AGM Presentation 10 June 2015

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Disclaimer

FALKLAND OIL AND GAS LIMITED

DISCLAIMER

This presentation is not and is not intended to be a prospectus and does not or is not intended to constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities in Falkland Oil and Gas Limited (the "Company") in any jurisdiction. It shall not form the basis of, or be relied on in connection with, or act as invitation or inducement to enter into, any contract or commitment whatsoever. No offer of securities is being or will be made in circumstances which would require a prospectus or similar document to be approved.

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Pure Play Falklands Explorer

Largest Falkland Islands license holder (> 40,000km2)

Material interest in all licenses (> 40%)

Exploring in the North, South and East basins

Active 2015 drilling programme

Four key wells: Zebedee, Isobel Deep, Humpback & Jayne East

Eirik Raude commenced drilling on 6 March 2015

Two wells completed to date

Two oil discoveries to date: Zebedee and Isobel Deep

Strong Business Track Record & Experienced Management Team

Successful acquisition of Desire Petroleum in 2013

Farm-outs completed with BHP, Noble Energy, Edison, Premier Oil and Rockhopper Exploration

The Leading Falklands Explorer

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2015 Drilling Programme

Prospect

Name

FOGL WI

(%)

FOGL

Paying

interest (%)

Q1 Q2 Q3 Q4

North Falkland Basin

Zebedee 40.0% 40.0%

Isobel Deep 40.0% 0.0%

Jayne East 40.0% 0.0%

South and East Falkland Basin

Humpback 52.5% 27.5%

2015

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Interests in six licences

PL004b (FOGL 40% ) contains Sea Lion southern extension

Material exploration prospects in PL004a,b,c and PL005:

Zebedee

Jayne East

Isobel/Elaine fan complex

Susan

Helen

FOGLs North Falkland Basin Licences

Jayne East

Elaine

Isobel

Zebedee

Susan

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The Sea Lion field straddles PL032 & PL004b

FOGL estimate that >40% of the Sea Lion Complex resources lie within PL004b

Premier are proposing a two phased development concept, targeting the northern area first

Unitisation discussions took place in 2014 between PL032 & PL004b licencees, FIG and its advisers (BGS & DECC). Currently these are on hold during 2015 drilling programme

*FOGL estimate that the 14/15-4a and 14/15b-5 (Zebedee) wells have demonstrated over 250mmbbls of

oil resources lying within PL004b

Sea Lion Complex

*Preliminary FOGL management estimate of gross mid case contingent resources

PL032

PL004b

Phase 1a

development area

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14/15b-5: Zebedee Oil Discovery

Total hydrocarbon net pay of 45 metres

Hector: 17.5 metres of net gas pay,

Possible significant upside in Hector oil rim

FOGL estimate c.18~32 mmbbls oil within Hector oil rim

Zebedee : 25.0 metres of net oil pay, excellent reservoir

FOGL estimate c.75 mmbbls oil within Zebedee sand

Beverley: 2.5 metres of net oil pay

FOGL estimate c.20 mmbbls oil within Beverley oil rim

Pressure measurements in the Zebedee reservoir plot on the same gradient as the Sea Lion field.

Very likely that the Zebedee reservoir is in pressure communication with, and has the same oil-water contact as Sea Lion.

Good oil shows in a number of the deeper F3 targets, but at this location the sands were not well developed.

Significant increase in Sea Lion Complex Resources within PL004b

Preliminary FOGL management estimate of gross mid case contingent resources

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Zebedee/Casper South

One sand or two?

In pressure communication

9

9

?

?

?

?

?

Hector Reservoir

Spectral Decomposition Amplitude extraction

Top Hector

GOC OWC?

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10

Beverley results demonstrate presence of oil rim

GOC OWC

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PL032 310 55%

PL004b 256 45%

Sea Lion Complex: Material Resources within PL004b

Preliminary FOGL management estimate of mid case contingent & prospective resources

85 117

Contingent

Resources split

32

*

* GCA estimate 2012

FOGL share

102

18%

PL004b Mid Case Gross Contingent

& Prospective Resources

38

45

60

75

20

18

256

0

50

100

150

200

250

300

SLMC Casper Casper South Zebedee Beverley Oil Hector Oil Jayne East Sea LionComplex

Resources inPL004b

mm

bb

ls

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Isobel/Elaine fan complex

Courtesy Rockhopper Exploration

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14/20-1: Isobel Deep Oil Discovery

De-risking another Sea Lion scale fan-complex

Well drilled to 2527metres, did not reach planned TD

Penetrated c. 24m into Isobel Deep (F3) sand

Oil recovered to surface (with drilling fluid)

Over-pressured reservoir

Well suspended

Opens up new play

Significantly de-risks entire Isobel/Elaine fan complex

Lowers risk on FOGL 100% prospects Susan & Helen in PL005

Next steps: Re-enter/side-track or re-drill well

Under the terms of the farm-out agreement FOGL is fully carried for any re-drill or side-track of the Isobel Deep well

Isobel Deep upper sand

Isobel Deep lower sand

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14

Isobel Deep fan system

Spectral Decomposition

Amplitude extraction

Isobel Complex

Isobel

Complex

A

B

A

B

A

B

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Isobel

Deep

Isobel/Elaine fan complex

Isobel

Shallow

Elaine

South

Elaine

North

Isobel Deep

Well location

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Well will test five potential reservoir levels across the F2 and F3 sequences

In success case can be tied back to Sea Lion

Key geological risk is the updip seal

FOGL interest (paying interest zero)

40%

Gross Prospective

Resources 85mmbbl(1)

Net Prospective

Resources 34mmbbl

Spud Date Q3 2015

Operator Premier Oil (36%)

Partners Rockhopper (24%)

(1) Mid case unrisked gross prospective resources based on FOGL management estimates

PL004c: Jayne East

High Impact, near field well

Jayne East Location

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Diomedea Fan Complex

FISA 3D survey

Cretaceous Fault Blocks

FIST 3D survey

Hersilia Fan Complex

FINA 3D survey

FOGLs South & East Basin Licences

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Prospect selection for Noble operated wells

First Well

Humpback prospect (in the Diomedea Fan Complex)

Second well

Well postponed pending Humpback results and completion of technical evaluation

Humpback results will guide choice of follow-up drilling.

Current options being evaluated:

Diomedea Fan Complex

Side-track on Humpback (success case)

Fault Block Area

Scharnhorst North

Hersilia Fan Complex

Starfish

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The Darwin exploration well discovered gas and a rich condensate in good quality Cretaceous sands

Seismic amplitude responses indicate the possibility of different hydrocarbon phases, including oil

Potential drilling candidate:

Scharnhorst North: 355 mmbbls*

Seismic interpretation is on-going

Cretaceous Fault Blocks (FOGL 52.5%)

Fault Block play shown on an amplitude map generated from the new 3D seismic data

* Mid case gross prospective resources

(un-risked) based on FOGL management estimates

Scharnhorst North

Seismic amplitude map over

Scharnhorst North

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Multiple material prospects identified on 3D seismic

Mid Cretaceous Fan Play:

Starfish: 402 mmbbls*

Bullfish:

Shearwater:

Fulmar:

Toothfish:

Hoki:

Jurassic Fault Block Play

Endurance:

Endeavour:

Cooper:

Seismic interpretation is on-going

Hersilia Fan Complex (FOGL 40%)

* Mid case gross prospective resources (un-risked) based on FOGL management estimates

> 2 billion boe*

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Diomedea area comprises a large system of deepwater channels & fans

Multiple material prospects identified on 3D seismic

Main hydrocarbons in place expected to be oil

Six potential drilling targets identified (> 1.7bn bbl gross prospective resources (1))

Significant follow-on potential in the event of success at Humpback

Current prospect inventory :

Humpback: 510 mmbbls*

Stingray: 266 mmbbls*

Finback: 232 mmbbls*

Caperea: 225 mmbbls*

Minke: 240 mmbbls*

Bowhead: 275mmbbls*

Diomedea Fan Complex (FOGL 52.5%)

Prospects and Leads map

* Mid case gross prospective resources (un-risked) based on FOGL management estimates

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Diomedea Fan Complex: Humpback

WI (%) / PI (%) 52.5% / 27.5%

Gross Prospective

Resources 510mmbbl(1)

Net Prospective

Resources 268mmbbl

Spud Date June 2015

Operator Noble Energy (35%)

Partners Edison (12.5%)

(1) Mid case unrisked gross prospective resources based on FOGL management estimates

Potential high impact play opener, with multiple follow-on prospectivity

Humpback comprises a system of stacked slope-channel reservoirs

Located up-slope from mature oil source kitchen

Up-dip seal mapped on 3D

Potential world-class prospect with stacked reservoir objectives

The first well targets the Humpback channel and

Stingray is a possible follow-up

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The 2015 drilling campaign commenced on 6 March 2015

Four well drilling programme targeting over 1.1 billion barrels of gross prospective resources

Two oil discoveries in NFB so far..

Zebedee: Significant increase to Sea Lion Complex resources within PL004b (FOGL 40%)

Isobel Deep: Exciting play opening well in Isobel/Elaine fan complex

Humpback in SFB next up

Jayne East to follow in Q3

Summary