FOGL.L Regulatory News (FOGL)

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

FALKLAND OIL & GAS LIMITED

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights:

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached:

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments:

An event changing the breakdown of voting rights:

Other (please specify):

3. Full name of person(s) subject to the notification obligation: iii

RAB CAPITAL PLC ACTING AS DISCRETIONARY MANAGER OF RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED, RAB ENERGY FUND LIMITED

4. Full name of shareholder(s) (if different from 3.):iv

CREDIT SUISSE CLIENT NOMINEES (UK) LIMITED

5. Date of the transaction and date on which the threshold is crossed or reached: v

22/02/2010

6. Date on which issuer notified:

01/03/2010

7. Threshold(s) that is/are crossed or reached: vi, vii

36%, 35%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

ORDINARY SHARES

36,094,278

36,094,278

n/a

n/a

31,744,278

n/a

21.71%

FK00B030JM18

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise / Conversion Period xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date xvii

Exercise/ Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Warrants

£0.949

22/12/2012

n/a

6,000,000

4.10%

CFD'S

n/a

22/12/2011

n/a

375,000

0.3%

Convertible Loan + interest

£0.80

22/12/2011

n/a

11,748,098

8.03%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

49,867376

34.10%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi

RAB Capital plc acts as investment manager for RAB CAPITAL PLC ACTING AS DISCRETIONARY MANAGER OF RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED, RAB ENERGY FUND LIMITED, RAB CEF AND RAB CROSS FUND LIMITED. RAB Capital plc does not act as custodian for its clients and therefore the shares are held in the nominee name of the custodian of its clients, which is CREDIT SUISSE CLIENT NOMINEES (UK) LIMITED..

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will cease to hold:

n/a

12. Date on which proxy holder will cease to hold voting rights:

n/a

13. Additional information:

n/a

14. Contact name:

RAB Capital PLC - Legal Team

15. Contact telephone number:

020 7389 7000