Investor Presentation – February 2014

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Strategic rationale for FOGL : Desire combination

Geographic Focus

• Consolidates FOGL and Desire’s Falkland Island portfolios• Creates the only Falkland E&P Company operating in both the North & South

Basins• Opportunity to accelerate value creation across multiple play types

Balanced, Diversified Portfolio

• FOGL’s large prospective South and East Falkland Basin position offers high impact drilling opportunities

• FOGL gains entry into the proven North Falkland Basin, including an interest in the Sea Lion oil development project

• Low risk/high value step out exploration and appraisal opportunities

Active Drilling Programme

• Fully funded to drill 5 wells in the next drilling campaign • 2 wells on FOGL’s existing acreage in the South & East Falklands Basin• 3 wells in the North Falkland Basin, on the Zebedee, Isobel and Jayne prospects

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• Interests in 5 licences

• PL004b (40% WI) contains Sea Lion southern extension

• Material exploration prospect stacks in PL004a, b & c

• Zebedee

• Jayne

• Isobel

North Falkland Basin portfolio

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• The Sea Lion field straddles PL032 & PL004b

• FOGL estimate that c.30% of the Sealion oil-in-place STOIIP is within PL004b

• 85 mmbbls 2C resources net to FOGL (Senergy)

• Premier are proposing a two phased development concept, targeting the northern area (within PL032) first

• First oil anticipated in 2019

• Further appraisal required in PL004b to determine resources distribution & potential: Zebedee will be the key next well

• In a success case c.50% of Sealion STOIIP could be within PL004b

• FOGL has a significant stake in Sea Lion and unitisation discussions have now been initiated with the other field owners

Sea Lion area

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• Premier Oil (PMO) plan to develop Sea Lion field in 2 phases

• A tension leg platform (TLP) has been selected as the preferred development concept

• Phase 2 will either be via subsea tiebacks to the TLP or a second wellhead TLP installed in PL004b

• PMO are now progressing to the FEED stage

• FDP approval expected by end 2015

• First oil now planned for 2019

Sea Lion Development

Source: Premier Oil

The Shell operated Olympus TLP in the Gulf of MexicoThe Sea Lion TLP is likely to be a similar design

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• FOGL 40%, Premier (Op.) 36%, Rockhopper24%

• Well to test at least 7 target horizons• The well will seek to extend the proven F2

sequence towards the south and will also test deeper targets within the older F3 sequence.

PL04b: Zebedee prospect

Source: Premier OilSource: Premier Oil

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Jayne East Stack• Net resources c.30 ~ 40 mmbbl (un-risked)• Overall risk assessment – moderate • Key risk: up-dip seal

Isobel / Elaine Stack • Net resources c. 30 ~ 90 mmbbl (un-risked)• Overall risk assessment – moderate • Key risk: up-dip seal & reservoir

FOGL are fully carried by Premier & Rockhopper on both wells

PL04a & PL04c: Isobel & Jayne wells (FOGL 40%)

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FOGL’s Southern Licences2010 & 2012 drilling• 5 wells drilled: 4 found gas or gas-condensate & 1 dry hole• Proved a working hydrocarbon system in the basin• Good quality Source Rocks & Reservoirs

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Cretaceous Source Rocks: The key to finding oil

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2012-2014 Major 3D seismic programme

Major 3D acquisition programme• 3 separate survey areas• Over 10,000 sq. km in total

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• The Toroa well proved thick, good quality, mid-Cretaceous sands on the edge of the basin. These sands have been eroded and re-deposited in the basin in the Diomedea area as deep-water channels and fans.

• Mid Cretaceous source rocks are expected to be inter-bedded with these sands and mature for oil.

• In 2013 a very large 3D seismic survey (5,500 sq.km) was acquired to explore this play

• Many prospects and leads have already been mapped & the following have so far been high graded as potential drilling candidates:• Finback• Humpback

• Preliminary prospective resource estimates for Humpback and Finback range between 400 and 1200mmbls per prospect

• Seismic interpretation is ongoing and final results are expected in Q2 2014

Diomedea Fan Complex

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• The Darwin exploration well discovered a rich, gas condensate in good quality mid Cretaceous sands in a ‘tilted fault block’ structure.

• Numerous, similar features had been mapped by FOGL in our adjacent licences.

• In 2013, a 3D seismic survey was acquired to better define some of these prospects.

• Seismic interpretation is ongoing and final results are expected in Q2 2014

Cretaceous Fault Block playN S

Darwin Pay Equivalent

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• Next drilling campaign will be in 2015• The drilling order is yet to be agreed, but……

• In the South Falkland Basin (SFB) the programme will include 2 drill two deep-water wells (Noble Energy operated)

• In the NFB will include exploration/appraisal drilling on the Sea Lion field in PL004b (Zebedee) and exploration wells on the Jayne East and Isobel/Elaine prospects

• It is hoped that option slots will also be secured, to allow follow-up drilling of any success

• The rig selected will be similar to the large, harsh environment, semi-submersible drilling unit used in the 2012 campaign. Negotiations are currently progressing with multiple drilling contractors

FOGL’s drilling programme

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• FOGL is fully funded through a 5 well drilling programme

• It is either partially or fully carried on 4 of the wells as a result of farmout carry arrangements with Noble Energy, Premier Oil and Rockhopper Exploration

• At end June 2013 FOGL had pro forma cash of $162 Million

• 2013 financial results in April 2014

Funding

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Conclusions

Geographic Focus

Balanced, Diversified Portfolio

Active Drilling Programme

FOGL shareholders have near term exposure to a 5 well, fully funded high-impact exploration programme across the major basins & plays in the Falkland Islands