Replacement - Directors' Dealing

The following amendment has been made to the 'Directors' Dealing' announcement released yesterday, 24 May 2010, at 1601 under RNS No 4474M.

The date of the dealing should read 24 May 2010 (not 24 May 2009).

All other details remain unchanged.

The full amended text is shown below.

FALKLAND OIL AND GAS LIMITED

("the Company")

Directors' Dealing

The Company was notified today of the following transaction.

On 24 May 2010, Mrs. Lindsay Jones, wife of Mr. Timothy Jones (Non-Executive and Finance Director), sold 48,050 ordinary 0.002p shares in the Company ("Ordinary Shares") at a price of 177 pence per share. Following this transaction Mr. Jones holds 180,185 Ordinary Shares* representing 0.12% of the issued share capital of the Company. 

* This includes 16,950 Ordinary Shares held by Mrs. Jones. 

Enquiries:

Falkland Oil and Gas +44 (0) 207 563 1260

Tim Bushell, Chief Executive

Oriel Securities (Nominated Adviser) +44 (0) 207 710 7600

David Arch / James Nevin

Financial Dynamics +44 (0) 207 831 3113

Ben Brewerton / Ed Westropp