2022-03-23 03:00 ET - News Release

Falcon Oil & Gas Ltd.
("Falcon" or the "Company")

Shareholder Information

23 March 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) notes recent commentary regarding sanctions being imposed on Mr. Viktor Vekselberg.

Falcon is incorporated in British Columbia, Canada and its shares are traded publicly on the Toronto TSX Venture Stock Exchange and on the AIM market operated by the London Stock Exchange.

According to public disclosure of shareholdings, Lamesa Holding S.A. ("Lamesa") holds 16% of Falcon's issued share capital. Mr. Viktor Vekselberg is a beneficiary of the foundation which holds 100% of the shares of Lamesa. Neither Lamesa nor Mr. Viktor Vekselberg have any influence or control over the operations of Falcon and/or its subsidiaries and their businesses.

The Beetaloo joint venture in Northern Territory Australia is a joint venture between Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited ("Origin") (77.5%) and Falcon Oil & Gas Australia Limited (22.5%), a 98% subsidiary of Falcon. Origin as operator and majority owner has control over all activities in the Beetaloo joint venture. Lamesa has no shareholding in Falcon Oil & Gas Australia Limited other than through its minority shareholding in Falcon, and has never had any influence or control over the operations of the Beetaloo joint venture.

In April 2018, the United States imposed sanctions on Mr. Viktor Vekselberg. The effect of these US imposed sanctions is that Lamesa's shareholding in Falcon has been quarantined since April 2018.

For as long as the US imposed sanctions over Mr. Viktor Vekselberg remain in place, Lamesa's shares in Falcon remain quarantined and Mr. Viktor Vekselberg:

• Cannot benefit directly or indirectly from any dividends paid by Falcon or Falcon Oil & Gas Australia Limited.
• Cannot benefit directly or indirectly from the proceeds of any sale of Lamesa's shares in Falcon.
• Cannot vote Lamesa's shares at any meeting of Falcon's shareholders.
  
  

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