Global Petroleum Ltd
12 July 2006
12 July 2006
Global Petroleum Limited
Global Petroleum advises that the following announcement was made by Falkland
Oil and Gas Limited ('FOGL') on the 11 July 2006. Global Petroleum holds a 14%
interest in FOGL.
Please find attached below the highlights from yesterday's announcement. A link
to the full announcement can be found at:
http://www.fogl.com/fog/pdfs/Prelimrel110706.pdf.
John Armstrong
Executive Chairman
Telephone: 61 7 3211 1122
Fax : 61 7 3211 1122
Web: www.global-petroleum.co.uk
Falkland Oil and Gas Limited
('FOGL' or 'the Company')
Preliminary results for the year ended 31 March 2006
FOGL, the oil and gas exploration company operating in the undrilled South and
East Falkland Basins, announces its preliminary unaudited final results for the
year ended 31 March 2006.
Highlights
* Second 2D seismic survey completed taking total 2D recorded by FOGL to
22,450 km
* Technical information continues to provide encouragement that the Company's
licences could contain a new petroleum province
* Technical and commercial information presentations to potential third-party
participants currently underway
* UK-based executive management team put in place
* Cash balance of £14 million at 31 March 2006
Strategy & Outlook
* Execute modified work programme of 2D seismic acquisition and electromagnetic
seabed logging in order to further de-risk and define prospects
* Define and prioritise prospects and identify 'top 20' prospects for drilling
* Drill first exploration well in 2008 - a number of rig options currently
being investigated
* Introduce suitable partners by farm out - offer period extended by two months
at the request of a number of major oil companies
* Multiple hydrocarbon plays, over 100 prospects and leads mapped and the
potential for multi-billion barrels of oil and gas reserves
* FOGL is committed to creating significant shareholder value through the
successful exploration of its assets
Richard Liddell, Chairman of FOGL, said:
'We have made significant progress in the past 12 months and have a clear plan
for the next. We have just completed a further 2D seismic survey taking the
total amount of 2D seismic recorded by FOGL to 22,450km. The data is still to be
fully evaluated but initial indications are highly encouraging. Within the
licences there are multiple hydrocarbon plays, numerous prospects and leads with
the potential for multi-billion barrel discoveries.
'The Board is confident that FOGL can continue to progress the project at pace
and remains hopeful of discovering a major new petroleum province in the
region.'
11 July 2006
Enquiries:
FOGL 020 7563 1260
Richard Liddell, Chairman
Tim Bushell, Chief Executive
College Hill 020 7457 2020
Nick Elwes / Paddy Blewer
This information is provided by RNS
The company news service from the London Stock Exchange