“Although it is early days, the overall indications from the data we have received to date are encouraging,” said FOGL chairman John Armstrong.
Most of the survey to date has been in the southern 33,000 sq km licence area where FOGL (77.5%) has a joint venture with Hardman (22.5%). The balance of the survey to date has been in the northern licence area, which FOGL holds 100%.
FOGL said its 100%-held northern block would be the focus of operations in March and April.
“A preliminary review of the early processed sections of the lines recorded so far has provided further information on the eight leads in the FOGL/Hardman area and has also identified several additional leads which could warrant further work,” Armstrong said.
“Full processing of these lines will take place over the coming months, while the balance of the survey by the vessel GSI Admiral will continue through March and April.”
The fully processed and interpreted results of the entire survey are expected to begin to be available about mid year.
Falkland Oil and Gas is listed on London’s AIM exchange. It is a sister company to Brisbane-based Global Petroleum, which holds a 16.06% stake in FOGL. John Armstrong is executive chairman of both companies.
