FOGL Finalizes Rig Contract for First Falklands Well

Further to its press release dated November 26, 2009, FOGL has reached an agreement with Desire Petroleum to contract the Ocean Guardian rig to drill the first ever exploration well in the East Falklands Basin on the Toroa prospect, which it expects will be within the first half of 2010.

Tim Bushell, Chief Executive of FOGL, said, "We are delighted to have secured the Ocean Guardian for the drilling of our first ever exploration well, which will be a significant milestone for the Company."

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