Director Dealings

31 January 2014

FALKLAND OIL AND GAS LIMITED

('FOGL' or 'the Company')

Director Dealings

The Company was notified on 29 January 2014 that on the same day the following FOGL directors exercised their options which vested on 20 December 2013.

Tim Bushell, Chief Executive of FOGL, exercised his options at 0.002p each to receive 96,154 shares. Mr Bushell and his connected person's shareholding is now 256,154 shares which represents 0.05% of the issued share capital of the Company.

Colin More, Executive Director of FOGL, exercised his options at 0.002p each to receive 86,538 shares. Mr More's shareholding is now 166,538 shares which represents 0.03% of the issued share capital of the Company.

FOGL has made an application for the admission of 182,692 common shares to be admitted to trading on the AIM Market of London Stock Exchange plc on 6 February 2014 ("Admission"). Following Admission the Company will have 533,527,186 common shares in issue.

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