Falkland Islands Holdings PLC
20 August 2004
Falkland Islands Holdings Plc
FALKLAND OIL AND GAS LIMITED TO SEEK LISTING ON AIM
On 23rd June 2004, Falkland Islands Holding ('FIH'), an AIM listed company with
a range of interests in the Falkland Islands, announced the formation of
Falkland Oil and Gas Limited ('FOGL').
The company announces that FOGL has resolved to seek a listing on the UK
Alternative Investment Market ('AIM') and that KBC Peel Hunt has been appointed
as its broker.
FOGL plans to raise up to £10 million through the issue of new FOGL shares with
the Company's current shareholders retaining the remaining shares. Current
shareholdings in FOGL are RAB Capital 45.4%, Falkland Islands Company (a
subsidiary of FIH) 28.9% and Global Petroleum 25.7%.
Through the agreements between its existing shareholders, FOGL has already
committed to a 3,500km seismic survey over leads identified by earlier mapping
of its Falkland Islands prospects. Seismic tenders were called early in August
2004 and the survey is expected to take place in the upcoming December quarter.
David Hudd, Chairman of Falkland Islands Holdings said:
'A successful capital raising and UK listing will enable FOGL to progress
follow-up seismic on key targets in 2005 to establish prospects for drilling in
2006.'
20 August 2004
Enquiries:
Falkland Islands Holdings
David Hudd, Chairman 07771 893 267
College Hill
Tony Friend / Ben Brewerton 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange