Falkland Oil and Gas Limited (FOGL.LN), a oil and gas exploration company, Wednesday said the Leiv Eiriksson rig is expected to arrive in the Falkland Islands in the fourth quarter, and added that it expects to commence drilling in the first quarter of 2012.

MAIN FACTS:

-Will utilize the third and fourth slots in the combined Borders & Southern Petroleum PLC (BOR.LN) and Falkland Oil program.

-Made significant progress in establishing a drilling team managed by Dave MacKay, who has been appointed drilling manager.

-Executive Council of the Falkland Islands on May 24 approved the withdrawal of BHP Billiton (BHP) from the northern license area and transfer of operatorship to Falkland Oil; They also approved a six month extension of Phase 1 of the northern license area to June 15, 2012, from Dec. 15.

-Latest site survey program has now been completed; A total of five site surveys were completed on the Inflexible, Vinson, Scotia, Hero and Loligo prospects.

-In early stage discussions with several parties who have expressed an interest in participating in exploration drilling program; Company doesn't anticipate concluding any farmout agreement until later this year.

-Shares at 1306 GMT flat at 61 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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