Falkland Oil and Gas Presentation 2015

1. Investor Presentation – February 2015
January 2015

2. 2
Disclaimer
FALKLAND OIL AND GAS LIMITED
DISCLAIMER
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laws.

3. 3
• Pure Play Falklands Explorer
– Largest Falkland Islands license holder (> 40,000km2)
– Material interest in all licenses (> 40%)
– Only explorer operating in the North, South and East basins
• Active 2015 drilling programme
– Five well programme targeting c.1.4bn bbl gross unrisked
prospective resources(1)
– Eirik Raude contracted to commence drilling in March 2015
• Strong Track Record
– > 12,000 km2 3D seismic, > 35,000 km 2D seismic
– Two encouraging wells drilled as operator in 2012
– Successful merger with Desire Petroleum in 2013
– Farm-outs completed with Noble Energy, Edison, Premier
Oil and Rockhopper Exploration
The Leading Falklands Explorer
(1) Mid case unrisked gross prospective resources based on FOGL management estimates
FOGL Southern Licenses FOGL Eastern Licenses
East Falkland Basin
northern licence area
FOGL: 40.0%
Noble (op.) 35.0%
Edison: 25.0%
South Falkland Basin
southern licence area
FOGL: 52.50%
Noble (op.) 35.0%
Edison: 12.5%
Northern Licences
FOGL: 40.0%
Premier: 36% (op)
Rockhopper: 24%
FOGL Northern Licenses

4. 4
(1) Mid case unrisked gross prospective resources based on FOGL management estimates
(2) CoS: Geological Chance of Success
(3) Includes F1, F2 and F3 reservoirs
2015 Drilling Programme
Prospect
Name
Unrisked
Gross Res.
Targeted(1)
(mmboe)
FOGL WI
(%)
FOGL
Paying
interest (%)
CoS(2)
(%)
Q1 Q2 Q3 Q4
North Falkland Basin
Zebedee 281(3) 40.0% 40.0% 20~50%
Isobel Deep 240 40.0% 0.0% 25%
Jayne East 85 40.0% 0.0% 30%
South and East Falkland Basin
Humpback 510 52.5% 27.5% 20%
Well 2 c.300~400
40.0% or
52.5%
30.0/42.5% _
Total c.1,400
2015
Five well programme targeting c.1.4bn bbl gross unrisked prospective resources

5. 5
• Interests in five licences
• PL004b (40% WI) contains Sea Lion
southern extension
• Material exploration prospects:
– Zebedee 281 mmbbls*
– Jayne East 85 mmbbls*
– Isobel 240 mmbbls*
– Elaine 270 mmbbls*
– Susan 340 mmbbls*
– Helen 220 mmbbls*
FOGL’s North Falkland Basin Licences
Jayne East
Elaine
Isobel
Zebedee
Susan
* Mid case unrisked gross prospective resources based on FOGL management estimates

6. 6
FOGL’s North Falkland Basin Geological Setting
Basement structure Mature oil source kitchen area F3 reservoir distribution
50km
• Proven oil play • Significant upside potential • c. 2 Billion bbls of gross prospective resources
Source: Premier Oil Source: Premier Oil Source: Premier Oil

7. 7
• The Sea Lion field straddles PL032 & PL004b
• FOGL estimate that c.30% of the Sea Lion oil-in-place lies
within PL004b
• 85 mmbbls 2C resources net to FOGL
• Premier are proposing a two phased development
concept, targeting the northern area first
• Further appraisal required in PL004b to determine
resources distribution & potential: Zebedee will be the
next key well
• In a success case c.50% of Sealion oil-in-place could
lie within PL004b
• FOGL has a significant stake in Sea Lion and
unitisation discussions with the other field owners are
ongoing
Sea Lion area
PL032
PL004b
Zebedee Location
Phase 1
development area

8. 8
Sea Lion Area: Material Resource Potential
(1) Includes SLMC, Casper, Casper South and Beverley
(1)
ResourcesNetFOGL
85
64
48
34
231
0
50
100
150
200
250
Proven reservoirs Zebedee F1 & F2 Zebedee F3 Jayne East Total Recoverable
Resources Net FOGL
mmbbls

9. 9
WI (%) / PI (%) 40% / 40%
Gross Prospective
Resources
160mmbbl (F1 & F2 reservoirs)(1)
121mmbbl (F3 reservoirs)(1)
Net Prospective
Resources
64mmbbl (F1 & F2 reservoirs)
48mmbbl (F3 reservoirs)
Spud Date March 2015
Operator Premier Oil (36%)
Partners Rockhopper (24%)
PL004b: Zebedee
• Zebedee well will test seven target horizons
• Extension of proven Sea Lion F2 sands
– Penetration of underexplored F1 & F3 fans
– Key risk is reservoir quality
Low Risk, High Value Prospect
(1) Mid case unrisked gross prospective resources based on FOGL management estimates

10. 10
• Intended to test a large un-drilled east flank fan system
• Success will de-risk the Elaine & Susan prospects
• Key risks are the up-dip seal and reservoir quality
WI (%) / PI (%) 40% / 0%
Gross Prospective
Resources
240mmbbl(1)
Net Prospective
Resources
96mmbbl
Spud Date Q2 2015
Operator Premier Oil (36%)
Partners Rockhopper (24%)
PL004a: Isobel Deep
De-risking another Sea Lion scale fan-complex
(1) Mid case unrisked gross prospective resources based on FOGL management estimates

11. 11
• 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
WI (%) / PI (%) 40% / 0%
Gross Prospective
Resources
85mmbbl(1)
Net Prospective
Resources
34mmbbl
Spud Date Q2 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

12. 12
Diomedea Fan Complex
FISA 3D survey
Cretaceous Fault Blocks
FIST 3D survey
Hersilia Fan Complex
FINA 3D survey
FOGL’s South & East Basin Licences

13. 13
South & East Falkland Basins
• Five wells have been drilled across the South and
East Falkland basins to date
– 3 wells drilled by FOGL
– 2 wells drilled by Borders & Southern
• Four of the five wells encountered gas or condensate
• Two wells encountered good quality Cretaceous
reservoirs
• Three wells encountered Cretaceous source rocks
• Proved a working hydrocarbon system
Well (Op.) Date Results
Scotia
(FOGL)
Nov-12
Gas shows – proven working hydrocarbon
system but poor quality reservoir
Loligo
(FOGL)
Sep-12
Gas bearing zones encountered, but poor
quality reservoir
Stebbing
(B & S)
Jul-12 Gas shows – but poor quality reservoir
Darwin
(B & S)
Apr-12
Condensate discovery – 263mmboe of
recoverable resources
Toroa
(FOGL)
Jul-10
Dry – but excellent quality Cretaceous
reservoirs
Exploration Well Summary
High impact play opening wells targeting oil

14. 14
Prospect selection for Noble operated wells
First Well
• Humpback prospect (in the Diomedea Fan Complex)
Second well
Humpback results will guide choice of second well. Current options being evaluated:
Diomedea Fan Complex
• Stingray (In the event of success at Humpback)
Fault Block Area
• Scharnhorst North
Hersilia Fan Complex
• Starfish

15. 15
• 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

16. 16
Diomedea Fan Complex: Humpback
WI (%) / PI (%) 52.5% / 27.5%
Gross Prospective
Resources
510mmbbl(1)
Net Prospective
Resources
268mmbbl
Spud Date Q3 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
Seismic amplitude map over Humpback
The first well targets the Humpback channel and
Stingray is a possible follow-up

17. 17
• 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 and final
results are expected in late Q1 2015
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

18. 18
• Multiple material prospects identified on 3D seismic
• Mid Cretaceous Fan Play:
• Starfish: 402 mmbbls*
• Bullfish: 453 mmboe*
• Shearwater: 700 mmboe*
• Fulmar: 220 mmboe*
• Toothfish: 115 mmboe*
• Hoki: 150 mmboe*
• Jurassic Fault Block Play
• Endurance: 524 mmboe*
• Endeavour: 838 mmboe*
• Cooper: 685 mmboe*
• Seismic interpretation is on-going and final results are
expected in late Q1 2015
Hersilia Fan Complex (FOGL 40%)
* Mid case gross prospective resources (un-risked) based on FOGL management estimates
mmbbls: million barrels of oil
mmboe: millions of barrels of oil equivalent. Note this metric is used due to current uncertainty
regarding hydrocarbon phase: oil, condensate or gas

19. 19
• Eirik Raude has mobilised from West Africa and is in transit to the Falklands
• High impact drilling campaign scheduled to start in March 2015
• Five well drilling programme targeting over 1.4 billion barrels of gross prospective resources
• Cash of c.$100m at 31 December 2014, no debt
• Interest of at least 40% in each licence ensures shareholders will have substantial equity exposure to these
resources in the case of success
Summary

20. 20
Appendix

21. 21
Achievements to Date
2012 20142013
Farm-Out Agreement with Premier &
Rockhopper
3 Oct 2013
FOGL entered into a farm-out
agreement with Premier Oil and
Rockhopper Exploration with respect
to licences PL004a and PL004c
Acquisition of Desire Petroleum
3 Oct 2013
FOGL merges with Desire Petroleum
to enter the North Falklands Basin
Farm-Out with Edison
20 Mar 2012
FOGL entered into a farm-out
agreement with Edison with respect to
the southern area licences; $40mm
cash contribution plus back costs of
$17mm
3D Seismic
24 Feb 2014
Completes its 3D acquisition
programme (total of 12,000sq.km2)
Rig Secured
4 Jun 2014
Rig contracted for FOGL’s five firm
drilling programme commencing in
early 2015
2012 Drilling Programme
2012
2 wells drilled on-time and on-budget
(Scotia & Loligo)
Farm-Out Agreement with Noble
Energy
6 Aug 2012
Entered into a farm-out
agreement with Noble Energy for its
Northern and Southern area licenses;
$25mm cash contribution plus partial
carry on three exploration wells

22. 22
Tim Bushell – Chief Executive Officer
• Joined FOGL in 2006
• Previously CEO of Paladin Resources
• Spent 10 years at Lasmo as Manager of North Sea assets and General
Manager of its South Atlantic business unit
• Experience with Ultramar, British Gas and Schlumberger
• Qualified geologist
Executive Team & Board Members
Richard Liddell – Non-Executive Director (Chairman)
• Joined the Board in 2005
• Former Operations Director on the Board of Premier Oil from 1999
before joining the Board of FOGL in March 2005
• Previously spent 2 years as Director of Development at BG E&P
• Held a number of senior international positions during an 18-year
career at Philips
Timothy Jones – Non-Executive Director (Finance Director)
• Joined the Board in 2004
• Previously worked with PwC where his clients included a major UK
offshore oil and gas operator
• Subsequently founding his own accountancy and consultancy practice
• Board member of Xcite Energy Limited (AIM and TSX listed)
• Qualified as a Chartered Accountant with Price Waterhouse
David Hudd – Non-Executive Director
• Experience as Chairman / Chief Executive of a number of listed
companies
• Currently Executive Chairman of Falkland Islands Holdings Plc which is
a significant shareholder in FOGL
• Founding Director of FOGL in 2004
• Former Partner at Price Waterhouse until 1982
Colin More – Exploration Director
• Joined FOGL in 2006 (joined the Board in 2009)
• Over 30 years’ experience in the oil and gas industry
• Previously UK Exploration Manager Paladin Resources
• Experience with Cairn Energy (Exploration Manager of China and India),
Conoco and Scott Pickford
Stephen Phipps – Non-executive Director
• Joined the Board in 2013
• Over 20-year experience in Capital Markets as a stockbroker in London
and New York, for Hoare Govett and Salomon Brothers
• Previously on the Board of Desire Petroleum for 17 years, latterly as
Chairman
• Also Director of Phipps & Company Limited
Ian Duncan – Non-executive Director
• Joined the Board in 2013
• Over 30 years’ experience in the oil exploration industry
• Previously CEO of Desire Petroleum plc for 8 years
• Experience with Esso, Clyde Petroleum where he was appointed a
director in 1991
• Qualified petroleum geologist
Robert Lyons – Non-executive Director
• Joined the Board in 2013
• Over 25 years’ experience in the oil industry
• Former Non-Executive Director of Desire Petroleum for 7 years
• Experience with Enterprise, the Peak Group in Aberdeen as the COO
• Holds a Bachelor of Science degree (Class I) in Mining Engineering and
Master of Engineering degree in Petroleum Engineering

23. 23
Group Balance Sheet (as at 30 June 2014)
US$mm As at 30 June 2014
Assets
Non-current assets 242.1
Current assets 111.5
Cash & Cash Equivalents 108.7
Receivables 3.8
Total Assets 353.5
Equity & Liabilities
Current liabilities 2.3
Shareholder Equity 351.2
Total Equity & Liabilities 353.5

24. 24
Basin model