Falkland Oil and Gas Ltd (FOGL.LN), an oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, said Monday for the six months ended June 30 its pretax loss widened to $3.1 million from $2.2 million a year earlier.

MAIN FACTS:

-No revenue reported.

-Basic and diluted loss per share 3.24c (2008 loss/shr: 0.69c)

-Environmental impact assessments to be submitted for approval by early Oct.

-Successful share placing to raise GBP7.6 millionillion ($12.2 millionillion) before expenses to fund long lead drilling equipment, administration and general costs through 2010 and into 2011.

-Cash balance of $19.3 million as at June 30 (2008: $22.6 millionillion).

-Partner, BHP Billiton (BLT.LN) continues to seek suitable drilling rig for programme scheduled for 2010, in line with previous guidance.

-Well placed to move into next phase of exploration, with necessary preparatory work completed and funds available to secure long lead drilling equipment.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com

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