(South America)- Exploration company Falkland Oil and Gas Ltd. (FOGL) recently announced its preliminary unaudited final results for the year ended March 31, 2006.
The company, which operates in the undrilled south and east Falkland basins, announced several highlights for the year on the seismic surveying and drilling fronts. Over the past year, the company has completed a second 2D seismic survey, taking FOGL's total recorded 2D to 22,450 km.
The information obtained from these surveys continues to provide encouragement that the company's licenses could contain a new petroleum province. FOGL is currently taking this information to potential third-party participants in order to set up future exploration partnerships.
The company also reported its strategic outlook for the coming 12-24 months. It plans to "execute a modified work program of 2D seismic acquisition and electromagnetic seabed logging in order to further de-risk and define prospects," according to a company statement.
It also plans to develop a prioritization list of the top 20 prospects for drilling, and then drill the first exploration well from that list sometime in 2008. A number of drilling rig options is being explored, as are suitable partners for farm-out.
FOGL is optimistic that its many hydrocarbon plays, combined with more than 100 prospects and leads mapped, provide the potential for multi-billion bbls of oil and gas reserves.
"We have made significant progress in the past 12 months and have a clear plan for the next," said Richard Liddell, FOGL's chairman. "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."