Additional Listing

Falkland Oil and Gas Limited

22 October 2010

Falkland Oil and Gas Limited

("FOGL" or "the Company")

Additional Listing

FOGL, the oil and gas exploration company, announces that options over 75,000 ordinary shares of 0.002p each in the Company ("Ordinary Shares") have been exercised at an exercise price of 60 pence.

Application has been made for 75,000 new Ordinary Shares to be admitted to AIM and for trading to commence on 26 October 2010.

These new Ordinary Shares will, when allotted and issued fully paid, rank pari passu in all respects with the existing Ordinary Shares in issue. The total issued share capital of the Company following the exercise of these options will be 146,327,066.

Enquiries:

Falkland Oil and Gas

Tim Bushell, Chief Executive +44 (0) 20 7563 1260

Oriel Securities (Nominated Adviser)

David Arch +44 (0) 20 7710 7600

Financial Dynamics

Ben Brewerton/Ed Westropp +44 (0) 20 7831 3113