FOGL Begins Diomedia 3D Seismic Survey Off Falkland Islands

FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, provides the following update in respect of 3D seismic operations.

The PGS M/V Ramform Sterling has commenced a 3D seismic survey over the mid Cretaceous Diomedia fan complex within the southern area licences. The survey will cover a minimum area of 4,000 square kilometres and is likely to take approximately 4 months to complete. This survey will be operated by Noble Energy Inc.

The original plan was that the Diomedia survey would be acquired later in 2013. However, due to the late completion of the Scotia well, there has been insufficient time to allow the Scotia results to influence the exact location and design of the 3D survey. As a result, FOGL and its joint venture partners have decided to swap the order of the two surveys and the northern area 3D survey will now be acquired in the fourth quarter of 2013.

A second 3D survey, operated by FOGL and using the PGS M/V Ramform Challenger, is expected to commence in the first quarter of 2013. A further announcement regarding this survey will be made once the vessel arrives in the Falklands.

Tim Bushell, Chief Executive of FOGL, said:

“We are pleased to announce the start of a very important 3D seismic survey programme, which marks the continuation of our exploration activities. The 3D seismic will be invaluable for identifying future drilling targets, locating good quality reservoir and differentiating oil from gas prospects.”

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Press Release, December 12, 2012