"...only question is was it spectacular???..."

No - says they are trying to raise minimum $10 million - maximum $50 million. "Speculative" (see below) is not the word for investing in FO.

Offer Memorandum

Falcon Oil & Gas Australia Pty Ltd

ACN 132 857 008

For the placement of 10 million – 50 million Shares at US$1.00 per Share with an

attaching option in respect of each issued Share, exercisable at US$1.25 each to

raise between US$10 million and US$50 million (the Offer).

Beetaloo Basin Project, Northern Territory of Australia

THE SHARES AND ATTACHING OPTIONS OFFERED UNDER THIS OFFER MEMORANDUM ARE

OF A SPECULATIVE NATURE. THE INTERESTS DESCRIBED ARE OF AN EXPLORATION AND

EVALUATION STAGE. ONLY INVESTORS EXPERIENCED IN INVESTING IN EXPLORATION

COMPANIES SHOULD CONSIDER SUBSCRIBING TO THIS OFFER.

THE OFFER IS MADE TO INVESTORS QUALIFIED UNDER SECTIONS 708(8) AND 708(11) OF

THE CORPORATIONS ACT 2001 (CTH).

27 JANUARY 2010