Anyone any idea what is going on with this shares, as it has tumbled from mid 120's to 87p within a matter of a fortnight?

Thanks.

Falkland Oil and Gas Limited
28 December 2006

Falkland Oil and Gas Limited
'The Company'



Completion of Convertible Loan

Falkland Oil and Gas Limited, ('FOGL' or 'the Company') is very pleased to
announce that on 22 December 2006, final terms and conditions were agreed with
RAB Special Situations (Master) Fund Limited ('RAB SSMF') for RAB SSMF to invest
8 million by way of convertible loan notes ('Notes') in the Company.

RAB SSMF has immediately subscribed for 2 million of Notes, and will subscribe
for a further 2 million of Notes on each of 23 February, 30 April and 24
September 2007.

These funds will provide the Company with additional cash resources to fund its
ongoing exploration programme in its licences located to the South and East of
the Falklands. In particular it will be used to fund the costs of the Controlled
Source Electro Magnetic Survey ('CSEM') to be conducted by OHM Limited and a
seabed coring programme.

FOGL is embarking on an exciting programme over the next few months. The 2D
seismic infill survey has already started and the CSEM programme is planned to
commence early in 2007. This programme is aimed at the larger prospects and it
is believed that the data gained will enable the selection of the best targets
for drilling and also, provide potential farminees with further confidence in
FOGL's project

Global Petroleum Ltd
02 January 2007


2 January 2007

Global Petroleum advises that Falkland Oil and Gas Limited ('FOGL') has
announced the completion of its convertible loan agreement with RAB Special
Situations (Master) Fund Limited to raise 8 million. The full announcement can
be found on the FOGL website at
www.fogl.co.uk
.

Global Petroleum holds a 14% interest in FOGL.

I need your help, guys - from one of the more knowledgeable oil threads around.

I have 10% of my portfolio in oils spread across 4 shares - half the normal 5% I allocate to each of my stocks before going overweight.

I now realise I don't know very much about oil stocks and am being drawn towards more trading stocks like ASC, COH, DGT, MYH, RCG which I find I do understand and can do my own analysis (on margin, ROCE, EPS, PE, PEG etc) pretty competently. Whereas I fins oils a mixture of prosaic trading and pure speculation. Much as I like a flutter, it's not a reliable way of building my pot for me. So I'm contemplating reducing/extinguishing my exposure to oils.

Of the four stocks I hold, CHP, EEN, FOGL and SEY (all of which appear to be on the brink of the "big break through" - well, maybe FOGL has a yeaer of two longer to wait than the others) in what order would you advise me to dispose of each in turn - leaving the best prospect till last, of course?

Perhaps I know what the answer from this thread will be, but nonetheless TIA!