LONDON (Thomson Financial) - Falkland Oil and Gas Ltd said results from the first phase of controlled source electro-magnetic survey (CSEM) on its Falkland Islands exploration programme are encouraging and said the second phase of the survey has commenced.
Chief executive Tim Bushell said the results reinforce the companys view that the south and east Falkland basins are prospective for the discovery of significant volumes of oil and gas.
The company said it has completed the 2D seismic infill survey and it plans to integrate the results of the new 2D seismic data and the CSEM with its existing work to produce a short list of the best prospects for drilling.
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