Holdings in Company - Replacement

The following amendment has been made to the Holdings(s) in Company announcement released on 23 January 2012 at 15:39hrs under RNS No 0282W.

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

This should read "4%"

All other details remain unchanged.

The full amended text is shown below.

For filings with issuer exclude the annex

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

FALKLAND OIL & GAS

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 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:

Ignis Investment Services Limited

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

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

20/01/2012

6. Date on which issuer notified:

23/01/2012

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

4%

8.Notified details: Nominee holdings

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

Number of Voting Rights viii

Number of shares

Number of voting rights

% of voting rights

Direct

Indirect

Direct

Indirect

B030JM1

10,886,707

3.40%

B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial instrument

Expiration date

Exercise/ Conversion Period/ Date

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

% of voting rights

CFD's

2,073,683

0.65%

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration Date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

12,960,390.00

4.05%

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

Vidacos Nominees Ltd (10,005,098.00 3.13%)

HSBC (1,070,402.00 0.33%)

Merrill Lynch (1,003,281.00 0.31%)

State Street Nominees (881,609.00 0.28%)

Phoenix Group Holdings

Impala Holdings Limited

Ignis Asset management Ltd

Ignis Investment Services Ltd (indirect)

Proxy Voting:

10. Name of the proxy holder:

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

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

13. Additional information:

Percentage calculation based on Issued Share Capital of 320000000

14. Contact name:

Jean Birrell

15. Contact telephone number:

0141 222 8226

A: Identity of the persons or legal entity subject to the notification obligation

Full name (including legal form of legal entities)

Stephanie Griffin

Contact address (registered office for legal entities)

50 Bothwell Street, Glasgow, G2 6HR

Phone number & email

0141 222 8286

Other useful information (at least legal representative for legal persons)

Stephanie Griffin

B: Identity of the notifier, if applicable

Full name

Jean Birrell

Contact address

50 Bothwell Street, Glasgow, G2 6HR

Phone number

0141 222 8226

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

Public Relations Manager

 C: Additional information

Please note this is a replacement form for TR-1 sent 23/01/12 as section 7 now shows different Threshold %. Apologies for any confusion. Feel free to contact me with any questions.