Operations Update - 3D Seismic Acquisition

24 February 2014

Falkland Oil and Gas Limited

("FOGL")

Operations Update - 3D Seismic Acquisition

FOGL, the oil and gas exploration company focused on its extensive licence areas offshore the Falkland Islands is pleased to provide the following operations update with respect to the 3D seismic programme.

3D seismic survey over the Cretaceous Hersilia Fan complex

The PGS M/V Ramform Titan has completed a 3D seismic survey over the Cretaceous Hersilia Fan complex within FOGL's Northern Area Licences. A total of 5,747 square kilometres of full fold seismic data have been acquired. This survey was designed to target a number of prospects and leads including Hersilia, West Hersilia and Challenger. The survey was operated by Noble Energy on behalf of the Joint Venture, which also includes Edison International Spa. The survey was completed within budget.

The data will now be processed by PGS and a fast track product will be available for interpretation in approximately three months. It is anticipated that the final processed data will be available in the third quarter of 2014. The fast track data will be used to commence prospect mapping and the selection of well locations.

This is the third and final 3D survey prior to the next drilling programme, which is expected to commence in early 2015. The joint venture has now acquired 12,000 square kilometres of high quality 3D seismic data and is very encouraged by the results of the first two surveys.

PGS have operated all three surveys, which have been conducted safely and without incident. FOGL would like to thank PGS and their employees for their contribution to the success of this programme and the excellent safety, environmental and operational performance achieved.

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Enquiries:

Falkland Oil and Gas

+44 (0) 207 563 1260

Tim Bushell, Chief Executive

RBC Europe Limited (Financial Adviser, Joint Broker and NOMAD to FOGL)

+44 (0)20 7653 4000

Jeremy Low / Matthew Coakes

Jefferies Hoare Govett (Joint Broker)

+44 (0) 207 029 8000

Alex Grant / Chris Zeal / Graham Hertrich

FTI Consulting

+44 (0) 207 831 3113

Ed Westropp / Natalia Erikssen