Falkland Oil and Gas Limited

Thursday, April 7th 2005 - 21:00 UTC

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Exploration Update & Appointment of Full Time Exploration Manager.

Falkland Oil and Gas Limited (“FOGL”) announces the appointment of Patrick Bird as Exploration Manager.

Patrick (46) has twenty-four years experience of the oil gas industry. For the past eight years ha has been working for Premier Oil fulfilling various roles including: Exploration Manager ? Pakistan: General Manager Exploration ? UK; and CEO Premier Kufpec ? Pakistan. He has previously held roles at Dragon Oil and Scott Pickford, a consultancy specialising in geology, geophysics and petroleum engineering analyses. He began his career as a petroleum engineer for Shell International in 1981.

Patrick replaces Jim Webb who has been acting as project manager for FOGL on a part-time basis. It is now clear that FOGL requires a full time exploration manager and Jim felt unable to commit to a full-time role.

Exploration Update

FOGL is currently undertaken a 10.000 km 2 D seismic survey over its licence areas. It announced on 17 February when the survey was 50% completed, that the early processed results has provided further information on the 8 leads referred to in AIM Listing Prospectus as well as identifying several additional leads which could warrant further work overall, the indications for the data were encouraging.

Now with some 80% of the survey completed, is evident that there are several different play types (tilted fault blocks, rollovers, channels seafloors fans, basement on lap) each with several leads. It is particularly encouraging that possible Direct Hydrocarbon Indictors (DHI's ? which can be due to rock effects as well as oil and gas) are associated with a number of the leads ? and these DHI's could be indicative of working petroleum system.

John Amstrong, Excecutive Chairman of FOGL, said:

Although it is still too early to be definitive, the indications to date are encouraging; we have identified additional leads area as well as a number of new leads in the licence area awarded to FOGL in December 2004. As a result, FOGL has many opportunities than originally anticipated.

Further 2D and 3D seismic programs and possibly and Electromagnetic Survey, will be needed to fully evaluate the play types and leads to define prospects for drilling. The fully processed and interpreted results of the entire survey are expected to be available in the third quarter.

The appointment of a full time exploration manager with extensive experience is testament to FOGL's development and circumstances. Patrick's appointment will help to ensure that we have the capability to properly assess and investigate all the opportunities that are emerging from the current 2D seismic survey.

I would like to thank Jim for his valuable contribution to FOGL in its first year, particularly during the IPO process.I wish him the best for the future"

Equires:

FOGL

John Amstrong, Excecutive Charmain + 61(0) 3211 112 or 07854 810 646.

David Hudd, Deputy Chairman 07771 893 267

College Hill

Ben Brewerton 020 7457 2020

Categories: Falkland Islands.

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