Business
Re: Falkland Oil & Gas Ltd
Re: Falkland Oil & Gas Ltd.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n03 May 2005\n\n\n3 May 2005\n\nGlobal Petroleum Limited ('Global')\n\n ANNOUNCEMENT RE: FALKLAND OIL AND GAS LIMITED\n\nGlobal Petroleum Limited (AIM / ASX: GBP), an Australian-based oil and gas\nexploration company, advises that Falkland Oil and Gas Limited (FOGL) made the \nattached release on the 3rd of May 2005.\n\nThis announcement suggests that Global's 16.06% shareholding (i.e. 12.848\nmillion shares) in FOGL could potentially have quite significant value for\nGlobal shareholders. A FOGL share price of £1/share translates to approximately\n19c per Global share (GBP 8p/Global share).\n\nFurther information about FOGL's Falkland Island Oil & Gas Project can be found\nin a presentation that FOGL has posted on its website www.fogl.co.uk\n\nFurther information:\n\nGlobal Petroleum Limited\nDr John Armstrong, Executive Chairman +61 (0) 7 3211 1122\n\nBell Pottinger Corporate & Financial\nNick Lambert +44 (0) 7811 358 764\n\n\n\nTuesday 3rd May 2005\n\n\nFalkland Oil and Gas Limited\n\n('FOGL' or 'the company')\n\n Significant increase in number of identified leads\n\n Enhanced possibility of a new petroleum province\n in the South and East Falkland Basins\n\nFOGL announces that it has completed its current 9,450 km 2D seismic data\nacquisition programme over most of its licence area. The initial interpretation\nof the preliminary processed records from the survey has proved encouraging and\ngreatly exceeds the Company's initial expectations.\n\nThe programme has indicated a larger and more diverse project than originally\nanticipated and has identified numerous possible drill targets, with indications\nthat some could potentially be of significant size.\n\nFOGL has now identified approximately 130 leads,(1) far in excess of the eight\n(8) leads identified at the time of its AIM IPO in October 2004. Given the\npositive results of the survey, FOGL now plans to increase the scope of its\nexploration programme far beyond that envisaged at the time of the IPO.\n\nKey points:\n\n* Approximately 130 leads identified, a number of which appear capable of\ncontaining recoverable reserves in excess of 200 million barrels\n\n* FOGL now represents a larger and more diverse project than originally\nanticipated\n\n* Encouraging signs that oil and gas could be present\n\n* Further work is planned targeting def...