Holding(s) in Company

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 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 the notification obligation: iii

RAB Capital Limited acting as discretionary manager for RAB Special Situations (Master) Fund Limited, RAB Energy Fund Limited and RAB Octane (Master) 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

28.09.11

6. Date on which issuer notified:

29.09.2011

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

22%

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*

FK00B030JM18

36,884,163

36,884,163

n/a

34,034,163

16.42%

ORDINARY SHARES**

FK00B030JM18

400,000

400,000

n/a

400,000

0.19%

ORDINARY SHARES***

FK00B030JM18

670,227

670,227

n/a

670,227

0.32%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise / Conversion Period xiv

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

% of votingrights

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

2,405,284

1.16%

Warrants

£0.70

22/12/2012

n/a

6,000,000

2.90%

Warrants

£1.05

22/12/2012

n/a

1,000,000

0.48%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

44,509,674

21.48%

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

*RAB Capital Limited acts as investment manager for RAB Special Situations (Master) Fund Limited, RAB Energy Fund Limited and RAB Octane (Master) Fund Limited who are the beneficial owners of the securities. The legal title to these securities is held on behalf of the beneficial owners by their nominee, Credit Suisse Client Nominees (UK) Limited

** These shares are 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.

*** These shares are held by RAB Capital Limited, the legal title to these securities is held on behalf of the beneficial owners KBC Group by their nominee, P.H. Nominees Ltd.

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 Limited - Legal Team

15. Contact telephone number:

020 7389 7000