Falcon

Falcon Oil & Gas Ltd.

(“Falcon”)

Successful Completion of SS1H Stimulation Program

7 December 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the completion of the 10-stage stimulation program over a 500 metre horizontal section of the Amungee Member B-Shale within the Shenandoah South 1H (“SS1H”) well in EP117 which is operated by Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran B2 Pty Limited (“Tamboran”).

Details are as follows:

• The stimulation program at SS1H delivered a proppant intensity of 2,212 pounds per foot (lb/ft) and average proppant injection per stage was 356,000 pounds.
• The stimulation program achieved rates of 100 barrels per minute (bpm) using slickwater, a first in the Amungee Member B-Shale and in-line with current US shale basin stimulation designs.
• Tamboran now plans to install production tubing ahead of the SS1H well commencing flow back of stimulation fluid.
• Commencement of 30-day initial production (IP30) testing in mid-December 2023, subject to timing of gas breakthrough.
• Current expectations are to release IP30 flow rates in Q1 2024, subject to timing of flow back stimulation fluid and weather conditions.
• Proof of commercial flow rates as measured over the IP30 day period and which Falcon estimates to be 1.5 million cubic feet per day (MMcf/d) over the 500 metre horizontal section (3.0 MMcf/d normalised over 1,000 metres) or greater will allow us to progress the sanctioning of the proposed 40 MMcf/d pilot project at Shenandoah South during the first half of 2024.

Philip O’Quigley, CEO of Falcon commented:

“The stimulation program went extremely well with Tamboran’s operations team achieving injection rates up to 100 bpm, a Beetaloo Sub-Basin rate record, and average proppant injection per stage of 356,000 pounds, in line with the initial design. We look forward to this next phase of operations in the Beetaloo with the installation of production tubing ahead of flow back of stimulation fluid and the commencement of the IP30. We will continue to update the market as results become available.”

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

About Beetaloo Joint Venture (“BJV”) (EP 76, 98 and 117)

About Tamboran B2 Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran B2 Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP.

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the 10 stage stimulation program; commencement of 30-day initial production (IP30) testing in mid-December 2023 subject to timing of gas breakthrough, expectations to release IP30 flow rates in Q1 2024; proof of commercial flow rates as measured over the IP30 day period and which Falcon estimates to be 1.5 MMcf/d over the 500 metre horizontal section (3.0 MMcf/d normalised over 1,000 metres) or greater will allow us to progress the sanctioning of the proposed 40 MMcf/d pilot project at Shenandoah South during the first half of 2024. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon”)

Beetaloo Operational Update

27 November 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the commencement of stimulation activities at the Shenandoah South 1H (“SS1H”) well in EP117 which is operated by Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran B2 Pty Limited.

Details are as follows:

• The planned program, to be conducted by Condor Energy Service, includes 10 stimulation stages within the Amungee Member B-shale over a 500-metre horizontal section of SS1H. The stimulation operation is expected to be completed in December 2023.
• On completion of the stimulation campaign, production tubing will be installed ahead of expected flowback of stimulation fluid and gas breakthrough.
• The stimulation program incorporates lessons learned from the joint venture’s Amungee NW-2H well in EP98 and the Tanumbirini wells in Santos operated EP161. This includes an increase in hydraulic horsepower and higher well design pressures to increase effectiveness of stimulation treatments and fluid conditioning methodologies to decrease the risk of skin damage.
• Diagnostic fracture injection test (“DFIT”) results have already demonstrated an over-pressured regime at the Shenandoah South location, with a pore pressure gradient of at least 0.54 psi /ft. This is in line with results demonstrated at the Tanumbirini well (0.51 – 0.56 psi/ft), providing confidence on the ability to replicate or exceed the commercial flow rates achieved at the Tanumbirini location.
• Current expectations are to release 30-day initial production (IP30) flow rates in Q1 2024, subject to weather conditions and the timing to flow back stimulation fluid to achieve gas breakthrough.
• Results from the SS1H well are a key deliverable that will support the sanctioning of the joint venture’s proposed 40 million cubic feet per day (MMcf/d) pilot project at Shenandoah South.

Philip O’Quigley, CEO of Falcon commented:

“We look forward to this phase of operations in the Beetaloo with the stimulation and extended production testing of SS1H with the planned program incorporating the lessons from previous programs including Amungee NW-2H and with the DFIT results providing confidence on the ability to achieve commercial flow rates. We will continue to update the market as results become available.”

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

 Diagnostic Fracture Injection Test

The DFIT was conducted on 6 October 2023 after the casing and cement integrity was verified suitable for hydraulic fracturing operations. A DFIT is a widely accepted industry technique used to analyse geo-mechanical and reservoir properties.

The process involves injecting a low volume of fluid down the wellbore to breakdown the formation, creating a small initial fracture, allowing for the pressure behaviour after injection to be monitored.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

About Beetaloo Joint Venture (“BJV”) (EP 76, 98 and 117)

 About Tamboran B2 Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran B2 Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP.

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the planned 10 stage stimulation program; the stimulation stages are expected to be completed in December 2023; expected flowback of stimulation fluid and gas breakthrough following production tubing; DFIT results providing confidence on the ability to replicate or exceed the commercial flow rates achieved at the Tanumbirini location; current expectations for IP30 flow rates in Q1 2024, subject to weather conditions and the timing to flow back stimulation fluid to achieve gas breakthrough; and results from the SS1H well being a key deliverable that will support the sanctioning of the joint venture’s proposed 40 MMcf/d pilot project at Shenandoah South. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon”)

Beetaloo Operational Update

30 October 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to provide an operational update on  the Shenandoah South 1H (“SS1H”) well in EP117 which is operated by Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.

Details are as follows:

• A diagnostic fracture injection test (“DFIT”) of the Amungee Member B-shale on the SS1H well was conducted to analyse geo-mechanical and reservoir properties, with results verified by third-party subsurface experts, Subsurface Dynamics, Inc.
• Formation pressures at SS1H were monitored for over 20 days and analysed to provide a pore pressure prediction for the area.
• DFIT results have demonstrated an over pressured regime, with a pore pressure gradient of at least 0.54 pounds per square inch (psi) per foot, which is consistent with an over pressured regime observed in the core area of the Marcellus shale. In addition, this result provides confidence that the upcoming flow test of the SS-1H well can replicate or exceed commercial flow tests achieved at the Santos-operated Tanumbirini 2H and Tanumbirini 3H wells (0.51 – 0.56 psi per foot) in the EP 161 acreage.
• Condor Energy Services have commenced the mobilisation of stimulation equipment to the SS1H well pad ahead of the planned 10 stage stimulation program in November 2023. IP30 flow rate results are anticipated to be released in early Q1 2024, subject to the timing of stimulation fluid flow back.
• On successful flow testing of SS1H, the Beetaloo Joint Venture (“BJV”) expect to be in a position to sanction a proposed pilot development in the Shenandoah South region.

Philip O’Quigley, CEO of Falcon commented:

“With the DFIT results along with log analysis providing confidence, we look forward to the next phase of operations in the Beetaloo with the stimulation and extended production testing of SS1H commencing in November. We will continue to update the market as results become available.”

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG. 

Diagnostic Fracture Injection Test

The DFIT was conducted on 6 October 2023 after the casing and cement integrity was verified suitable for hydraulic fracturing operations. A DFIT is a widely accepted industry technique used to analyse geo-mechanical and reservoir properties.

The process involves injecting a low volume of fluid down the wellbore to breakdown the formation, creating a small initial fracture, allowing for the pressure behaviour after injection to be monitored.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

About Beetaloo Joint Venture (“BJV”) (EP 76, 98 and 117)

About Tamboran (B2) Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP.

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the conducted DFIT; the analysis of formation pressures providing a pore pressure prediction for the area; DFIT results have demonstrated an over pressured regime, with a pore pressure gradient of at least 0.54 pounds per square inch (psi) per foot, which is consistent with an over pressured regime observed in the core area of the Marcellus shale; result provides confidence that the upcoming flow test of the SS-1H well can replicate or exceed commercial flow tests achieved at the Santos-operated Tanumbirini 2H and Tanumbirini 3H wells (0.51 – 0.56 psi per foot) in the EP 161 acreage; planned 10 stage stimulation program at SS1H in November 2023; IP30 flow rates anticipated to be released in early Q1 2024, subject to timing of stimulation fluid flow back; and on successful flow testing of SS1H, the BJV expecting to be in a position to sanction a proposed pilot development in the Shenandoah South region. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon”)

Operational Update including the Successful Drilling of Amungee NW 3H Horizontal Well

 16 October 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that drilling operations on the Amungee NW 3H (“A3H”) well in EP98 have been successfully completed with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.

Details of operations are as follows:

• The A3H well was drilled, cased and cemented to a total measured depth (“TD”) of 3,837 metres, including a horizontal section of 1,100 metres in the Amungee Member B-shale.
• The well intersected the Amungee Member B-shale at a total vertical depth (“TVD”) of 2,272 metres and encountered significant gas shows, in line with pre-drill expectations.
• Drilling took 17.9 days, at an average rate of 214 metres per day, and at 20 days faster than the Amungee 2H (“A2H”) well, the Helmerich & Payne, Inc. (H&P), (NYSE: HP), super-spec FlexRig® Flex 3 Rig delivered the anticipated drilling efficiencies.
• A stimulation program is planned for the second quarter of 2024, following the Northern Territory wet season.
• Total costs for the drilling and cementing of the A3H well was A$12.6 million. Cost reductions of A$1.8 million compared to A2H, demonstrates the application of learnings from previously drilled wells and the improvement in drilling technology with the H&P super-spec FlexRig® Flex 3 Rig.

Shenandoah South 1H (“SS1H”) Update

Stimulation activities for the SS1H well in EP117 are on track to commence in November 2023 with IP30 flow rates anticipated in early 2024.

Appointment of Tennyson Securities

Falcon is pleased to announce the appointment of Tennyson Securities as joint broker, alongside Cavendish Securities Plc (“Cavendish”) Falcon’s current broker. Cavendish will continue as Falcon’s nominated advisor.

Philip O’Quigley, CEO of Falcon commented:

“We are delighted to have successfully completed the A3H horizontal well section and are very encouraged by the drilling days achieved by H&P in reaching TD at A3H and the cost reductions recorded relative to A2H.  We now look forward to the next phase of operations in the Beetaloo with the stimulation and extended production testing of SS1H commencing in November. We will continue to update the market as results become available.”

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

 About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

About Tamboran (B2) Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP.

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the TD and TVD reached; the stimulation program planned for the A3H well for the second quarter of 2024 and stimulation activities for the SS1H well expected to commence in November 2023 with flow rates anticipated for early 2024. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon”)

Spudding of Amungee NW-3H in Exploration Permit 98

25 September  2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the spudding of the Amungee NW-3H (“A3H”) horizontal well in exploration permit 98 with a H&P (Helmerich & Payne) super-spec FlexRig® Flex 3 Rig in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited (“Tamboran B2”).

The A3H well is the second of the two well programme in 2023 and will target the Amungee Member B-Shale at an estimated depth of 2,450 metres TVD (total vertical depth). The A3H well is located on the same well pad as the Amungee NW-2H well in exploration permit (“EP”) 98 and is approximately 60 kilometres north of the Shenandoah South 1H well (“SS1H”)  that we completed the drilling of last week.

Drilling activity is expected to take approximately 25 days, including a 1,000-metre horizontal section. A stimulation program is planned for the second quarter of 2024, following the end of the Northern Territory wet season.

Falcon will participate in the A3H well at its full participating interest of 22.5% which, under the terms of the  Joint Operating Agreement, will create a drilling spacing unit (“DSU”) of 20,480 acres.

Philip O’Quigley, CEO of Falcon commented:

“The spudding of the A3H horizontal well, just a week after drilling the SS1H well , is an exciting acceleration in the appraisal of the Beetaloo Sub-basin. We are confident that learnings and results from the previous two Amungee wells drilled in EP 98, together with the drilling of the SS1H well will have a positive impact on the outcome of the results from this A3H well. Preparations for the stimulation program of the SS1H well are ongoing and we look forward to updating the market in due course as soon as those operations commence.”

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

Drilling Spacing Unit (“DSU”)

Under the latest executed Joint Operating Agreement, any well in a new area creates a DSU (formerly referred to as a pro-ration unit). The size of the DSU varies depending on a) the type and length of the well to be drilled and b) whether or not the well is a “commitment well” under the terms of the exploration permit. Given that A3H is a commitment well on EP 98 to satisfy permit requirements to the Northern Territory government, the DSU created is approximately 4 times that of other wells. Wells which are not commitment wells creating a new DSU will be a maximum of 6,400 acres.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

About Tamboran (B2) Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP.

Tamboran Resources Limited (“Tamboran”), is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the spudding of A3H, targeting an estimated depth of 2,450 metres TVD (total vertical depth); drilling activity is expected to take approximately 25 days, including a 1,000-metre horizontal section; and a stimulation program is planned for the second quarter of 2024, following the end of the Northern Territory wet season. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon”)

Successful Drilling of Shenandoah South 1H Horizontal Well

 18 September  2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that drilling operations on the Shenandoah South 1H (“SS1H”) well have been successfully completed with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.

The well has been drilled to a total measured depth (“TD”) of 4,300 metres, including a horizontal section over 1,074m in length in the Amungee Member B-shale, with casing and cementing also complete.

As noted previously for SS1H:

• Logging of the Amungee Member B-shale formation indicates potentially higher porosity and gas saturation relative to other wells drilled targeting the same formation.
• Initial evaluation confirms reservoir continuity of the Amungee Member B-shale over 150 kilometres between Amungee NW-2H (“A2H”) and Beetaloo W-1 wells. This includes a target development area of approximately 1 million acres where the shale depth exceeds 2,700 metres.
• A stimulation program of up to 10 stages over a 500-metre section is planned to commence in the fourth quarter of 2023.

The Helmerich & Payne (NYSE: HP) super spec FlexRig® Flex 3 rig will now be mobilised to the Amungee NW-3H (“A3H”) well site which will be drilled from the same pad as A2H.  The A3H well is the second of the two well programme in 2023 and will target the Amungee Member B-Shale at an estimated depth of 2,450 metres TVD (total vertical depth), with spudding of the well expected by the end of September 2023. Falcon Australia will participate at its full 22.5% interest.

Philip O’Quigley, CEO of Falcon commented:

“We are delighted to have successfully completed the SS1H horizontal well section and we now look forward to the next phase of operations with the stimulation and extended production testing of the well.  We will continue to update the market as results become available.”

NOMAD Name Change

The Company announces that its nominated adviser (NOMAD) and broker has changed its name from Cenkos Securities plc to Cavendish Securities plc following completion of its own corporate merger.

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com.

About Tamboran (B2) Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP.

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the TD reached; intersecting approximately 90 metres of the Amungee Member B shale represents the thickest section seen in the Beetaloo Sub-basin to date; logging of the formation indicates potentially higher porosity and gas saturation relative to other wells drilled targeting the same formation; initial evaluation confirming reservoir continuity of the Amungee Member B-shale over 150 kilometres between A2H and Beetaloo W-1 wells including a target development area of approximately 1 million acres where the shale depth exceeds 2,700 metres; and commencing a stimulation program of up to 10 stages over a 500-metre section, which is planned for Q4  2023; A3H well will target the Amungee Member B-Shale at an estimated target depth of 2,450 metres, with spudding of the well expected in September 2023. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon” or “Company”)

Operational Update – Shenandoah South 1H

30 August 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the Shenandoah South 1H (“SS1H”) pilot hole in exploration permit 117 has reached a total vertical depth (“TVD”) of 3,300 metres, intersecting approximately 90 metres of the Amungee Member B-shale with strong dry gas shows.

Points to note:

• The 90 metres of the Amungee Member B-shale intersected represents the thickest section seen in the Beetaloo Sub-basin depocenter to date.
• The Helmerich & Payne (NYSE: HP) super spec FlexRig® Flex 3 rig reached TVD in 21.5 days, drilling at 153 metres per day. This is a new record for wells drilled below 3,000 metres in the Beetaloo Sub-basin.
• Logging of the Amungee Member B-shale formation indicates potentially higher porosity and gas saturation relative to offset wells.
• Initial evaluation confirms reservoir continuity of the Amungee Member B-shale over 150 kilometres between Amungee NW-2H and Beetaloo W-1 wells. This includes a target development area of approximately 1 million acres where the shale depth exceeds 2,700 metres.
• Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited will commence a 1,000-metre horizontal section within the shale formation ahead of a stimulation program of up to 10 stages over a 500-metre section, which is planned for Q4 2023.

Philip O’Quigley, Falcon’s CEO, commented:

“Reaching TVD of 3,300 metres on the SS1H well in just 21.5 days is a great first step in the current year work programme. The preliminary results to date are all very promising as we commence the horizontal section before moving to the stimulation programme in Q4 2023. We will continue to update the market on progress made.”

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

 About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Tamboran (B2) Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP.

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the TVD reached; intersecting approximately 90 metres of the Amungee Member B-shale represents the thickest section seen in the Beetaloo Sub-basin to date; logging of the formation indicates potentially higher porosity and gas saturation relative to offset wells; initial evaluation confirming reservoir continuity of the Amungee Member B-shale over 150 kilometres between Amungee NW-2H and Beetaloo W-1 wells including a target development area of approximately 1 million acres where the shale depth exceeds 2,700 metres; and commencing a 1,000-metre horizontal section within the shale formation ahead of a stimulation program of up to 10 stages over a 500-metre section, which is planned for Q4 2023. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon” or “Company”)

Spudding of Shenandoah South 1H in Exploration Permit 117

 01 August 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the spudding of the Shenandoah South 1H (“SS1H”) horizontal well in exploration permit 117 with a H&P (Helmerich & Payne) super-spec FlexRig® Flex 3 Rig in the Beetaloo Sub-Basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited (“Tamboran B2”).

The SS1H well, which will include a horizontal section of approximately 1,000 meters, will target the Amungee Member B-shale at an estimated target depth of 3,200 metres (approximately 700 metres deeper than the Amungee NW-2H (“A2H”) well in EP 98).

The SS1H well, which is the first of two horizontal wells to be drilled in 2023 is located approximately 60 kilometres south of the A2H well site. The deeper reservoir in this area of the basin is expected to deliver higher pressures, based on data from the two Santos-operated Tanumbirini wells in EP 161.

Falcon will participate in the SS1H well at its full participating interest of 22.5% which, under the terms of the  Joint Operating Agreement, will create a drilling spacing unit (“DSU”) of 20,480 acres.

Falcon remains fully funded for its share of all costs associated with the drilling and testing of the SS1H well.

Philip O’Quigley, Falcon’s CEO, commented:

 “The spudding of the SS1H horizontal well, which is the first of the planned two horizontal wells to be drilled in 2023, is an exciting next step in the appraisal of the Beetaloo Sub-Basin. We are confident that learnings and results from the previous two Amungee wells drilled in EP 98, together with the two Santos operated Tanumbirini wells drilled in EP 161 will have a positive impact on the outcome of the results from this SS1H well.”

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

Drilling Spacing Unit (“DSU”)

Under the latest executed Joint Operating Agreement, any well in a new area creates a DSU (formerly referred to as a pro-ration unit). The size of the DSU varies depending on a) the type and length of the well to be drilled and b) whether or not the well is a “commitment well” under the terms of the exploration permit. Given that SS1H is a commitment well on EP 117 to satisfy permit requirements to the Northern Territory government, the DSU created is approximately 4 times that of other wells. Wells which are not commitment wells creating a new DSU will be a maximum of 6,400 acres.

 About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

 About Tamboran B2 Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran B2 Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP.

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience that in successfully commercialising unconventional shale in North America.

 Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the H&P rig, a two well programme in 2023, the estimated target depth of the SS1 well and the assumption that the deeper reservoir is expected to deliver high pressures. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon” or “Company”)

 Beetaloo Operational Update

24 July 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to provide an update on operations as the Company prepares to drill the Shenandoah South 1H (“SS1H”) well in the Beetaloo Sub-Basin, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.

• The H&P (Helmerich & Payne) rig has been successfully mobilised to the SS1H well pad location, in exploration permit 117, ahead of drilling the first of a two well programme in 2023.
• Drilling of the SS1H well is expected to commence in early August 2023, subject to final joint venture approval, with drilling operations expected to take approximately 45 days.
• The SS1H well will target the Amungee Member B-shale at an estimated target depth of 3,200 metres, (approximately 700 metres deeper than the Amungee NW-2H (“A2H”) well in EP 98).
• The SS1H well will be located approximately 60 kilometres south of the A2H well site. The deeper reservoir is expected to deliver higher pressures, based on data from the two Santos-operated Tanumbirini wells in EP 161.

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Tamboran B2 Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran B2 Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP (Sheffield).

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience that in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the H&P mobilisation, a two well programme in 2023, the estimated target depth of the SS1 well and the assumption that the deeper reservoir is expected to deliver high pressures. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com, including under “Risk Factors” in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Falcon Oil & Gas Ltd.

(“Falcon” or “Company”)

 Amungee NW-2H Well Update

22 June 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides the following update on operations at the Amungee NW-2H (“A2H”) in the Beetaloo Sub-Basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited (“Tamboran”), collectively the joint venture (“JV”).

Background

In December 2022 the A2H well was drilled to a total depth (TD) of 3,883 metres, including a 1,275-metre horizontal section within the Amungee Member B Shale, with a 25-stage stimulation programme completed across a 1,020 metre horizontal section in March 2023. Operations to install production tubing were completed in late-April 2023 and the well was subsequently re-opened in preparation for production flow testing. This is only the sixth well drilled and fracture stimulated in the Beetaloo Sub-basin to date.

Update on Flow Testing 

• The A2H well achieved gas breakthrough, however, modelling and independent third-party analysis from a US laboratory identified a potential skin inhibiting the flow of gas from the stimulated shale. Despite this, the gas has flowed at an average rate of 0.97 mmcf/d over 50 days with circa 10% of the water used in the simulation programme recovered to date, well below other wells in the basin.
• The JV believe flows from the well are yet to establish an uninhibited 30-day initial production rate.
• The well is currently producing approximately 0.83 mmcf/d and water recovery is approximately 50 bbl/d with cumulative gas production and water recovery of 52.37 mmcf and 17,879 bbl, respectively.
• The hydrocarbon phases recovered are dry gas with 90.4% methane and9% ethane.
• The JV believes the results are not indicative of the underlying production potential of the Amungee Member B Shale as the Amungee NW-1H well (“A1H”) achieved flow rates of >5 mmcf/d over a normalised 1,000 metres from the same well pad in 2021. Comparative details are included in the table below:

• Results from the laboratory will continue to test fluid samples to determine how the JV can potentially clean-up potential skin within the A2H well and apply learnings going forward on future completion operations. Updates to the market will be provided as further results and conclusions become available.
• Analysis is also being conducted to compare the completion and stimulation design of the A2H well and the A1H fracture stimulation in 2016, which had a production logging test completed in 2021, to establish the optimum approach to future completion and fracture stimulation

Forward Work Programme

The JV partners will continue to focus on interpreting the results to date and completing the test and analysis work, to determine if there is clean-up work that can be carried out on the A2H well in Q3 2023.

The JV is also considering undertaking a two well drilling programme in the second half of this year which, once formally approved by the JV, will include drilling a well at Shenandoah South (“SS1H”) in exploration permit 117, 60 kilometres south of A2H (from the same pad Kyalla 117 N2-1H ST2  was drilled) in Q3 2023 targeting deeper acreage in the JV exploration permits followed by drilling Amungee 3H (“A3H”), a well in close proximity to the existing two Amungee wells.

Further details will be announced to the market once the JV has formally approved the work program.

Philip O’Quigley, Falcon’s CEO, commented:

“Initial flow rates demonstrated from the A2H well to date do not reflect the true deliverability of the shale in the Amungee region. Being the sixth well drilled and stimulated within the Amungee member within the Beetaloo Sub-basin, we continue to learn from how the shale is stimulated and performs under varying conditions. Further analysis of all available data together with any clean-up work will hopefully yield more positive interpretation of the results obtained to date.

 We look forward to being able to use all the learnings from this A2H well and other work conducted in the Beetaloo Sub-basin to date in order to allow the JV to design a modified drilling and completion programme for the proposed upcoming two-well drilling program which hopefully will deliver a successful outcome for our shareholders.

 Falcon remains in a very strong financial position with circa US$16 million in cash and remains carried for costs at this time.”

This announcement contains inside information.

Ends.

CONTACT DETAILS:

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Tamboran B2 Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran B2 Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP (Sheffield).

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO₂ gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience that in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Glossary

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes.  In particular, forward-looking information in this press release includes, but is not limited to, information relating to the completion of the stimulation programme,  the execution of the fracture stimulation of the A2H well, the prospectivity of the Amungee Member/Middle Velkerri play and the JV believing the results are not indicative of the underlying production potential of the Amungee Member B Shale, the JV working with laboratories on fluid samples to determine how the JV can potentially clean-up potential skin with the A2H well and apply learnings going forward, analysis to compare the completion and stimulation design of the A2H well and the A1H fracture stimulation in 2016, to establish the optimum approach to future completion and fracture stimulation designs, JV believing flows from the well are yet to establish an uninhibited 30-day initial production rate, the JV considering a two well drilling programme at Shenandoah South and Amungee 3. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.  Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com, including under “Risk Factors” in the Annual Information Form.

Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and are not necessarily indicative of long-term performance or ultimate recovery. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.