Falkland Oil & Gas

OIL EXPLORER'S SURVEY WORK ON TRACK IN SOUTH ATLANTIC
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DAVID TELFER

09:00 - 23 December 2005
Falkland Oil and Gas, which operates in the as yet undrilled south and east Falkland basins in the south Atlantic, said yesterday a 2D seismic survey was proceeding well with more than 12,400 miles completed of the 15,200 planned.

The UK-listed company said technical information continued to provide encouragement that its licences could contain a new petroleum province.

It added that technical and commercial information presentations to potential participants began in September and had been attended so far by various oil companies including majors.

The intention is to farm out to partners in the first half of next year and to drill a first exploration well in 2007.

Chairman John Armstrong said: "All the indications are that oil and gas is present in our licences, and that the leads are big enough to hold very large volumes."

Falkland Oil and Gas reported pre-tax losses of £278,944 yesterday for the half-year to September 30 against losses of £293,692 a year before. It has no turnover so far, but has more than £16million in cash.