10 December 2004
New Player on Falklands oil scene as Crude Oil and
Gas Limited awarded licences
Crude Oil and Gas Limited has announced that the Falkland Islands Government has awarded it two exploration/production licences in the North Falkland Basin, covering an area of 4,140 square kilometres.
The licences, PL023 and PL024, are located in the North Falkland Basin, 50 kilometres to the north of the Islands. The company plans to conduct an extensive work programme over the area in the next few years with a focus on developing the region's exploration potential.
Crude Oil and Gas is a UK-based oil and gas exploration and production company, and includes amongst its directors Richard Visick. Mr Visick already has significant business and other interests in the Falkland Islands, and he and his family are regular visitors to the Islands. He next plans to visit in January 2005.
In addition to his work with Crude Oil and Gas, Mr Visick is looking to pursue other business opportunities in the region, and remains a committed investor in the Islands.
Mr Visick commented: 'I am delighted that the Falklands Government has awarded Crude Oil and Gas Limited these licences. We are very excited about the company's prospects, and my own long-term involvement with the Islands through existing business interests means that I am particularly pleased to be able to further my commitment to the region. The Islands are a great place to work and relax and the people are both welcoming and supportive, and I look forward to developing our relationships here even further over the next few years.'
Ends
For further information, please contact:
Patrick d'Ancona/Peter Reilly, Aquila Financial 00 44 20 7849 3326/3319
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