Third 3D Seismic Survey Commences

8 November 2013

Falkland Oil and Gas Limited

("FOGL")

Third 3D Seismic Survey Commences

FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands is pleased to announce the start of the third 3D seismic survey.

The PGS Ramform Titan has commenced a 3D seismic survey over the mid-Cretaceous Hersilia fan complex within the northern area licences. The survey could take up to four months to complete and is operated by Noble Energy Inc.

Fast-track data from the two 3D seismic surveys completed earlier in 2013 has been received and interpretation is ongoing. Preliminary work on this data has already identified a number of large prospects within the Diomedia fan complex. The new data is also enhancing our understanding of potential prospects within the Fault Block area, adjacent to the Darwin discovery. A full assessment of all the prospects covered by both surveys will be undertaken using the fully processed 3D data expected to become available in January 2014. The interpretation results should be available by the end of the first quarter 2014.

Tim Bushell, Chief Executive of FOGL, said:

"This is our final survey prior to the commencement of drilling operations in late 2014. Upon completion we will have acquired over 10,000 square kilometres of high quality 3D data, which is equivalent in area to over 40 North Sea blocks. This illustrates both the scale of our assets and the commitment of the joint venture to the ongoing exploration programme".

-Ends-

Enquiries:

Falkland Oil and Gas

+44 (0) 207 563 1260

Tim Bushell, Chief Executive

RBC Europe Limited (Financial Adviser, Joint Broker and NOMAD to FOGL)

+44 (0)20 7653 4000

Jeremy Low / Matthew Coakes

Jefferies Hoare Govett (Joint Broker)

+44 (0) 207 029 8000

Alex Grant / Chris Zeal / Graham Hertrich

FTI Consulting

+44 (0) 207 831 3113

Ed Westropp / Natalia Erikssen