2009-08-19-2007-11-01-2007-11-01

Acquired interest in 14 licenses offshore East Falkland Basin S&E of islands.

BHP Billiton Ltd., Melbourne, Australia, (NYSE: BHP) has acquired an interest in 14 E&P licenses offshore the Falkland Islands in the South Atlantic from Falkland Oil and Gas Ltd., London, (Pink Sheets: FLKOF) for an undisclosed price. BHP acquired the rights to explore and, if successful, eventually produce oil and gas from the East Falkland Basin off the southern and eastern coasts of the Falkland Islands. BHP holds a 40% interest in the acreage and is designated operator. Falkland Oil and Gas holds the remaining 60%. The production licenses cover approximately 18 million acres and are in 656 feet to 6,570 feet of water. BHP Billiton president of exploration Steve O'Rourke says, "We believe this substantial Falklands acreage will be a good addition to BHP Billiton Petroleum's global portfolio and we look forward to working with our partner to pursue this underexplored area. With our strong focus on growth, we now hold a significant interest in this high-potential basin and will utilize the talent of our team to safely execute an exploration program in the Falkland Islands."