Falkland Oil and Gas in the black

Aim-listed Falkland Oil and Gas yesterday posted profits of $1.1m (£700,000) in 2012, compared to a loss of $6.6m the previous year. The company drilled two deep-water exploration wells this year and said it is “fully funded” for a seismic survey and a three-well exploration programme, with plans to commence further drilling in 2014-15. “We remain optimistic about the potential of our licences,” said chairman Richard Liddell.