FOGL.L Regulatory News (FOGL)

Falkland Oil & Gas Limited

HOLDING(S) IN COMPANY

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

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

Falkland Oil and 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 thenotification obligation: iii

1. RAB CAPITAL LIMITED ACTING IN ITS OWN CAPACITY AND AS DISCRETIONARY MANAGER / ADVISOR OF RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED; RAB ENERGY FUND LIMITED; RAB OCTANE (MASTER) FUND LIMITED

2. WILLIAM PHILIP SEYMOUR RICHARDS

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

1. P.H. NOMINEES LIMITED;

2. CREDIT SUISSE CLIENT NOMINEES (UK) LIMITED;

3. FITEL NOMINEES LIMITED

4. PERSHING NOMINEES LTD

5. JAMES HAY PENSION TRUSTEES LIMITED

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

28/03/2013

6. Date on which issuer notified:

02/04/2013

7. Thresholds that are crossed orreached: vi, vii

11%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

ORDINARY SHARES

33,000,000

33,000,000

n/a

n/a

30,500,000

n/a

9.531%

FK00B030JM18

ORDINARY SHARES

2,100,000

2,100,000

n/a

2,100,000*

n/a

n/a

0.656%

FK00B030JM18

ORDINARY SHARES

2,000,000

2,000,000

n/a

2,000,000**

n/a

n/a

0.625%

FK00B030JM18

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

n/a

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

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

CFDs

n/a

n/a

n/a

350,000

0.109%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

34,950,000

10.92%***

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

RAB Capital Limited acts as investment manager / advisor for RAB Special Situations (Master) Fund Limited; RAB Energy Fund Limited; and RAB Octane (Master) Fund Limited and (together, the "Funds") which are the beneficial owner of part of the securities disclosed above as follows:

RAB Special Situations (Master) Fund Limited: 30,500,000 ordinary shares

RAB Energy Fund Limited: 200,000 CFDs

RAB Octane (Master) Fund Limited: 150,000 CFDs

The legal title to all of these securities is held on behalf of the Funds by their nominee, Credit Suisse Client Nominees (UK) Limited, with the exception of:

\* These shares are held by RAB Capital Limited itself, with the legal title held on its behalf by its nominee, P.H. Nominees Limited.

*\* These shares are beneficially held by Mr. William Philip Seymour Richards who is the appointed fund manager of RAB Special Situations (Master) Fund Limited and is an employee and executive director of RAB Capital Limited. The legal title to these shares are held in the names of three nominees on Mr Richards' behalf being: Fitel Nominees Limited (1,250,000 shares), Pershing Nominees Ltd (250,000 shares) and James Hay Pension Trustees Limited (500,000 shares).

Owing to the chain of control of all of the securities disclosed, we consider it appropriate to aggregate the holdings of the Funds, RAB Capital Limited and William Philip Seymour Richards as per Box 8 above.

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will ceaseto hold:

n/a

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

n/a

13. Additional information:

***this figure was calculated using 320,000,000 as the current issued share capital of the issuer as published on Bloomberg on 02/04/2013

14. Contact name:

Simon Gwyther, RAB Capital Limited

15. Contact telephone number:

0207 389 7000