Falkland Oil & Gas Completes Falklands Seismic Survey

LONDON--Falkland Oil & Gas Ltd. (FOGL.LN) Thursday said it has completed a seismic survey program over the Cretaceous Fault Blocks within its Southern Area Licenses to the South and East of the Falkland Islands.

MAIN FACTS:

-A total of 1,018 square kilometers of full fold seismic data have been acquired.

-This survey was designed to target a number of prospects and leads immediately to the west and north-west of the Darwin gas-condensate discovery.

-The survey was operated by Noble Energy Inc. (NBL) on behalf of the Joint Venture, which also includes Edison S.p.A. (EDNR.MI).

-The survey was completed within budget.

-The data will now be processed by PGS and a fast track product will be available for interpretation in approximately two months.

-It is anticipated that the final processed data will be available in the fourth quarter of 2013.

-The fast track data will be used to commence prospect mapping and the selection of well locations.

-The Joint Venture expects to award a contract in the near future for a third three-dimensional seismic survey that will be acquired in the northern licence area in the fourth quarter of 2013.

-Shares closed Wednesday at 25.25 pence.

-Write to Iain Packham at [e-mail]

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