By OGJ editors
HOUSTON, May 3 -- Falkland Oil & Gas Ltd., London, said it gained encouragement from 9,450 line-km of 2D seismic data it acquired in the South and East Falkland basins.
Preliminary interpretation led to identification of 130 leads and a wide range of play types compared with 8 leads last fall prior to the survey. Some of the leads cover 300-500 sq km.
The survey turned up numerous direct hydrocarbon indicators including gas chimneys, amplitudes, and possibly gas hydrates that point to the presence of working petroleum systems and greatly exceeded the company's expectations.
The company plans to conduct further work to define 20 drillable prospects by mid-2006 and targets first drilling in 2007.
Major shareholders of Falkland Oil & Gas are Falkland Islands Holdings PLC 18%, Global Petroleum 16%, and RAB Capital PLC 31%. It holds 33,700 sq km in a joint venture with Hardman Resources NL, Perth, and another 50,000 sq km at 100% interest.
