Holding(s) in Company

For filings with the FCA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES i

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

Yes

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

ICM Limited (as investment manager)

4. Full name of shareholder(s)

(if different from 3.): iv

Utilico Investment Limited

Zeta Resources Limited

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

20th September 2013

6. Date on which issuer notified:

25th September 2013

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

reached: vi, vii

2.80% to 4.62%

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

FK00B030JM18

8,971,549

8,971,549

14,796,549

14,796,549

4.62

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/ConversionPeriod xiv

Number of votingrights that may beacquired if theinstrument isexercised/ 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

Exerciseprice

Expirationdate xvii

Exercise/Conversionperiod xviii

Number of votingrights instrumentrefers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 14,796,549

 4.62%

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

Utilico Investments Limited holds 73% of the share capital of Zeta Resources Limited.

Included in the total holdings are the following recent transactions:

1) 20/09/2013 - On-market purchase of 25,000 shares at 28 pence by Zeta Resources Limited

2) 20/09/2013 - On-market purchase of 5,800,000 shares at 28 pence by Utilico Investments Limited

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:

 Based on Total Voting Rights of 320,000,000

14. Contact name:

 Werner Van Kets

15. Contact telephone number:

+27 21 761 4154