Falkland Oil and Gas Ltd, FOGL, announced on Friday it has started the third 3D seismic survey of its northern area licences in the Falkland Islands. The oil and gas exploration and development company with operations in the Falkland Island Basins said the PGS Ramform Titan ship has begun the survey over the mid-Cretaceous complex.
The survey, which could take up to four months to complete is being operated by Noble Energy Inc.
Falkland Oil & Gas also said that data from its two 3D seismic surveys completed earlier in 2013 has been received and interpretation is ongoing, but that the preliminary work has identified a number of large prospects.
The company said a full assessment of the prospects covered by both surveys is expected to be available in January 2014 with interpretation results expected to be available by the end of the first quarter 2014.
Falkland Oil and Gas shares were down 0.9% to 28.25 pence Friday.
Tim Bushell, Chief Executive of FOGL said this was the final survey prior to the commencement of drilling operations in late 2014.
Upon completion we will have acquired over 10,000 square kilometers of high quality 3D data, which is equivalent in area to over 40 North Sea blocks. This illustrates both the scale of our assets and the commitment of the joint venture to the ongoing exploration program, said FOGL Chief Executive..