed the 2D seismic survey and early indications are that these data will provide much greater definition over our best prospects. Initial results from the CSEM survey are encouraging and they further reinforce our view that the South and East Falkland basins are prospective for the discovery of significant volumes of oil and gas."

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