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Farm-out Agreement, Falklands Islands

South & East Falkland Islands, FOGL 2002 & 2004 Licences

London - October 2007

Falkland Oil & Gas Limited ("FOGL") has entered into a farm-out agreement with a subsidiary of BHP Billiton. Under the agreement a minimum of two exploration wells will be drilled in the next three years. BHP will acquire a 40% interest in FOGL's entire exploration acreage in the Falklands. BHP will also pay FOGL $10mm in re-imbursement of certain historical costs.

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Stellar acted as advisors to Falkland Oil & Gas Limited.