Press Releases Archives - Falcon Oil & Gas

Oct 15

Beetaloo Sub-basin – Completion of the three well batch drilling 2025 campaign

By Falcon Press Releases

Please click here to download the full press release

Falcon Oil & Gas Ltd (“Falcon”)

Beetaloo Sub-basin – Completion of the three well batch drilling 2025 campaign

15 October 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner Tamboran (B2) Pty Limited (collectively the “BJV partners”) has successfully completed the three well batch drilling 2025 campaign, the largest drilling program ever conducted in the Beetaloo Sub-basin.

The three wells of the 2025 batch drilling campaign (Shenandoah South SS2-1H, SS2-3H and SS2-5H) are now drilled, cased and suspended ahead of stimulation, each with a 3,000-metre horizontal section (10,000-foot).
The campaign was the first multi-well drilling program implementing batch drilling in the Beetaloo Sub-basin.
The average drilling to target depth was 26.7 days with the drilling and casing time delivered within the 35-day forecast.
Modifications to the mud system and use of anti-vibration drilling bits led to increased drilling efficiency. This resulted in reaching ~1,000 metres drilled in a day in the SS2-1H well, the fastest horizontal section drilled in the Amungee Member B-shale to date.
Up to a 60-stage stimulation across the full 3,000-metre horizontal section of SS2-5H well is now planned in Q4 2025 and is expected to be flow tested for 30 days prior to being shut-in ahead of the commencement of gas sales, which are expected to commence in mid-2026.
In H1 2026, three wells (which includes the second well of the 2024 drilling campaign) are expected to be stimulated ahead of the commencement of gas sales.
All wells included in the Shenandoah South Pilot Project are expected to deliver the contracted 40 MMcf/d volume required under the Gas Sales Agreement with the Northern Territory Government subject to weather conditions and final stakeholder approvals.
As previously announced, Falcon Australia opted to reduce its participating interest in the three wells drilled in 2025 to 0%, with no cost exposure.

Philip O’Quigley, CEO of Falcon commented:

“Tamboran has executed a fantastic three well drilling campaign delivering three 3,000 metre (10,000-foot) horizontal cased wells. We now have 12,000 metres (40,000 feet) of horizontal cased sections to be fracture stimulated over the coming months. Once completed, these wells will then be hooked up to the gas gathering and compression facilities currently under construction in the Beetaloo with sales to the Northern Territory government commencing in the second half of 2026. We look forward to updating shareholders during this next phase as momentum in the Beetaloo continues to increase.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald	+44 131 220 9771

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Technical Advisor. 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.

Figure 1: Time-depth chart – Spud to Target Depth (please click on download to see PDF attachment)

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. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

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 JV Partners (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited (“Tamboran B2”)	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of SS-4H wells on the Shenandoah South pad 2.

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 Corporation and Daly Waters Energy, LP.

Tamboran Resources Corporation is a natural gas company listed on the NYSE (TBN) and ASX (TBN). 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 Sub-basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

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”, “anticipated”, “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, up to a 60 stage stimulation across the full 3,000m horizontal section of SS2-5H well being planned in Q4 2025 and expected to be flow tested for 30 days prior to being shut-in ahead of the commencement of gas sales, in H1 2026, three wells (which includes the second well of the 2024 drilling campaign) expected to be stimulated ahead of the commencement of gas sales, the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026 subject to weather conditions and final stakeholder approvals; the sale of appraisal gas of up to 60 TJ per day from the Shenandoah South Pilot project over a three year period, all wells included in the Pilot Project expected to deliver the contracted 40 MMcf/d volume required under the Gas Sales Agreement with the Northern Territory Government and the Shenandoah Pilot project continuing to progress.

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/or 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.

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.

Oct 06

Shareholdings in Company

By Falcon Press Releases

FALCON OIL & GAS LTD.

(“Company”)

Shareholdings in Company

06 October 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) was notified on 3 October 2025 that Sheffield Holdings, LP now holds 109,655,398 Common Shares of the Company, representing 9.89% of the currently issued and outstanding Common Shares of the Company.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

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.

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

Sep 30

Tamboran to acquire Falcon Oil & Gas Ltd. to create ~2.9-million-acre Beetaloo Basin business

By Falcon Press Releases

Please click here to download the full press release

Falcon Oil & Gas Ltd.

Tamboran to acquire Falcon Oil & Gas Ltd. to create ~2.9-million-acre Beetaloo Basin business

30 September 2025

Highlights

Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) (Falcon) and Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) (Tamboran) have entered into a definitive agreement to create an ~2.9 million net prospective acre business across the majority of the Beetaloo depocenter (Transaction).
The combination of Tamboran and Falcon is a logical consolidation of two leading Beetaloo Basin businesses and creates a company with a pro forma market capitalization of >US$500 million.
Under the Transaction, Tamboran will acquire Falcon via the acquisition of all its subsidiaries in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and cash consideration of US$23.7 million.
On completion, Falcon will distribute Tamboran shares to eligible shareholders at an exchange ratio of 0.00687 shares of Tamboran NYSE Common Stock for each Falcon Common Stock. These shareholders are expected to own ~26.8% of the pro forma business.
The Transaction values Falcon’s subsidiaries at C$239 million (Stg£128 million), at an implied offer price of C$0.2154 (Stg£0.1152) per share. This reflects a 19.7% premium of the closing price of Falcon on the TSX on September 29, 2025 and a 53.2% premium to the 90-day traded VWAP.
The Transaction aims to strengthen Tamboran’s working interest in the Phase 2 Development Area to 80.62% ahead of the previously announced farmout process and creates further alignment with Daly Waters Energy, LP (DWE) across the entire EP 76, 98 and 117 acreage following completion of the previously announced checkerboard process.
The Transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon.
The Transaction is expected to close by the first quarter of 2026, subject to satisfaction of closing conditions, including the approval by Falcon shareholders of the Transaction pursuant to Rule 15 of the AIM Rules for Companies and applicable Canadian corporate and securities laws and the approval by Tamboran stockholders of the issuance of the Tamboran Common Stock.
The Transaction will on completion result in Falcon ceasing to own all of its assets and business; accordingly, Falcon also intends to seek shareholder approval for the cancellation of its shares from trading on the AIM market of the London Stock Exchange and the TSX Venture Exchange (Cancellation), conditional on closing of the Transaction. Further details will be announced in due course.
The entities being acquired pursuant to the Transaction are Falcon’s wholly owned subsidiaries TXM Oil and Gas Exploration Kft., a Hungarian limited liability company; Falcon Oil & Gas Ireland Ltd., an Irish limited liability company; Falcon Oil & Gas Holdings Ireland Ltd., an Irish limited liability company; Falcon Exploration and Production South Africa (Pty) Ltd., a South African limited liability company and Falcon’s 1% majority owned subsidiary, Falcon Oil & Gas Australia Limited, an Australian limited liability company (the Subsidiaries). In the twelve months to 31 December 2024, the subsidiaries reported a loss for the year of US$2.2 million and total assets of US$60.7 million.

Falcon Oil & Gas Ltd. Chief Executive Officer, Philip O’Quigley, said:

“This Transaction brings Falcon’s shareholders’ interests in the Beetaloo directly to the centre of operations and provides our shareholders with greater exposure to all activities carried out by Tamboran. Upon closing of the Transaction Falcon shareholders will benefit from the increased exposure to the critically important pilot development currently underway in the Beetaloo. In addition, this Transaction will remove any uncertainty around Falcon’s participation in the farmout of the Phase 2 Development Area, as previously announced by Tamboran.

It has been a pleasure to work with Dick Stoneburner and his team in bringing this Transaction to our shareholders.”

Tamboran Resources Corporation Chairman and Interim CEO, Richard Stoneburner, said:

“The Transaction between Tamboran and Falcon is a logical consolidation of two of the Beetaloo Basin’s most active companies and will strengthen Tamboran’s acreage position across the majority of the Beetaloo depocenter following the checkerboarding process with Daly Waters Energy, LP. (DWE).

Tamboran will have approximately 2.9 million net prospective acres across the Beetaloo Basin, including a 22.5% non-operating interest in all DWE checkers.

Strategically, we believe this Transaction will strengthen our ownership over the Phase 2 Development Area, where we are currently undertaking a farmout process with RBC Capital Markets. This will allow us to sell down a larger position to a new partner while maintaining a material working interest over acreage.

We recognize Philip and the Falcon shareholders for their work in identifying the opportunity of the Beetaloo Basin and bringing in key historic partners including Hess Corporation and Origin Energy to help de-risk the play.”

Transaction

The Transaction will be structured as a Plan of Arrangement under the Business Corporations Act (British Columbia), whereby Tamboran will acquire the equity interests of each of the subsidiaries of Falcon in exchange for 6,537,503 shares of Tamboran NYSE Common Stock and a cash consideration of US$23.7 million. Following completion of the Transaction, Falcon shareholders are expected to own ~26.8% of the pro forma business.

Following completion of the Transaction, eligible common shareholders of Falcon will be entitled to receive shares of Tamboran NYSE Common Stock that are distributed by Falcon based on an exchange ratio of 0.00687 shares of Tamboran Common Stock for each Falcon Common Stock.

Further details regarding the process for Falcon shareholders to receive their consideration will be provided in the information circular and proxy statement to be delivered by Falcon in connection with the solicitation of proxies to obtain Falcon shareholder approval of the proposed Transaction.

The Transaction has been unanimously approved by the Board of Directors of Tamboran and Falcon and is expected to close in the first quarter of 2026, subject to satisfaction of closing conditions, including the approval by Falcon shareholders of the Transaction and the approval by Tamboran stockholders of the issuance of the Tamboran NYSE Common Stock.

The closing is also subject to shareholder approval by the 1.9% owners of Falcon Oil & Gas Australia Ltd (Falcon Australia), which is a public unlisted company in which Falcon owns 98.1% of the issued share capital. The approval is required under Item 7, Section 611 of the Corporations Act of Australia.

Upon closing of the Transaction, the entire Board of Falcon will resign. Tamboran will continue to be led by Chairman and Interim CEO, Dick Stoneburner, and no changes to the Board of Directors of Tamboran are planned.

Advisors

Cavendish Capital Markets Limited is acting as exclusive financial advisor and Borden Ladner Gervais LLP is acting as legal advisor to Falcon and McCullough Robertson is acting as legal advisors to Falcon Oil & Gas Australia Limited. Latham & Watkins LLP, Torys LLP, White & Case LLP and Lakatos, Köves and Partners (LKT) are serving as legal advisors to Tamboran.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (Financial Adviser, NOMAD & Broker)
Neil McDonald	+44 131 220 9771

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.

Figure 1: Tamboran acreage position across the Beetaloo Sub-basin depocenter (please refer to the pdf version of the announcement for the map)

About Falcon Oil & Gas Ltd.

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 Resources Corporation

Tamboran Resources Corporation (“Tamboran” or the “Company”), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.

Tamboran’s key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the proposed Phase 2 development area covering 406,693 acres, a 67.83% operated interest over 219,030 acres in a proposed Retention License 10, a 77.5% operating interest across 1,487,418 acres over ex-EPs 76, 98 and 117, a 100% working interest and operatorship in EP 136 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin.

The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran’s proposed NTLNG project.

Forward-Looking Statements

Certain statements in this news release concerning the Transaction, including any statements regarding the expected timetable for completing the Transaction, the results, effects, benefits and synergies of the Transaction, future opportunities for the combined company, future financial performance and condition, guidance and any other statements regarding Tamboran’s or Falcon’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are “forward-looking” statements based on management’s current expectations, assumptions and estimates on the date hereof, and there can be no assurance that actual strategies, actions or results will not differ materially from expectations. Forward-looking statements are all statements other than statements of historical facts. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely” “plan,” “positioned,” “strategy,” and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include statements regarding Tamboran’s or Falcon’s plans and expectations with respect to the Transaction, timing of closing, and the anticipated impact of the Transaction on the combined company’s results of operations, financial position, growth opportunities and competitive position.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the possibility that stockholders of Tamboran may not approve the issuance of new shares of Tamboran common stock in the Transaction or that shareholders of Falcon may not approve the Transaction; the risk that a condition to closing of the Transaction may not be satisfied; that either party may terminate the arrangement agreement or that the closing of the Transaction might be delayed or not occur at all; the outcome of any legal proceedings that may be instituted against Tamboran or Falcon; reputational risks and potential adverse reactions from or changes to the relationships with the companies’ employees or other business partners of Tamboran or Falcon, including those resulting from the announcement or completion of the Transaction; the diversion of management time on transaction-related issues; the dilution caused by Tamboran’s issuance of common stock in connection with the Transaction; the ultimate timing, outcome and results of integrating the operations of Tamboran and Falcon; the effects of the business combination of Tamboran and Falcon, including the combined company’s future financial condition, results of operations, strategy and plans; changes in capital markets and the ability of the combined company to finance operations in the manner expected; regulatory approvals of the Transaction; the effects of commodity prices; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the public announcement or consummation of the Transaction. Expectations regarding business outlook, including changes in strategies for the combined company’s operations, oil and natural gas market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.

These factors are not necessarily all of the factors that could cause Tamboran or Falcon actual results, performance, or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other unknown or unpredictable factors also could harm Tamboran’s or Falcon’s results. Additional factors that could cause results to differ materially from those described above can be found in Tamboran’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and subsequent Quarterly Reports on Form 10-Q, which are on file with the Securities and Exchange Commission (the “SEC”) and available from Tamboran’s website at www.tamboran.com under the “Investor Relations” tab, and in other documents Tamboran files with the SEC; and in Falcon’s annual information form for the year ended December 31, 2024, which is on SEDAR+ and available from Falcon’s website at www.falconoilandgas.com under the “Investor Centre” tab, and in other documents Falcon files on SEDAR+.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Tamboran nor Falcon assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

No Offer or Solicitation

Communications in this news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. None of the securities anticipated to be issued pursuant to the Transaction have been or will be registered under the Securities Act, or any state securities laws, and any securities issued in the Transaction are anticipated to be issued in reliance upon available exemptions from registration requirements pursuant to Section 3(a) (10) of the Securities Act and applicable exemptions under state securities laws. This announcement doe not constitute an offer to sell or the solicitation of an offer to buy any securities.

Additional Information and Where You Can Find It

In connection with the proposed Transaction, Tamboran and Falcon intend to file materials with the SEC and on SEDAR+, as applicable. Tamboran intends to file a preliminary Proxy Statement on Schedule 14A (the “Proxy Statement”) with the SEC in connection with the solicitation of proxies to obtain Tamboran stockholder approval of the Stock Issuance, and Falcon intends to file an information circular and proxy statement (the “Circular”) on SEDAR+ in connection with the solicitation of proxies to obtain Falcon shareholder approval of the proposed Transaction. After the Proxy Statement is cleared by the SEC, Tamboran intends to mail a definitive Proxy Statement to the stockholders of Tamboran. This news release is not a substitute for the Proxy Statement, the Circular or for any other document that Tamboran or Falcon may file with the SEC or on SEDAR+ and/or send to Tamboran’s stockholders and/or Falcon’s shareholders in connection with the proposed Transaction. INVESTORS AND SECURITY HOLDERS OF TAMBORAN AND FALCON ARE URGED TO CAREFULLY AND THOROUGHLY READ THE PROXY STATEMENT AND THE CIRCULAR, RESPECTIVELY, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY TAMBORAN AND/OR FALCON WITH THE SEC OR ON SEDAR+, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TAMBORAN, FALCON, THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.

Stockholders of Tamboran and shareholders of Falcon will be able to obtain free copies of the Proxy Statement and the Circular, as each may be amended from time to time, and other relevant documents filed by Tamboran and/or Falcon with the SEC or on SEDAR+ (when they become available) through the website maintained by the SEC at www.sec.gov or at www.sedarplus.ca, as applicable. Copies of documents filed with the SEC by Tamboran will be available free of charge from Tamboran’s website at www.tamboran.com under the “Investor Relations” tab or by contacting Tamboran’s Investor Relations Department at +61 2 8330 6626 or Investors@tamboran.com. Copies of documents filed on SEDAR+ by Falcon will be available free of charge from Falcon’s website at www.falconoilandgas.com under the “Investor Centre” tab or by contacting Falcon’s Investor Relations Department at +353 1 676 8702.

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

Ends.

Sep 29

Beetaloo drilling and planned stimulation update

By Falcon Press Releases

Falcon Oil & Gas Ltd (“Falcon”)

Beetaloo drilling and planned stimulation update

29 September 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to give an update on current drilling and future planned stimulation in the Beetaloo Sub-basin. Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner Tamboran (B2) Pty Limited (collectively the “BJV partners”) continues the drilling campaign.

Drilling Campaign

The first two wells of the 2025 drilling campaign are drilled and cased, each with a 3,000m horizontal section (10,000-foot). The rig will now rig up on the third and final well to drill the production hole and horizontal section.
The campaign is the first multi-well drilling program implementing batch drilling in the Beetaloo Sub-basin and is currently in line with timeline and budget.
Up to a 60-stage stimulation across the full 3,000m horizontal section of one of the 2025 drilled wells is planned and is expected to be flow tested for 30 days in early 2026 prior to being shut-in ahead of the commencement of gas sales, which are expected to commence in mid-2026.
In Q2 2026, following the wet season, the remaining three wells (which includes the second well of the 2024 drilling campaign) are expected to be stimulated ahead of the commencement of gas sales.
All wells included in the Shenandoah South Pilot Project (“Pilot Project”) are expected to deliver the contracted 40 MMcf/d volume required under the Gas Sales Agreement (“GSA”) with the Northern Territory Government (“NTG”) subject to weather conditions and final stakeholder approvals.
As previously announced, Falcon Australia opted to reduce its participating interest in the three wells drilled in 2025 to 0%, with no cost exposure.

Other recent highlights

The BJV partners agreed terms with Native Title Holders to avoid flaring and received consent to sell appraisal gas from the proposed Pilot Project over a three-year period. Subsequently, the Northern Territory Government approved the sale of appraisal gas under the Beneficial Use of Gas (BUG) Legislation.
The construction of the A$140 million Sturt Plateau Compression Facility (“SPCF”) commenced this month with earthworks and piling completed. Falcon has no cost exposure in the construction of the
Work also commenced this month on the Northern Territory’s first-ever Beetaloo pipeline, with APA Group investing A$70 million to deliver the 37-kilometre Sturt Plateau Pipeline.

Philip O’Quigley, CEO of Falcon commented:

“It’s great to report our operating partner, Tamboran Resources, is executing the 2025 drilling campaign to plan, with the drilling of two wells completed to target depth and the third well advancing towards completion. We look forward to providing further updates over what will be an extremely busy next few months”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 JV Partners (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited (“Tamboran B2”)	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of SS-4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

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”, “anticipated”, “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, the rig being rigged up on the third and final well to drill the production hole and horizontal section, up to a 60 stage stimulation across the full 3,000m horizontal section of one of the 2025 drilled wells being planned and expected to be flow tested for 30 days in early 2026 prior to being shut-in ahead of the commencement of gas sales, in quarter two 2026, following the wet season, the remaining three wells (which includes the second well of the 2024 drilling campaign) expected to be stimulated ahead of the commencement of gas sales, the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026 subject to weather conditions and final stakeholder approvals; the sale of appraisal gas of up to 60 TJ per day from the Shenandoah South Pilot project over a three year period, all wells included in the Pilot Project expected to deliver the contracted 40 MMcf/d volume required under the GSA with the NTG and the Shenandoah Pilot project continuing to progress.

Sep 02

Approval granted by Northern Territory Government for the Beneficial Use of Gas agreement

By Falcon Press Releases

Falcon Oil & Gas Ltd (“Falcon”)

Approval granted by Northern Territory Government for the Beneficial Use of Gas agreement

02 September 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that approval has been secured by Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner Tamboran (B2) Pty Limited (collectively the “BJV partners”) from the Northern Territory Government (“NTG”) for the Beneficial Use of Gas agreement (“Agreement”). This approval allows for the sale of appraisal gas from the Shenandoah South Pilot Project.

Points to note:

The NTG approval allows the BJV partners to sell appraisal gas from EP98 in the Beetaloo sub-basin under the Beneficial Use of Gas (“BUG”) legislation.
This is the first approval granted by the NTG under the new BUG legislation.
The BJV partners now hold all necessary approvals to sell gas from the Shenandoah South Pilot Project (“Pilot Project”).
The BJV partners recently signed the Beneficial Use of Gas agreement (“Agreement”) with the Native Title Holders. The Agreement permits the BJV partners to sell appraisal gas of up to 60 TJ per day from the Pilot Project over a three-year period, subject to the Agreement’s terms.
The BJV partners have contracted an initial 40 million cubic feet per day (“MMcf/d”) to supply the NTG until mid-2041, which is expected to provide energy security for the Northern Territory.
This paves the way for construction of the A$140 million Sturt Plateau Compression Facility (“SPCF”). Falcon has no cost exposure in the construction of the
Commencement of gas sales to the NTG via the SPCF is expected in mid-2026, subject to weather conditions and final stakeholder approvals.
Work begins this month on the Northern Territory’s first-ever Beetaloo pipeline, with APA Group investing A$70 million to deliver the 37-kilometre Sturt Plateau Pipeline.

2025 Drilling Campaign

The 2025 drilling campaign continues to progress with the intermediate section of all three wells (S2-1H, S2-3H and S2-5H) successfully drilled. The horizontal section of the S2-5H well in the Amungee B Shale is currently being drilled. The campaign is the first multi-well drilling program implementing batch drilling in the Beetaloo Basin.
As previously announced, Falcon Australia has no cost exposure to the drilling of these three wells as it opted to reduce its participating interest in the three wells to 0%.
Stimulation of the S2-4H well, in which Falcon has a 5% interest, is planned for Q4 2025.

Philip O’Quigley, CEO of Falcon commented:

“It is great to see this increased activity in the Beetaloo with not only the batch drilling of three new wells, but also the start of construction by APA on the 37km Sturt Plateau Pipeline and the continuation of the work on the Sturt Plateau Compression Facility by our BJV partner Tamboran (B2) Pty Limited.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 JV Partners (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited (“Tamboran B2”)	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of SS-4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

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”, “anticipated”, “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, the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026 subject to weather conditions and final stakeholder approvals; the sale of appraisal gas of up to 60 TJ per day from the Shenandoah South Pilot project over a three year period; an initial 40 MMCf/d to be supplied to the Northern Territory Government until mid-2041 providing energy security for the Northern Territory; and the Shenandoah Pilot program continuing to progress.

Aug 29

Filing of Interim Financial Statements

By Falcon Press Releases

Click here to download the full press release

FALCON OIL & GAS LTD.

(“Falcon”)

Filing of Interim Financial Statements

29 August 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2025 and 2024 and the accompanying Management’s Discussion and Analysis (“MD&A”).

The following should be read in conjunction with the complete unaudited unreviewed Interim Financial Statements and the accompanying MD&A for the three and six months ended 30 June 2025, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at https://www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com.

H1 2025 financial highlights and other financial updates

Cash of $4.8 million at 30 June 2025 (31 December 2024: $6.8 million).
Continued focus on cost management and the efficient operation of the portfolio.

Ends.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

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.

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

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.sedarplus.ca.

Aug 28

Results of Annual General & Special Shareholders Meeting

By Falcon Press Releases

FALCON OIL & GAS LTD.

(“Falcon”)

Results of Annual General & Special Shareholders Meeting

28 August 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its Annual General & Special Shareholders meeting in Dublin, Ireland yesterday.

All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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

Aug 19

Investor Q&A

By Falcon Press Releases

Falcon Oil & Gas Ltd.

(“Falcon”)

Investor Q&A

19 August 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Philip O’Quigley, Falcon’s CEO, will give a presentation and conduct a Q&A via the Investor Meet Company platform on 27 August 2025 at 4:00pm (London time) following the Annual General and Special Shareholder meeting that will be held in the Conrad Hotel, Earlsfort Terrace, Dublin 2, Ireland on 27 August 2025 at 11:00 am (London time).

The event is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9.00am (London time) the day before the meeting or 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.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

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.

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

Aug 14

Native Title holder approval obtained to sell gas under Beneficial Use of Gas legislation

By Falcon Press Releases

Falcon Oil & Gas Ltd (“Falcon”)

Native Title holder approval obtained to sell gas under Beneficial Use of Gas legislation

14 August 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that an historic agreement has been reached between Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partners’ Tamboran (B2) Pty Limited (collectively the “Beetaloo JV partners”) parent company, Tamboran Resources Corporation, with Native Title Holders and the Northern Land Council for the sale of appraisal gas from their Exploration Permits (EP) in the Beetaloo sub-basin (“Agreement”).

Points to note:

The Agreement provides Native Title Holders’ consent to the Beetaloo JV partners to the sale of appraisal gas from EP98 and EP117 of up to 60 TJ per day from the proposed Shenandoah South Pilot Project over a three-year period, subject to the Agreement’s terms. The Beetaloo JV partners will now focus on securing necessary approvals to support longer-term production.
The Beetaloo JV partners have contracted an initial 40 million cubic feet per day (“MMcf/d”) to supply the Northern Territory Government until mid-2041, which is expected to provide energy security for the Northern Territory.
Commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility is expected in mid-2026, subject to weather conditions and final stakeholder approvals.
The Beetaloo JV partners maintain strong working relationships with the Native Title Holders across EP98 and EP117. They plan to continue delivering financial benefits, training, employment and contracting opportunities to the Native Title Holders and the local community.
The Agreement ensures that the development of the Beetaloo sub-basin is a genuine partnership that represents significant and long-term economic and social benefits to all parties.
The Agreement is subject to approval by the Northern Territory Minister for Mining and Energy.

Philip O’Quigley, CEO of Falcon commented:

“This is a significant development for our operator Tamboran B2, being the first operator in the Beetaloo Basin to secure Native Title Holder approval to sell gas under the legislated appraisal framework. We would like to join Tamboran Resources Corporation in thanking the Native Title Holders and the Northern Land Council for their support in reaching a positive outcome with this significant agreement and for their vision and support.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 JV Partners (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited (“Tamboran B2”)	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of SS-4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

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”, “anticipated”, “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, the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026 subject to weather conditions and final stakeholder approvals; the sale of appraisal gas of up to 60 TJ per day from the Shenandoah South Pilot project over a three year period; an initial 40 MMCf/d to be supplied to the Northern Territory Government until mid-2041 providing energy security for the Northern Territory; and the Shenandoah Pilot program continuing to progress.

Aug 11

Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over the final 30-day period

By Falcon Press Releases

Click here for full press release

Falcon Oil & Gas Ltd (“Falcon”)

Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over the final 30-day period

11 August 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Shenandoah South 2H Sidetrack (“SS-2H ST1”) achieved an average 90-day initial production (“IP90”) flow rate of 6.7 million cubic feet per day (“MMcf/d”) over 1,671-metres (5,483-foot) within the Amungee Member B-Shale in the Beetaloo Sub-basin, Northern Territory, Australia, making it a Beetaloo Basin record.

Points to note:

Flow rates from the SS-2H ST1 well over the last 30 days have increased by ~2% without any downhole intervention and maintaining a 44/64” choke.
At the completion of the 90-day period, the well was flowing at 6.5 MMcf/d with a wellhead pressure of ~700 psi, a ~3% decline in wellhead pressure from the end of Day 60.
The SS-2H ST1 well has now been suspended ahead of the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026, subject to weather conditions and final stakeholder approvals.

For further details on the SS-2H ST1 flow test, including a table and charts, please refer to Appendix A.

2025 Drilling Campaign

The 2025 drilling campaign continued to progress with the intermediate section of the first two wells (S2-1H and S2-3H) successfully drilled. The rig is currently drilling the intermediate section of the third well (S2-5H). The campaign is the first multi-well drilling program implementing batch drilling in the Beetaloo Basin.
On completion of the intermediate section of the S2-5H well, the rig is planned to commence drilling of the 10,000-foot horizontal sections of the three wells.
This will complete the drilling phase of the five well Shenandoah South pilot program.
As previously announced, Falcon Oil & Gas Australia Limited (“Falcon Australia”) has no cost exposure to the drilling of these three wells as it opted to reduce its participating interest in the three wells to 0%.

Philip O’Quigley, CEO of Falcon commented:

“The results we are seeing from the wells drilled and flow tested to date in the Shenandoah area of the Beetaloo illustrate the huge commercial potential of this area and augur extremely well for the pilot program and any subsequent larger scale development. These latest encouraging results will no doubt support Tamboran’s efforts in their farming down of an adjacent 400,000 acre area known as “Phase 2 Development Area”, further de-risking the commercial development of the Beetaloo.”

Tom Layman, Director of Falcon commented:

“The strong 90 day flowback performance from the SS2-2H ST1 is good news and in, combination with the SS- 1H, is another great result for this area of the Beetaloo. The fact that the well increased production rate from 6.4 MMcf/d to 6.5 MMcf/d over the last 30 days with very little change in pressure shows that we have more opportunity to optimize and maximize the performance of the Amungee member B-shale.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited (“Tamboran”)	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of SS-4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

Appendix A

Note to reader: Please refer to the PDF attachment included at the top of this press release for further details including a table and charts related to the SS-2H ST1 flow test results.

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”, “anticipated”, “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, details on the IP90 flow test results of SS-2H ST1 being a Beetaloo basin record, the well being suspended ahead of the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026, subject to weather conditions and final stakeholder approvals, the belief the average 30-day initial production of a normalised flow rate of 3 MMcf/d per 1,000 metres is a commercial threshold and coupled with the IP60 and IP90 flow rate points towards the significant resource potential of the Beetaloo; and details on the 2025 three well drilling campaign which has continued to progress.

Jul 29

Notice of Annual General and Special Shareholder Meeting and Management Information Circular

By Falcon Press Releases

Falcon Oil & Gas Ltd.

(“Falcon”)

Notice of Annual General and Special Shareholder Meeting and Management Information Circular

29 July 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) will hold its Annual General and Special Shareholder Meeting at the Conrad Hotel, Earlsfort Terrace, Dublin 2, Ireland on 27 August 2025 at 11:00 a.m. (Dublin time). A complete notice and related documents are now available on SEDAR+ at www.sedarplus.ca and Falcon’s website at www.falconoilandgas.com and are being sent to shareholders of record as at 21 July 2025.

Ends.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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

Jul 14

Another Stellar IP60 Flow Test Result in the Beetaloo & 2025 Drilling Campaign Commences

By Falcon Press Releases

Click here to download the full press release

Falcon Oil & Gas Ltd (“Falcon”)

Another Stellar IP60 Flow Test Result in the Beetaloo

And

2025 Drilling Campaign Commences

14 July 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Shenandoah S2-2H ST1 (“SS-2H ST1”) achieved an average 60-day initial production (“IP60”) flow rate of 6.8 million cubic feet per day (“MMcf/d”) over 1,671-metres (5,483-foot) across a 35 stage stimulated horizontal within the Amungee Member B-Shale in the Beetaloo Sub-basin, Northern Territory, Australia, making it the highest IP60 result in the Beetaloo to date.

Points to note:

The average flow rate of 12.4 MMcf/d over a normalized 10,000-foot horizontal section remains in-line with an average of more than 11,000 wells in the Marcellus Shale dry gas area on production over a 12-month period. The results demonstrate the commercial deliverability of gas from the Beetaloo Sub-basin to the Australian domestic East Coast gas market that typically sells at a premium to Henry Hub in the United States.
The exit rate maintains a steady, low-declining curve at 6.4 MMcf/d with a flowing wellhead pressure of ~720 psi and has exhibited less decline than that of the Shenandoah South 1H well (“SS-1H”) over the last 30 days of testing.
For further details on the SS-2H ST1 flow test including a table, and charts please refer to Appendix A.

Drilling Campaign Gets Underway

The 2025 drilling campaign has now commenced targeting up to three 10,000-foot horizontal wells to be drilled back-to-back over the next few months. This will complete the drilling phase of the five well Shenandoah South pilot program.
As previously announced, Falcon Oil & Gas Australia Limited (“Falcon Australia”) has no cost exposure to the drilling of these three wells as it opted to reduce its participating interest in the three wells to 0%.

Philip O’Quigley, CEO of Falcon commented:

“The IP60 flow rate results announced today of 6.8 MMcf/d are truly stellar and mark another major data point in the Beetaloo Sub-basin, again demonstrating that it compares to the best shale wells in the United States. These results, coupled with the average 30-day initial production exceeding Falcon’s pre-drill commercial threshold of a normalised flow rate of 3 MMcf/d per 1,000 metres, all point towards the significant resource potential of the Beetaloo.

The commencement of the 2025 three well drilling campaign, which is the largest drilling campaign in the Beetaloo to date, will hopefully provide further evidence of the real commercial potential of the Beetaloo.

We look forward to updating the market as soon as these drilling results become available.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited (“Tamboran”)	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of SS-4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

Appendix A – SS-2H ST1 Flow Test Details

Note to reader: Please refer to the PDF attachment included at the top of this press release for further details including a table and charts related to the SS-2H ST1 flow test results.

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”, “anticipated”, “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, details on the IP60 flow test results of SS-2H ST1 including assumptions that the results are in line with average of more than 11,000 wells in the Marcellus Shale dry gas area on production over a 12-month period and that they demonstrate the commercial deliverability of gas from the Beetaloo Sub-basin in the Australian Domestic East Coast gas market that typically sells at a premium to Henry Hub in the United States; consistency of the results of SS-2H ST1 with SS-1H; belief the average 30-day initial production exceeded Falcon’s pre-drill commercial threshold of a normalised flow rate of 3 MMcf/d per 1,000 metres and points towards the significant resource potential of the Beetaloo; and details on the three well drilling campaign which has commenced.

Jun 27

Notice of Annual General and Special Shareholder Meeting

By Falcon Press Releases

Falcon Oil & Gas Ltd.

(“Falcon”)

Notice of Annual General and Special Shareholder Meeting

27 June 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG,) announces that its Annual General and Special Shareholder meeting will be held at the Conrad Hotel, Earlsfort Terrace, Dublin 2, Ireland on 27 August 2025 at 11:00 a.m. (Dublin time).

A complete notice and related documents will be sent to the shareholders of record as at 21 July 2025 and will also be filed on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and Falcon’s website at www.falconoilandgas.com.

The Notice of the Annual General and Special Shareholder meeting and record date has been filed on SEDAR+.

Falcon will conduct a Q&A via the Investor Meet Company platform later that day for those unable to attend the meeting in person, details of which will be announced in due course.

Ends.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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

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

Jun 16

Another Stellar IP30 Flow Test Result in the Beetaloo

By Falcon Press Releases

Click here to download the full press release

Falcon Oil & Gas Ltd (“Falcon”).

Another Stellar IP30 Flow Test Result in the Beetaloo

16 June 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Shenandoah S2-2H ST1 (“SS-2H ST1”) achieved an average 30-day initial production (“IP30”) flow rate of 7.2 million cubic feet per day (“MMcf/d”) over 1,671-metres (5,483-foot) across a 35 stage stimulated length within the Amungee Member B-Shale in the Beetaloo Sub-basin, Northern Territory, Australia, making it the highest IP30 result in the Beetaloo to date.

Points to note:

The normalized flow rate of 13.2 MMcf/d over an extrapolated 10,000-foot horizontal section is in-line with the average of more than 11,000 wells in the Marcellus Shale dry gas area on production over a 12-month period. The results demonstrate the commercial deliverability of gas from the Amungee Member B-Shale in the Australian East Coast gas market that typically sells at a premium to Henry Hub in the United States and under long term CPI-linked contracts.
The exit rate trajectory continues a steady, low-declining curve at 6.7 MMcf/d (normalized at 12.2 MMcf/d per 10,000-feet) with a flowing wellhead pressure of ~910 psi. The steady state decline curve on SS-2H ST1 is consistent with that achieved from the Shenandoah South 1H well (“SS-1H”).
For further details on the SS-2H ST1 flow test including a table, and charts please refer to Appendix A.

Development activity

The Shenandoah South drilling campaign is planned to commence in July 2025, targeting up to three 10,000-foot horizontal wells and completed with up to 60 stimulation stages from the SS2 well pad. As previously announced, Falcon Oil & Gas Australia Limited (“Falcon Australia”) has opted to reduce its participating interest in the three wells to 0%.
Once completed, the five wells on the SS2 pad are planned to be tied into the Sturt Plateau Compression Facility (“SPCF”) to feed into a 40 MMcf/d take-or-pay Gas Sales Agreement (“GSA”) with the Northern Territory Government. Production remains on track to commence in mid-2026, subject to standard regulatory and stakeholder approvals and favourable weather conditions.
The Shenandoah South 4H (“SS-4H”) well is planned to be completed and flow tested by the end of 2025, with the remaining wells drilled in the 2025 campaign to be completed during 1H 2026.
Completion of the remaining four wells will incorporate lessons from the SS-1H and SS-2H ST1 wells.
The five wells are expected to deliver the required 40 MMcf/d volume under a binding take-or-pay agreement with the Northern Territory Government.

Philip O’Quigley, CEO of Falcon commented:

“The IP30 flow rate results announced today of 7.2 MMcf/d, are truly stellar and marks another major data point in the Beetaloo Sub-basin again demonstrating that it compares to the best shale wells in the United States. Not only did the results exceed Falcon’s pre-drill commercial threshold of a normalised flow rate of 3 MMcf/d per 1,000 metres but had similar flow rates and pressures to SS-1H and SS-2H ST1, which all point towards the significant resource potential of the Beetaloo.

Falcon looks forward to the planned completion and testing of SS-4H by the end of 2025 and also to observing the results from the next three wells of the Shenandoah South drilling program and the additional milestones they will establish.

As further results become available, we look forward to updating the market further”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited (“Tamboran”)	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of SS-4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

Appendix A – SS-2H ST1 Flow Test Details

Note to reader: Please refer to the PDF attachment included at the top of this press release for further details including a table and charts related to the SS-2H ST1 flow test results

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”, “anticipated”, “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, details on the IP30 flow test results of SS-2H ST1 including assumptions that the results are in line with average of more than 11,000 wells in the Marcellus Shale dry gas area on production over a 12-month period and that they demonstrate the commercial deliverability of gas from the Amungee Member B-Shale in the Australian East Coast gas market that typically sells at a premium to Henry Hub in the United States and under long term CPI-linked contracts; consistency of the results of SS-2H ST1 with SS-1H; details on the planned three well drilling campaign including the plan to commence in July 2025 and to continue into 1H 2026; the plan to tie the wells to the SPCF under a GSA with the Northern Territory Government in mid-2026; the plan that SS-4H will be completed and flow tested by the end of 2025; the five wells drilled are expected to deliver the required 40 MMcf/d under a GSA with the Northern Territory Government;

May 20

Filing of Interim Financial Statements

By Falcon Press Releases

Click here to download the full press release

FALCON OIL & GAS LTD.

(“Falcon”)

Filing of Interim Financial Statements

20 May 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three months ended 31 March 2025 and the accompanying Management’s Discussion and Analysis (“MD&A”).

The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three months ended 31 March 2025, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com.

Q1 2025 Financial Highlights

Debt free with cash of $6.9 million at 31 March 2025 (31 December 2024: $6.8 million).
Continued focus on strict cost management and efficient operation of the portfolio.

Ends.

For further information, please contact:

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

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.

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

May 14

Beetaloo Operational Update – Stimulation Campaign & Remaining Shenandoah South Pilot Project

By Falcon Press Releases

Falcon Oil & Gas Ltd.

Beetaloo Operational Update – Stimulation Campaign & Remaining Shenandoah South Pilot Project

14 May 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) notes the press releases from Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) (“Tamboran”) issued on 13 May 2025.

Tamboran’s announcements confirmed:

the commencement of flow testing at the Shenandoah S2-2H ST1 (“SS-2H ST1”) well in the Beetaloo Sub-basin, Northern Territory, Australia;
agreements entered to complete a US$55.4 million private placement and a US$15 million asset sale (at US$150/acre) to provide Tamboran with necessary funding to drill three wells commencing in mid-2025 and stimulate four wells (including the Shenandoah S2-4H well drilled late last year) in a single campaign planned for late 2025 / 1H 2026 subject to JV approval; and
the finalisation of the checkerboard of the joint acreage position across exploration permits 76, 98 and 117 between Tamboran and Daly Waters Energy, LP (“DWE”).

Key points to note:

SS-2H ST1

Flow testing of SS-2H ST1 has commenced after a longer soaking period following analysis of wells across the Beetaloo Sub-basin, allowing water to imbibe into the rock, increasing the formation’s relative permeability to gas.

The IP30 flow test is expected to be announced in June 2025 and testing is planned to continue for a full 90-days, subject to weather or unforeseen events.

Checkerboard

Tamboran and DWE have signed a binding agreement to finalise the checkerboard of their joint acreage across the three exploration permits: EP 76, 98 and 117.
Both parties will hold operated working interest areas at 77.5% (except in the two smaller areas which are the subject of the sale of 100,000 acres by Tamboran to DWE), with Falcon Oil & Gas Australia Limited (“Falcon”) having the remaining 22.5% non-operating interest across the wider acreage.
Ownership of the proposed northern Pilot Area containing 20,309 acres, the focus for initial gas production in the Northern Territory, remains unchanged with Falcon at 5%, Tamboran (operator) 47.5% and DWE 47.5%.
Ownership of the anticipated expansion into the southern Pilot Area containing 20,309 acres will be Falcon at 22.5%, Tamboran 38.75% and DWE (operator) 38.75%.
Falcon is uniquely placed as the only party with an interest across all checkboard pieces.

Operator Funding for the completion of the Shenandoah South Pilot Project

Tamboran has confirmed that following the completion of its fundraising, it expects to be fully funded to drill and complete the remaining three wells required to deliver first gas under the Shenandoah South Pilot Project, with first gas planned for mid-2026.
Falcon has opted to reduce its interest in these three remaining wells to be drilled to zero %.

Valuation of acreage

DWE and Tamboran have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest across 100,000 acres within two areas of Tamboran’s post-checkerboard acreage position for a consideration of US$15 million, equating to US$150/acre.
The US$150/acre would translate to a valuation of Falcon’s acreage at a minimum of US$150 million.

Investor Meet

Philip O’Quigley, Falcon’s CEO, will conduct a Q&A via the Investor Meet Company platform on 21 May 2025 at 4:00pm (London time) to discuss this press release and comment on the related press releases issued by Tamboran yesterday. The event is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9.00am (London time) on 20 May 2025 or 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.

Philip O’Quigley, CEO of Falcon commented:

“We look forward to updating the market on the SS-2H ST1 IP30 flow test results as soon as they become available.

We are extremely encouraged by the read-through valuation on Falcon’s net 1 million acres from the sale of acreage by Tamboran to DWE and we welcome the completion of the checkerboard where Falcon is uniquely placed as being the only company with an interest in each of the checkerboard pieces.

Reducing our participation in the next three wells has an insignificant impact on our overall net acres in the Beetaloo which remains at circa 1 million acres and our interest across the wider acreage remains at 22.5%. This demonstrates the optionality and financial engineering afforded by the drilling and spacing units, which enable Falcon to strategically and efficiently deploy its capital. This reduction in our participation in the next three wells significantly reduces our 2025 capital expenditure whilst at the same time leaving us very well positioned to capture the overall success of the Beetaloo.

Lastly, we look forward to working with DWE as an additional operator in the Beetaloo. “

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Proposed northern Pilot Project Area (gross acreage of 20,309)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

Proposed southern Pilot Project Area (gross acreage of 20,309)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited	77.5%
Total	100.0%

Areas excluding the northern and southern Pilot Project Areas

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited	77.5%
Total	100.0%

About Tamboran (B2) Pty Limited

Tamboran Resources Corporation is a natural gas company listed on the NYSE (TBN) and ASX (TBN). 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.

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”, “anticipated”, “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, details on the commencement of flow testing at SS-2H ST1 and the associated IP30 results and the plan to continue for 90 days; Falcon’s ownership in the northern and southern pilot areas and remaining acreage following the execution of the checkerboard; Falcon’s election to reduce its interest to zero for the remaining three wells in the Pilot and it significantly reducing 2025 capital expenditure; and the readthrough acreage valuation for Falcon based on the DWE Tamboran acreage sale.

Apr 29

Full year results

By Falcon Press Releases

Click here to download the full press release

FALCON OIL & GAS LTD.

(“Falcon”)

Full Year Results

29 April 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2024.

The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (“MD&A”) for the year ended 31 December 2024.

2024 Financial Highlights

Debt free with cash of $6.8 million at 31 December 2024 (31 December 2023: $8 million).
Continued focus on strict cost management and efficient operation of the portfolio.

Filing of Financial Statements, MD&A, AIF and Reserves Data

Falcon has filed its audited financial statements for the year ended 31 December 2024, the accompanying MD&A for year ended 31 December 2024 dated 28 April 2025, its Annual Information Form (“AIF”) dated 28 April 2025 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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

Feb 13

Operational Update on the Stimulation Campaign

By Falcon Press Releases

Falcon Oil & Gas Ltd.

(“Falcon”, “Group”)

Operational Update on the Stimulation Campaign

13 February 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides the following update on the stimulation campaign for the Shenandoah S2-2H ST1 (“SS-2H ST1”) and Shenandoah South 4H (“SS-4H”) wells in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Operator”).

SS-2H ST1

As previously announced stimulation operations were successfully completed over 35 stages across the 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale with Liberty Energy (NYSE: LBRT) stimulation equipment.
The SS-2H ST1 well is being prepared for the commencement of initial flow back and extended production testing.
Targeting announcement of 30 day initial production (“IP30”) flow rates in April 2025.

SS-4H

Commenced stimulation operations in January 2025.
The Operator took proactive and precautionary steps to pause completion operations due to the detection of stress in a casing connection.
Reinforcement activities are planned to be conducted in Q1 2025, aiming for stimulation activities to recommence in Q2 2025, as soon as the IP30 flow test is completed at SS-2H ST1.
The deferred stimulation program should provide an opportunity to incorporate lessons from the SS-2H ST1 campaign.
Targeting announcement of IP30 flow rates in mid-2025.

Working Capital

Falcon Australia has received a A$4.7 million (~US$3 million) research and development tax offset in cash.
The Group’s current cash balance is US$8.2 million.

Philip O’Quigley, CEO of Falcon commented:

“We continue to be extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling, together with the completion of a successful stimulation program on SS-2H ST1 well. We look forward to updating the market on the IP30 flow test results from both wells as soon as they become available.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

Tamboran Resources Corporation, is a natural gas company listed on the NYSE (TBN) and ASX (TBN). 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.

Advisory regarding forward-looking statements

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.

Feb 07

Completion of Shenandoah SS-2H ST1 stimulation

By Falcon Press Releases

Falcon Oil & Gas Ltd.

Completion of Shenandoah SS-2H ST1 stimulation

07 February 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the completion the Shenandoah S2-2H ST1 (“SS-2H ST1”) stimulation in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.

Key Highlights

Successfully completed 35 stages across the 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale with the Liberty Energy (NYSE: LBRT) modern stimulation equipment.
Stimulation activities achieved five stages over a 24-hour period on multiple days.
The average proppant intensity was 2,706 pounds per foot (lb/ft) and achieved wellhead injection rates above 100 barrels per minute.
The average stage spacing is 48-metres (~157-feet).
The SS-2H ST1 well will be completed ahead of clean out activities and the commencement of initial flow back and extended production testing.
Further updates on the completion of the Shenandoah South 4H (SS-4H) well will be provided in due course.

Philip O’Quigley, CEO of Falcon commented:

“We are extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling. In addition, the experienced US operator, Liberty Energy, have shown the efficiencies they can achieve which will provide us with the greatest opportunity for the best possible outcomes from this stimulation program. We look forward to updating the market on the IP30 flow test results as soon as they become available.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

Advisory regarding forward-looking statements

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.

Jan 24

Beetaloo Operational Update – Stimulation Campaign & Remaining Shenandoah South Pilot Project

By Falcon Press Releases

Falcon Oil & Gas Ltd.

Beetaloo Operational Update – Stimulation Campaign & Remaining Shenandoah South Pilot Project

24 January 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the commencement of stimulation campaign at the Shenandoah S2-2H ST1 (“S2-2H ST1”) and Shenandoah S2-4H (“S2-4H”) wells in the Beetaloo Sub-Basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon”) joint venture partner, Tamboran (B2) Pty Limited (collectively the “Beetaloo JV partners”).

Key Highlights of the Stimulation Campaign

Stimulation campaign will be completed across:
- S2-2H ST1’s horizontal section of 1,654 metres (5,427 feet) and;
- S2-4H’s horizontal section of 2,977 metres (9,766 feet).
Liberty Energy (NYSE: LBRT) who mobilised equipment and sand to location before the end of last year will carry out the stimulation campaign on behalf of the Beetaloo JV partners.

Shenandoah South Pilot Project (“Pilot”)

For the next drilling phase of the Pilot, which involves the drilling and stimulation of the remaining four wells, Falcon has elected to reduce its participating interest (“PI”) from 5% to 0%.

Key Highlights of the Reduced Participating Interest

The election by Falcon to reduce its PI to 0% in the remaining four wells of the Pilot will significantly reduce it’s 2025 capital expenditure.
Falcon participated in the Shenandoah S-1H well in 2023 at its 22.5% PI which created a Drill Spacing Unit (“DSU”) of 20,480 acres.
Falcon participated in the S2-2H ST1 and the S2-4H wells in 2024 at its reduced 5% PI which created two DSU’s totalling 46,080 acres.
The Beetaloo JV partners are planning on creating an enlarged area around the Pilot, known as the First Strategic Development Area (“FSDA”), which would amalgamate the acreage and PIs from the DSUs mentioned above and any further DSUs that may be created as part of the Pilot
Depending on the ultimate size of the planned FSDA Falcon’s combined participation entitlement in the FSDA post the Pilot could be up to 10%.
Falcon also retains a 22.5% PI in the remaining 4.52 million acres in the Beetaloo, net 1 million acres to Falcon.

Philip O’Quigley, CEO of Falcon commented:

“We are extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling both wells. In addition, we are very confident that the experienced US operator, Liberty Energy, will provide us with the greatest opportunity for the best possible outcome from this stimulation program. We look forward to updating the market on the IP30 flow test results as soon as they become available.

Reducing our participation in the next four wells has a minimal impact on our overall interest in the Beetaloo which remains at 22.5%. This demonstrates the optionality afforded by the DSUs, which enable Falcon to strategically and efficiently deploy its capital. This reduction in our participation in the next four wells significantly reduces our 2025 capital expenditure whilst at the same time leaving us very well positioned to capture the overall success of the Beetaloo.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

Advisory regarding forward-looking statements

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.

Dec 23

Drilling completed on the second well in the Shenandoah South Pilot Project, Shenandoah S2-4H

By Falcon Press Releases

Falcon Oil & Gas Ltd.

(“Falcon” or “Company”)

Drilling completed on the second well in the Shenandoah South Pilot Project, Shenandoah S2-4H

23 December 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that the Shenandoah S2-4H (“SS4H”) horizontal well was successfully drilled, cased and cemented to a measured depth of 6,452 metres (21,169 feet) in exploration permit 98 in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Tamboran B2”).

Data from the SS4H well has indicated strong gas shows and a continuation of the high-quality shale and rock properties observed in the Shenandoah South 1H and Shenandoah South 2H (“SS2H ST1”) locations with no faulting observed along the entire 3,048-metre (10,000 foot) lateral section.

The Liberty Energy (NYSE: LBRT) stimulation equipment and sand has been mobilized to location ahead of the stimulation campaign, which is planned to commence in early 1Q 2025, with IP30 flow test from both SS2H ST1 and SS4H expected to be released in 1Q 2025.

Philip O’Quigley, CEO of Falcon commented:

“The completion of the SS4H well is another milestone in the development of the Beetaloo Sub-basin and we will look forward to the upcoming stimulation campaign and updating the market as operations progress.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited

Advisory regarding forward-looking statements

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.

Dec 23

Change of Auditors

By Falcon Press Releases

FALCON OIL & GAS LTD.

(“Falcon”)

Change of Auditors

23 December 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that BDO Canada LLP has been appointed as Falcon’s new auditor, replacing BDO LLP in the UK.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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

Nov 28

Filing of Interim Financial Statements

By Falcon Press Releases

Click here to download the full press release

FALCON OIL & GAS LTD.

(“Falcon” or “Company”)

Filing of Interim Financial Statements

28 November 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three and nine months ended 30 September 2024 and the accompanying Management’s Discussion and Analysis (“MD&A”).

The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three and nine months ended 30 September 2024, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com

2024 financial highlights and other financial updates

Debt free with cash of $10 million at 30 September 2024 (31 December 2023: $8 million).
Continued focus on cost management and the efficient operation of the portfolio.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)

Neil McDonald / Adam Rae

+44 131 220 9771

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.

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

Nov 25

Spudding of the second well in the Shenandoah South Pilot Project, Shenandoah S2-4H

By Falcon Press Releases

Falcon Oil & Gas Ltd.

(“Falcon” or “Company”)

Spudding of the second well in the Shenandoah South Pilot Project, Shenandoah S2-4H

25 November 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the spudding of the Shenandoah S2-4H (“SS4H”) horizontal well (previously referred to as the SS3H well) in exploration permit 98 in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Tamboran B2”).

SS4H is the second well of the Shenandoah South Pilot Project and will be drilled from the same well pad as the Shenandoah S2-2H ST1 sidetrack well (“SS2H ST1”) using the H&P super-spec FlexRig® Flex 3 Rig.

The SS4H well is estimated to be drilled to a total measured depth of 20,669 feet (6,300 metres) including a horizontal section of approximately 10,000 feet, (3,000 metres), targeting the Amungee Member B-shale.

Following the drilling of the SS4H well, Liberty Energy will complete the stimulation of the SS2H ST1 and SS4H wells, with 34 and 60 stages planned at the respective wells. Stimulation of both wells is expected to commence in Q1 2025 with 30 day initial production flow rates expected in the same period.

Falcon Australia will continue its participation in the Shenandoah South Pilot Project at its elected participating interest of 5%.

Philip O’Quigley, CEO of Falcon commented:

“The spudding of the SS4H horizontal well is an exciting next step in the development of the Beetaloo Sub-basin and we will look forward to updating the market as operations progress.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

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.

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 drilling the SS4H well to a total measured depth of 6,300 metres and the planned 10,000 foot (3,000 metre) horizontal section, the stimulation program following the drilling of the SS4H well, targeting the Amungee Member B-shale; the wells being stimulated with wells with a planned 34 and 60 stages t the respective wells utilising the Liberty Energy modern frac fleet, stimulation of both wells is expected to commence in Q1 2025 with 30 day initial production flow rates expected in the same period.

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.

Nov 18

Beetaloo Operations Update

By Falcon Press Releases

Falcon Oil & Gas Ltd.

(“Falcon” or “Company”)

Beetaloo Operations Update

18 November 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that the Shenandoah South 2H sidetrack (“SS2H ST1”) well has been cased and suspended at a total measured depth of 16,182 feet (4,932 metres) in the Beetaloo Sub-basin, Northern Territory, Australia. This includes a 5,906-foot (1,800-metre) horizontal section within the Amungee Member B-Shale, of which ~5,577 feet (1,700 metres) is planned to be stimulated with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Tamboran B2”).

The decision to case and suspend SS2H ST1 comes following consultation with Tamboran B2 on the failure of a directional drilling tool while drilling the horizontal section. This decision avoids additional rig costs and will enable the immediate drilling of the Shenandoah South 3H (“SS3H”) well from the same well pad, which is planned to be drilled with a 10,000-foot (3,000 metre) horizontal section in the Amungee member B-Shale.

Following the drilling of the SS3H well, Liberty Energy will complete the stimulation of the SS2H ST1 and SS3H wells with 34 and 60 stages planned at the respective wells. Stimulation of both wells is expected to commence in Q1 2025 with 30 day initial production flow rates expected in the same period.

The successful stimulation of SS2H ST1 will create a drilling spacing unit of 20,480 acres.

Falcon Australia will continue its participation in both wells in the Shenandoah South Pilot Project at its elected participating interest of 5%.

Philip O’Quigley, CEO of Falcon commented:

“We look forward to updating the market over the coming weeks as we continue with these drilling operations in the Beetaloo”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162
Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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 (EP 76, 98 and 117)

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	22.5%
Tamboran (B2) Pty Limited	77.5%
Total	100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres¹

Company	Interest
Falcon Oil & Gas Australia Limited (Falcon Australia)	5.0%
Tamboran (B2) Pty Limited	95.0%
Total	100.0%

¹Subject to the completion of the SS2H and SS3H wells on the Shenandoah South pad 2.

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.

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 casing and suspension of the SS2H ST1 well, the decision to case and suspend SS2H ST1; avoidance of additional rig costs, ability to immediate drill the SS3H well from the same well pad; Liberty Energy’s ability to complete the stimulation of the SS2H ST1 and SS3H wells of 34 and 60 stages planned at the respective wells; stimulation expected to commence in Q1 2025 with 30 day initial production flow rates expected in the same period and the creation of a DSU of 20,480 acres.

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.

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