News

Falcon Oil & Gas Ltd.

(“Falcon” or “Company”)

 Binding Letter of Intent Executed with New Joint Venture Partner 

11 October 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that its c.98% owned subsidiary, Falcon Oil & Gas Australia Limited (“Falcon Australia”),  has entered into a binding Letter of Intent (“LOI”) with Tamboran (B1) Pty Limited (“Tamboran”), a joint venture between Sheffield Holdings LP and Tamboran Resources Limited, pursuant to which the parties have agreed to amend the terms of the Joint Operating Agreement (“JOA”) and the Farm-In Agreement (“FIA”), each dated 2 May 2014 (as amended), entered into with Origin Energy B2 Pty Ltd (“Origin”) in respect of Falcon Australia’s interest in the Beetaloo Sub-Basin exploration permits.

The Board believes that the proposed amendments to the FIA and JOA will significantly improve Falcon’s future capital preservation and optionality. The key terms of the LOI provide for:

• Falcon Australia to earn an additional carry on future well costs of up to AU$30m (AU$6.75m net to Falcon Australia);
• the introduction of limited proration units on sole risk operations to a maximum of 6,400 acres per well, providing Falcon Australia with participation optionality on the drilling of future wells;
• the sharing of well data on any sole risked wells, providing Falcon Australia with visibility on crucial data and analysis even where it elects not to participate; and
• pre-emptive rights in relation to Origin’s divestment of its 77.5% interest in the Beetaloo Sub-basin announced on 19 September 2022 are not to be exercised by Falcon Australia and all pre-emptive and similar rights are to be removed from the JOA, providing Falcon Australia with greater flexibility for realisation of licence interests.

The parties will now proceed to negotiate and agree fully termed amendments to the JOA and the FIA reflecting the terms of the LOI.

Drilling of the first of the two Stage 3 wells will commence shortly with Falcon Australia still benefiting financially from the remainder of the carry under the existing FIA and JOA with Origin.

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

“Falcon Australia welcomes its new JV partners, Sheffield Holdings and Tamboran Resources. While our immediate focus is on the two Stage 3 Amungee wells, we are really excited about the future pace of development of the Beetaloo. The proposed amendments to the FIA and JOA puts Falcon in a very strong position going forward creating optionality for our shareholders in terms of the level of participation in any future appraisal and development drilling. Each future well drilled in the Beetaloo basin play further de-risks the play and, as a result of the proposed changes contemplated by the LOI, Falcon can tailor its participation to best preserve its capital while at the same time maximising its optionality.”

 Investor Meet Q&A

Falcon will provide a live Investor Q&A with Philip O’Quigley via the Investor Meet Company platform today, 11 October 2022 at 10:00am BST.

The presentation is open to all existing and potential shareholders, and questions can be submitted at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet Falcon Oil & Gas Ltd. via:

https://www.investormeetcompany.com/falcon-oil-gas-ltd/register-investor

Investors who already follow Falcon Oil & Gas Ltd. on the Investor Meet Company platform will automatically be invited.

A recording of the presentation will be made available on the Investor Meet Company platform and the Company’s website later today.

This contains inside information.

Ends.

CONTACT DETAILS:

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 (B1) Pty Limited

Tamboran (B1) Pty Limited is a 50:50 joint venture between Tamboran Resources Limited and Sheffield Holdings, LP.

Tamboran Resources Limited, founded in 2009, is a public natural gas company listed on the ASX (TBN) and OTC markets (TBNNY). It  has a vision of supporting the net zero CO₂ energy transition in Australia and Asia-Pacific through developing low CO₂ unconventional gas resources in the Northern Territory of Australia. It is headquartered in Sydney, Australia with a global management team leveraging a significant depth of experience in the successful commercialisation of unconventional gas throughout North America. The team brings a wealth of knowledge, including modern shale reservoir assessment, as well as cutting-edge drilling and completion design technology.

Bryan Sheffield of Sheffield Holdings 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 of terms

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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “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 letter of intent executed, proposed amendments to the JOA and FIA, limited proration units on sole risk operations providing future participation optionality and future sole risk operations and information relating to the Company’s drilling program. 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”)

Origin Energy Announces Divestment of Beetaloo Sub-Basin Interests

 19 September 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) (“Falcon” or the “Company”) notes the media release issued today by its c. 98% subsidiary, Falcon Oil & Gas Australia Limited’s  joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited (“Origin”) relating to the divestment of their 77.5% interest in the Beetaloo Sub-basin exploration permits.

Under the terms of the Joint Operating Agreement entered into with Origin and announced on 2 May 2014 (as amended), Falcon Australia has a right of first refusal which allows it to notify Origin (within 30 days of any proposed change of control) of Falcon’s intention to acquire Origin’s 77.5% interest in the Beetaloo joint venture. The Board is reserving its legal position in respect of those rights. In the event that the Company seeks to exercise its rights under the Joint Operating Agreement, this would be classified as a reverse takeover pursuant to Rule 14 of the AIM Rules for Companies. The Board will now consider the impact of the decision by Origin on Falcon and will then decide what, if any, actions it intends to take. There is no guarantee that the Company will exercise such rights or that any transaction will occur.

Further information will be disclosed in due course.

Ends.

CONTACT DETAILS:

 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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin”) are joint venture partners in respect of the Beetaloo project.

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

 About Origin

Origin is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

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.

 Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that 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.

Falcon Oil & Gas Ltd.

(“Falcon”)

 Operational Update – Beetaloo Sub-Basin

 04 May 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to provide an operational update on the Stage 3 work programme in the Beetaloo Sub-Basin, Northern Territory, Australia with its joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited (“Origin”).

As noted in Falcon’s press release published on 25 January 2022, this year will see Falcon and Origin progressing to the Stage 3 work programme of the restated Farm-Out Agreement. Following discussions with Origin, in order to maximise the impact of Stage 3 operations the joint venture has agreed to modify the Stage 3 programme announced previously, which will now include a step out location for one well.

Stage 3 Planned Work Programme includes:

• Acquisition of a 58km line of high spec 2D seismic on the Amungee NW-1H well lease area;
• Drilling one ~1,000 metre horizontal well on the Amungee NW-1H pad, targeting the Amungee Member (formerly knowns as the Middle Velkerri) B Shale;
• Step out location approx. 10km from the Amungee NW-1H pad, drilling a vertical pilot and a ~1,000 metre horizontal well also targeting the Amungee Member B shale;
• 15 stage fracture stimulation on both horizontal wells;
• Extended production testing of between 90 and 180 days on each well;
• As previously announced there will also be:
  • follow up core and log analysis of the very encouraging preliminary evaluation of the 2021 Velkerri 76 well results; and
  • further evaluation of the results of the Kyalla 117 N2-1H well to better understand the issues encountered during testing in 2021.

Stage 3 Drilling and 3D Programme Objectives:

• The primary objective of the two wells is to:
  • Obtain a production rate over the first 30 days of between 2-3 MMscf/d to support a multi-well pilot programme in 2023/24.

• Secondary objectives for the Stage 3 programme are to:
  • Achieve a drill duration of less than 45 days;
  • Characterise natural fracture network and complexity; and
  • Integrate well data with seismic data and assess merits of future 3D seismic surveys in the Beetaloo.

 Philip O’Quigley (CEO of Falcon) commented:

“This is an extremely important period for the Beetaloo Sub-Basin and Falcon believes the modified work programme which now includes a step out location will provide further valuable evidence and help accelerate the programme towards a multi-well pilot programme in CY23/24.

The 2021 EPT and PLT at Amungee NW-1H provided a line of sight to achieving initial production rates in the range of 3+ MMscf/d per 1,000 metre laterals from the Amungee Member B Shale. Together with the large contiguous acreage position offering significant running room, the stacked prospective Amungee Member shale targets with multiple landing zones, and the proximity to the northern flank to integrate future wet gas play support a route to commerciality.

We will continue to update the market on this high-impact and extensive Stage 3 programme over the coming months.”

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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin”) are joint venture partners in respect of the Beetaloo project.

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

 About Origin

Origin is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “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 normalised gas flow rates at the Amungee NW-1H well, the Stage 3 work programme, comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo Sub-basin Australia, the prospectivity of the Amungee Member/Middle Velkerri play and the prospect of the exploration programme being brought to commerciality and a pilot development in 2023 and the potential CY23/24 appraisal programme. 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.

Advisory regarding oil and gas information

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 decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, 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.

Falcon Oil & Gas Ltd.

(“Falcon” or the “Company”)

 US$10 million Private Placement with US Strategic Investor

And

US$6 million Acquisition of Overriding Royalty Interest

 NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

 31 March 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that it has received a subscription from Sheffield Holdings LP (“Sheffield”) for a US$10 million private placement through the issue of 62,500,000 Common Shares (“the Placing Shares”) at a price of CAD$0.20 per share (“the Placing”). Following the placement Sheffield will hold a total of 90,443,607 Common Shares of Falcon, representing 8.66% of Falcon’s issued and outstanding Common Shares.

Falcon Oil & Gas Australia Limited (“Falcon Australia”) has also agreed to grant Sheffield a 2% overriding royalty interest (“ORRI”) over Falcon Australia’s 22.5% working interest in the Beetaloo Sub-Basin exploration permits in return for a cash payment of US$6 million. The 2% ORRI is being granted to Sheffield calculated on equal economic terms as the existing 3% ORRI with the TOG Group. The cash proceeds of US$6 million  will be used to exercise Falcon Australia’s call option to reduce the existing ORRI with the TOG group from 3% to 1%, which is expected to take place before 30 April 2022. The assets subject to the ORRI are not currently revenue generating and there are no profits or losses attributable to them. These changes to the ORRI’s, will be submitted to the Northern Territory Government, Australia for registration.

Details of the Placing

The completion of the Placing is subject to approval of the TSX Venture Exchange. A further update on Admission will be provided in due course. The Placing Shares will not trade on the TSX Venture Exchange Market until the date that is four months and a day after the day of issuance. The Company’s total issued share capital following Admission will be 1,044,347,425 Common Shares. The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this Announcement this inside information is now considered to be within the public domain.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United State or to, of for the account or benefit of, U.S. persons absent registrations or an applicable exemption from the  registration  requirements. This  press  release  shall  not  constitute  an  offer  to  sell  or  the solicitation of an offer to buy nor shall there be any sale of the securities in which such offer, solicitation or sale would be unlawful.

Use of Funds

The Placing will add US$10 million to the Company’s cash balance of US$8.4 million as at 28 February 2022, which leaves Falcon in a strong financial position well ahead of future decisions on the Beetaloo project.

Philip O’Quigley (CEO of Falcon) commented:

“Falcon is very pleased that Bryan Sheffield of Sheffield Holdings LP has increased his strategic stake in the Company at this time. Bryan 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.”

Bryan Sheffield of Sheffield Holdings LP commented:

‘‘Falcon and its partner have the largest acreage (4.6 million acres) position centred over the Beetaloo Sub-Basin.  The Beetaloo is emerging as a world class shale gas basin with stacked pay potential from several shale intervals. Flow tests from the B Shale of the Amungee Member have confirmed a productive dry gas system in place. Geologic and engineering data from test wells across the Sub- basin have similar properties to some of the highly successful shale gas plays in the United States. The Beetaloo Sub-Basin is still in the exploration and appraisal phase, but with continued good well results, Falcon is well positioned to become a key supplier of low carbon energy to Australia and to the world within a few short years. I am delighted to have this opportunity to acquire a significant interest in Falcon and gain exposure to their net 1 million acres in what may become one of the biggest shale plays in the world.’’

 Ends.

CONTACT DETAILS:

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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin Energy”) are joint venture partners in respect of the Beetaloo project.

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

Glossary of terms

 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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “support” 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, comments made with respect to the private placement and overriding royalty, the anticipated completion of such transactions and the use of proceeds therefrom and the development of the Beetaloo project by the Company and its joint venture partner. 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 assumptions regarding all necessary regulatory approvals relating to the proposed transactions being obtained; 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”)

Planned Stage 3 Work Programme – Beetaloo Sub-Basin 

25 January 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to provide details of the Stage 3 work programme in the Beetaloo Sub-Basin, Northern Territory, Australia with its joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited (“Origin”).

2022 will see Falcon and Origin progressing to the Stage 3 work programme of the restated Farm-Out Agreement. , which will include  the drilling, fracture stimulation and extended production test of two horizontal wells.

Stage 3 Planned Work Programme includes:

• acquisition of 40 km² of 3D seismic survey on the Amungee NW-1H well lease area;
• drilling two 2,000+ metre horizontal wells on the Amungee NW-1H pad, targeting the Amungee Member (formerly knowns as the Middle Velkerri) B Shale;
• fracture stimulation of both horizontal wells;
• extended production testing of between 90 and 180 days on each well;
• follow up core and log analysis of the very encouraging preliminary evaluation of the 2021 Velkerri 76 well results; and
• further evaluation of the results of the Kyalla 117 N2-1H well to better understand the issues encountered during testing in 2021.

Stage 3 Drilling and 3D Programme Objectives

• The acquisition and interpretation of 3D seismic will be used to:
  • plan the drilling of the 2022 wells and any future horizontal wells in the area;
  • optimise horizontal well trajectories; and
  • assess the viability of future 3D surveys in the Basin.
• The two horizontal wells are being designed to:
  • demonstrate scalability of the Amungee NW-1H results over longer laterals; and
  • establish operational and cost efficiencies by drilling more than one well from the same pad.

Philip O’Quigley (CEO of Falcon) commented:

“This is an extremely important period for the Beetaloo Sub-Basin and we are delighted to have confirmed a high-impact, extensive and really exciting work programme for the joint venture.

We will be focusing our attention on the Amungee Member B Shale, following the 2021 results at Amungee NW-1H, which suggested a normalised gas flow rate equivalent to around 5,000 Mscf/d per 1,000m of horizontal section; a potentially commercial flow rate. Falcon remains largely (circa 75%) carried for 2022, with the balance of costs being funded from existing resources. Positive results here will provide a further line of sight to the commercialisation of the Beetaloo and could lead to a pilot development program in 2023. Confirmation on the commencement  on the Stage 3 work programme will be provided in the coming months as scheduling is refined.

In addition to our own acreage, we also look forward to the gas flow results from the current testing of two wells in the neighbouring Santos-operated EP 161, also targeting the Amungee Member dry gas play. We expect these results to be communicated to the market shortly and believe that these will prove to be another important moment for the nationally significant Beetaloo Sub-Basin.”

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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin”) are joint venture partners in respect of the Beetaloo project.

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

 About Origin

Origin is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

3D                           Three dimensional

EP                            Exploration permit

km²                         Square kilometre

LNG                        Liquefied natural gas

Mscf/d                   Thousand standard cubic feet per day

MW                        Megawatt

TCF                          Trillion cubic feet

 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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” 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 normalised gas flow rates at the Amungee NW-1H well, the Stage 3work programme, , comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo Sub-basin Australia, the prospectivity of the Amungee Member/Middle Velkerri play and the prospect of the exploration programme being brought to commerciality and a pilot development in 2023, along with assumptions made on the carry available for costs to be incurred in 2022 and the balance being funded from existing resources. 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.

Advisory regarding oil and gas information

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 decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, 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.

Falcon Oil & Gas Ltd.

(“Falcon” or the “Company”)

 Preliminary Petrophysics and Mud Gas Composition from Velkerri 76 S2-1 Well

 12 November 2021 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to provide details on the preliminary petrophysical interpretation and mud gas composition data from the Velkerri 76 S2-1 vertical appraisal well (“Velkerri 76”) in the Beetaloo Sub-Basin, Northern Territory, Australia with our joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited.

On 15 October 2021, the Company announced that drilling of the Velkerri 76 well had been completed and preliminary evaluation of the results had been very encouraging.

The preliminary petrophysical interpretation of the Velkerri-76 wireline logs has now been carried out, which has confirmed positive indications in particular from the B shale of the Amungee Member (formerly known as the Middle Velkerri). Other intervals within the Amungee Member, also show positive indications, and further analysis will now be undertaken to confirm these results.

The Amungee Member B shale was the principal area of focus with Falcon’s operations at Amungee NW-1H and the results obtained to date compare very favourably to some of the most commercially successful shale plays in North America.  The Amungee Member B shale is also the focus of activities in the neighbouring Santos and Empire Resources operated blocks.

Mud gas composition data also provides evidence that the Amungee Member is within the wet gas maturity window and contains good LPG yields and high heating gas value.

Key information with respect to the preliminary petrophysics and mud gas composition of the Amungee Member B shale are included in the table below:

The results of preliminary petrophysical interpretation confirm:

• The prospectivity of the Amungee Member B shale.
• Reservoir quality of the B shale (TOC, porosity and gross thickness) compares strongly with commercial shale plays in the United States.
• The Velkerri 76 S2-1 well provides yet another robust data point for the joint venture to consider various commercialisation options across its permits.

Additional analysis of the conventional core acquired during the drilling of Velkerri 76 will be required to confirm the preliminary petrophysics interpretation outlined above and will take place over the coming months.

Laboratory analysis of gas samples collected during drilling will be carried out to further refine gas composition data within the Amungee Member shale intervals.

Philip O’Quigley (CEO of Falcon) commented:

“The preliminary petrophysical interpretation of the Velkerri 76 wireline logs is excellent news with the Middle Velkerri B shale comparing favourably to some of the most commercially successful shale plays in North America. These results are further evidence of the increasing significance of the Velkerri play with results still to come from flow testing of two horizontal wells at the neighbouring Santos-operated blocks also targeting the Velkerri play.”

This 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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin Energy”) are joint venture partners in respect of the Beetaloo project.

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

 About Origin Energy

Origin Energy is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “support”, “preliminary” 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, comments made with respect to the results of drilling and the preliminary petrophysics analysis at Velkerri-76, mud gas composition data, drilling in the Amungee Member/Middle Velkerri play, the prospectivity of the Amungee Member/Middle Velkerri play and the prospect of the exploration programme being brought to commerciality. 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 the “Company”)

 Preliminary Results from Velkerri 76 S2-1 Well – Very Encouraging

15 October 2021 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that drilling of the Velkerri 76 S2-1 vertical appraisal well (“Velkerri 76”) has been completed, with the well drilled to a vertical total depth (“TD”) of 2,129 metres in the Beetaloo Sub-Basin, Northern Territory, Australia with our joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited.

Preliminary evaluation of the Velkerri-76 well is very encouraging and confirms:

• The presence of four prospective intervals within the Amungee Member (formerly known as the Middle Velkerri), the A, AB, B and C shales, as established in the Amungee NW-1 / 1H, Beetaloo W-1 and Kalala S-1 wells.
• The continuation of the regionally pervasive Amungee Member within the Velkerri Formation towards the eastern flank of the Beetaloo Sub-Basin approximately 78 kilometres from the Amungee NW-1H and 73 kilometres from the Beetaloo W-1 wells.
• The Amungee Member is likely within the wet gas maturity window as evidenced by mud gas data during drilling.

93 metres of continuous conventional core was acquired in the Velkerri B and AB shales and extensive wireline logging data was collected to enable detailed formation evaluation of the prospective zones within the Amungee Member. The diagnostic fracture injection test (DFIT) is to be carried out shortly and will provide further understanding for future appraisal of the Velkerri wet gas play.

Philip O’Quigley (CEO of Falcon) commented:

“The preliminary drilling results at Velkerri 76, together with the revised normalised gas flow rate equivalent to 5 MMscf/d at Amungee NW-1H announced in September 2021, is really exciting news for Falcon shareholders as attention shifts to future activity in the Beetaloo.

Falcon is in a prime position within the Beetaloo Sub-Basin with significant areal exposure to the Velkerri shales across a range of maturity windows, as established by the results from the 5 wells drilled in the work programme to date.

This further development at Velkerri 76 emphasises the ever growing significance of the Velkerri play.

This is another very encouraging development for the nationally-important Beetaloo Sub-Basin and, with results  to come from flow testing of two horizontal wells at the neighbouring Santos-operated blocks, which are also targeting the Velkerri play, we see now as a key period in the step towards commercialisation of the Beetaloo.”

This 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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin Energy”) are joint venture partners in respect of the Beetaloo project.

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

About Origin Energy

Origin Energy is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “support” 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, comments made with respect to the results of drilling at Velkerri-76, drilling in the Amungee Member/Middle Velkerri play, the prospectivity of the Amungee Member/Middle Velkerri play and the prospect of the exploration programme being brought to commerciality. 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.

Advisory regarding oil and gas information

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 decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, 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.

Contingent resource estimates are those quantities of gas (produced gas minus carbon dioxide and inert gasses) that are potentially recoverable from known accumulations, but which are not yet considered commercially recoverable due to the need for additional delineation drilling, further validation of deliverability and original gas in place, and confirmation of prices and development costs. There is uncertainty that it will be commercially viable to produce any portion of the resources. For additional information relating to contingent resource estimates in respect of the Amungee NW-1H Velkerri B Shale Gas Pool which were prepared by an Origin employee and a Qualified Reserves and Resources Evaluator effective as of February 15, 2017, please refer to Falcon’s Annual Information Form dated April 26, 2021, which is available on SEDAR at www.sedar.com.

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 the “Company”)

 Kyalla 117 N2-1H ST2 Update

 7 October 2021 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) notes that production testing has now been completed and the well shut in at Kyalla 117 N2-1H ST2 (“Kyalla 117”) in the Beetaloo Sub-Basin, Northern Territory, Australia with our joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited.

As noted in the Company’s press release on 20 July 2021, while Kyalla 117 flowed liquids-rich gas without assistance for intermittent periods, production was not sustained and there were indications of a potential downhole flow restriction.

On 14 September, coil tubing operations recommenced at Kyalla 117. No apparent restriction or blockage was identified in the production casing. Following a nitrogen lift, the well was able to flow unassisted at rates between 0 (i.e. rates too small to measure) and 1.5 MMcsfd for five days before loading up with water. Gas compositions data are not yet available but gas specific gravity data is similar to that measured during the previous phase of testing. Trace condensate was also observed.

Further analysis will be undertaken, including additional core analysis and well design considerations, to enable a conclusion to be reached on the results from operations at Kyalla 117, which will inform the future approach to further drilling and testing of the Kyalla play in the Beetaloo Sub-basin.

The purpose of the current exploration campaign was to collect data across the three primary plays within the permits: Velkerri dry gas, Velkerri liquids rich, and Kyalla liquids rich. Despite the challenges, the Kyalla remains a viable target within the Beetaloo. Kyalla 117 was the first horizontal well targeting the Kyalla and achieved its primary technical objective of demonstrating liquids rich gas flow potential of the Kyalla.

 Recap on the gas composition

The initial analysis of natural gas by gas chromatography confirmed a liquids-rich gas stream low in CO₂ as follows:

• C₁ = 65.03 mol%
• C₂ = 18.72 mol%
• C₃ = 8.37 mol%
• iC₄ = 1.29 mol%
• nC₄ = 2.03 mol%
• C₅+ = 2.73 mol%
• CO₂ = 0.91 mol%
• N₂ = 0.92 mol%

The elevated C₃+ gas component of 14.42 mol%, confirmed the Lower Kyalla Shale as a liquids-rich gas play. Gas composition data also support the view that the Kyalla gas stream will have elevated LPG and condensate yields.

 This announcement contains inside information.

Philip O’Quigley (CEO of Falcon) commented:

“The information collected from this first horizontal well drilled in the Kyalla liquids-rich play, including the elevated liquids component, confirmed that the Kyalla remains an attractive target for further appraisal. Our immediate focus will now turn to the Velkerri play area where we are currently drilling a new exploration well in the potentially liquids-rich flank of the basin; an area of key interest for the Beetaloo Sub-basin. We look forward to updating the market as soon as the results from this well are available”

Ends.

ONTACT 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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin Energy”) are joint venture partners in respect of the Beetaloo project.

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

 About Origin Energy

Origin Energy is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

 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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “support” 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, comments made with respect to the results of operations at Kyalla 117, drilling in the Velkerri play, the prospectivity of the Middle Velkerri and Kyalla plays and the prospect of the exploration programme being brought to commerciality. 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.

Advisory regarding initial production rates

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 decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, 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.

Falcon Oil & Gas Ltd.

(“Falcon” or the “Company”)

 Kyalla 117 N2-1H ST2 Update – Beetaloo Sub-Basin

14 September 2021 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that operations have resumed at Kyalla 117 N2-1H ST2 (“Kyalla 117”) in the Beetaloo Sub-Basin, Northern Territory, Australia with our joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited.

As noted in the Company’s press release on 20 July 2021, while Kyalla 117 flowed liquids rich gas without assistance for intermittent periods, production was not sustained and there was evidence of a potential downhole flow restriction.

Current operations, if successful in resolving the restriction, will result in an extended production test being carried out to determine the expected longer-term performance of the well.  As a reminder to shareholders, Falcon is fully carried for all of the capex associated with this work.

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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin”) are joint venture (“JV”) partners in respect of the Beetaloo project.

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

 About Origin

Origin is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

JV                            Joint venture between Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG)

LNG                        Liquefied natural gas

MW                        Megawatt

 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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “support” 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 2021 work programme, the pause to operations at Kyalla 117, resumed operations at Kyalla 117 and resolving the restriction, the prospectivity of the Kyalla play and the prospect of the exploration programme being brought to commerciality. 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”)

 Amungee NW-1H –  Normalised Gas Flow Rate Equivalent to 5 MMscf/d per 1,000m Horizontal

 3 September 2021 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to provide results of the production log test at the Amungee NW-1H well (“Amungee”). The results suggest a normalised gas flow rate equivalent of between 5.2-5.8 MMscf/d per 1,000m of horizontal section.

Amungee is located in the Beetaloo Sub-basin, Northern Territory, Australia and the testing conducted is part of the 2021 work programme which is operated by Falcon’s joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited (“Origin”).

 Amungee Background

• Located in Exploration Permit 98, approximately 60 kilometres east of Daly Waters, just south of the Carpentaria Highway.
• It was the first horizontal well to be drilled and first well to be fracked with Falcon’s JV partner and operator, Origin.
• In November 2015, the JV successfully drilled the well to a total measured depth of 3,808m, including a 1,100m horizontal section.
• In September 2016, 11 hydraulic stimulation stages were completed along the horizontal section in the Middle Velkerri B shale zone.
• In December 2016, a 57-day extended production test (“EPT”) was completed, with production averaging 1.10 MMscf/d.
• In February 2017, the Results of Evaluation of the Discovery and Preliminary Estimate of Petroleum in Place were published for the Velkerri B Shale Gas Pool, confirming a gross contingent resource of 6.6 TCF, 1.46 TCF net to Falcon, full details are contained in Falcon’s AIF.

Details of Amungee Testing

• The well was successfully put back on production testing on 7 August 2021.
• Initial flow rates during the first 48 hours of testing ranged between 2 – 4 MMscf/d with rates averaging 1.23 MMscf/d over the first 23 days.
• A PLT was run on 19 August 2021 to 3,098mMD, just prior to the casing deformation at 3,112mMD.
• The PLT data confirms that:
  • Only 5-15% of the production came from stages 1-7 beyond the casing deformation point at 3,112 mMD.
  • 85-95 % of the production came from stages 8-11 spanning a 200m horizontal section, prior to the casing deformation.
• The low contribution from stages 1-7 is likely the result of a restriction caused by the casing deformation or the plugs having not milled out, or both.
• Conclusion: stages 8-11 may be representative of the deliverability that can be achieved within the Middle Velkerri B Shale at Amungee.
• The PLT test results equate to a normalised gas flow rate of between 5.2-5.8 MMscf/d per 1,000m of horizontal section.
• A typical future production well would be likely to have a horizontal production section up to three kilometres.
• The result validates the decision to undertake a second EPT in order to run a PLT.

 Philip O’Quigley (CEO of Falcon) commented:

“With our unique and extensive position in the Beetaloo Sub-basin, this is really exciting news for Falcon shareholders and this significant development provides line of sight to the commercialisation of the Beetaloo, for which we remain carried for further activity.

A recent report by an industry analyst suggests that gas flows greater than 3MMscf/d from a 1,000m horizontal well are required to demonstrate the commerciality of the Beetaloo. Not only does this test result significantly exceed these parameters and significantly increase our assessment of the Velkerri dry gas play, but it also puts the Beetaloo on a par with other shale gas basins in North America.

While we wait for further news from our operations at Kyalla 117 N2-1H ST2 and Velkerri 76 S2-1, we look forward to working with our JV partner, Origin, in establishing the next phase of work on the Middle Velkerri B Shale.

With other drilling activity in neighbouring Santos-operated blocks targeting the Velkerri dry gas play, this is an important moment for the nationally significant Beetaloo Sub-basin.”

 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.  Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin”) are joint venture partners in respect of the Beetaloo project.

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

 About Origin

Origin is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

AIF                          Annual Information Form for the year ended 31 December 2020, dated 26 April 2021.

JV                            Joint venture between Falcon Oil & Gas Australia Limited and Origin Energy B2 Pty Ltd.

LNG                        Liquefied natural gas

m                             Metres

mMD                      Metres measured depth

MMscf/d                Million standard cubic feet per day

MW                        Megawatt

PLT                          Production logging tool

TCF                          Trillion cubic feet

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”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” 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 normalised gas flow rates, the 2021 work programme, the contingent resource estimate for the Amungee NW-1H Velkerri B shale gas pool, comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo Sub-basin Australia, the prospectivity of the Middle Velkerri and Kyalla plays and the prospect of the exploration programme being brought to commerciality. 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.

Advisory regarding oil and gas information

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 decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, 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.

Contingent resource estimates are those quantities of gas (produced gas minus carbon dioxide and inert gasses) that are potentially recoverable from known accumulations, but which are not yet considered commercially recoverable due to the need for additional delineation drilling, further validation of deliverability and original gas in place, and confirmation of prices and development costs. There is uncertainty that it will be commercially viable to produce any portion of the resources. For additional information relating to contingent resource estimates in respect of the Amungee NW-1H Velkerri B Shale Gas Pool which were prepared by an Origin employee and a Qualified Reserves and Resources Evaluator effective as of February 15, 2017, please refer to Falcon’s Annual Information Form dated April 26, 2021, which is available on SEDAR at www.sedar.com.

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.