Falkland Oil & Gas completes 2012 drilling

Shares in AIM-listed Falkland Oil and Gas rose briefly on Thursday morning before falling into the red following publication of a drilling update by the company.

By 09.36, shares were down 0.84%to 29.50p following an intraday high of 30.40p earlier.

The group, which focuses on oil and gas exploration in areas south and east of the Falkland Islands, announced completion of its drilling programme for 2012.

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Tim Bushell, Chief Executive Officer at Falkland Oil and Gas commented: "FOGL would like to thank all the contractors and their employees who have contributed to the planning and execution of the drilling campaign.

"In particular, we would like to thank AGR, Ocean Rig and the many other contractors on-board the Leiv Eiriksson and the support vessels in the Falklands for the excellent safety, environmental and operational performance achieved during the drilling campaign."

He added: "We look forward to evaluating the results of the two wells drilled in 2012 and incorporating these, together with the output from the forthcoming 3D surveys, into our future drilling plans."

MF