Falkland basins seismic to be completed in March

Falkland Oil and Gas Ltd. says a 15,000-km 2D seismic survey in the undrilled South and East Falkland basins is nearing completion with just 3,500 km left to record.

Offshore staff

(South America) - Falkland Oil and Gas Ltd. (FOGL), the oil and gas exploration company operating in the undrilled South and East Falkland basins, says a 15,000-km 2D seismic survey is nearing completion with just 3,500 km left to record.

The vessel has been off-site briefly to fulfill other obligations but will return next week and the survey is expected to be completed by the end of March.

With the completion of this survey, total 2D seismic undertaken by FOGL since 2004 will be 24,500 km.

The initial indications from the data have been promising, but full processing and interpretation of the data will not be completed until the summer.

FOGL plans to conduct further seismic surveys targeting all the leads but with particular emphasis on the approximately 50 most promising.

The aim will be to develop 20 high quality, technically sound, and potentially economically viable drilling prospects.

The company then intends to develop a multi-well drilling program, which may be able to begin in 2007.

A farm-out process is underway, and Stellar Energy Advisors, a firm specializing in brokering farm-out deals, continues to advise on the farm-out program.

Technical and commercial information presentations to potential participants have begun.

A data room is open and will be updated as further data is supplied by the ongoing seismic survey.

FOGL's objective is to secure partners with appropriate financial capability and deepwater experience.

02/18/06


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