Falkland Oil and Gas Limited ("FOGL" or "the Company")
Placing of New Ordinary Shares
The board of FOGL is pleased to announce the placing by KBC Peel Hunt Ltd of 11,764,706 ordinary shares of 0.002p ("New Ordinary Shares") at a price of 85p per share to raise #10,000,000 (approximately #9,700,000 after expenses).
The New Ordinary Shares have been placed with certain institutional and other investors, including directors.
The board is also pleased to announce that it has entered into a further 2D seismic contract with Geophysical Services Incorporated of Calgary to acquire a minimum 8,000 km of 2D seismic with an option for the Company to extend the survey subject to agreement between FOGL and Hardman. The programme is scheduled to cover areas in both the 2002 and the 2004 licence areas and will concentrate on areas of interest identified in the initial 9,450 km survey which has just been completed. The new 2D seismic programme will use the GSI Admiral boat and is expected to commence in June 2005. Hardman Resources Ltd is also a party to the new 2D seismic contract.
HDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held