Holding(s) in Company

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Falkland Oil and Gas Ltd

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify):______________

3. Full name of person(s) subject to notification obligation:

FMR LLC

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

See attached schedule

5. Date of transaction (and date on which the threshold is crossed or reached if different):

21 March 2011

6. Date on which issuer notified:

23 March 2011

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

5%

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

FK00B030JM18

7,516,245

7,516,245

7,018,510

7,018,510

4.79

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

7,018,510

4.79%

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

See attached schedule

Proxy Voting:

10. Name of proxy holder:

FMR LLC

11. Number of voting rights proxy holder will cease to hold:

497,735

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

21 March 2011

13. Additional information:

None

14 Contact name:

Philip Alexander

15. Contact telephone name:

[email protected] / 01737 834 624

FMR

Issuer name FALKLAND OIL & GAS LIMITED

Current ownership percentage:

4.79%

Total shares held:

7,018,510

Issued share capital:

146,252,066

Shares Held

Nominee

Management Company

FMR LLC is the parent holding company of Fidelity Management & Research Company (FMRCO) Investment Manager for US mutual funds, FIL Management Trust Company (FMTC), Pyramis Global Advisors Trust Company (PGATC), a US state chartered bank, which acts as a trustee or investment manager of various pension and trust accounts Pyramis Global Advisors LLC (PGALLC) and Pyramis Trust Company (PTC)

844,214

BROWN BROTHERS HARRIMAN AND CO

FMR

30,031

JPMORGAN CHASE BANK

FMR

3,550,000

STATE STREET BANK AND TR CO

FICL

158,100

STATE STREET BANK AND TR CO

FMR

1,250,000

STATE STREET BANK AND TR CO

FMRCO

624,364

CITIBANK NA (C)

FMR

561,801

NORTHERN TRUST CO (C)

FMR