2D seismic survey starts in the South Atlantic

Falkland's Oil and Gas Ltd. will start its planned 2D seismic survey, using the vessel GSI Admiral, this week.

Falkland's Oil and Gas Ltd. will start its planned 2D seismic survey, using the vesselGSI Admiral, this week.

Geophysical Services Inc. had been contracted to undertake the first 2D seismic survey for over 10 years on FOGL's initial licence area of 33,000 sq km, where it is in joint venture with Hardman Resources (FOGL 77.5%, Hardman 22.5%).

This survey will now be extended to cover the additional 50,000 sq km awarded to FOGL in early December; it will be the first seismic carried out on the new area. This approach will allow the mobilization and demobilization costs to be spread over both licence areas.

The survey will now comprise 5,500 km in the FOGL–HardmanJV area and 5,000 km in the new FOGL 100% area.

During the survey, data from the GSI Admiral will be downloaded daily for FOGL to review; this will enable the program to be modified as it proceeds to focus on areas of particular interest as they emerge.

Initial results of the seismic should be available by mid-2005 and follow-up work will start next southern hemisphere summer.

John Armstrong, Executive Chairman of FOGL, said: "The 10,500 km of seismic to be recorded from late December 2004 through to April 2005 will provide critical information on the eight leads already identified in the FOGL–Hardman JV area. It will also provide reconnaissance information on other parts of the FOGL-Hardman JV area and the new 50,000 sq km area recently granted exclusively to FOGL. The survey is very extensive and will provide modern information as to the petroleum opportunities in the company's Falkland Islands Licence areas."

12/20/04

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