2022-11-10 12:52 ET - News Release

Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - SPUDDING OF AMUNGEE 2H DEVELOPMENT WELL IN EXPLORATION PERMIT 98

Falcon Oil & Gas Ltd. spudded the Amungee 2H development well (A2H) with the Silver City Rig 40 on Nov. 2022, on EP 98 in the Beetaloo subbasin, Northern Territory, Australia, with Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran B1 Pty. Ltd.

Tamboran B1 is a 50:50 joint venture partnership between Daly Waters Energy, LP and Tamboran Resources Limited ("Tamboran"), with Tamboran appointed as operator across the exploration permits.

Tamboran will drill the vertical and build section to a depth of approximately 2,450 metres, followed by the drilling of a 1,000 metre horizontal section within the primary target of the Amungee Member B Shale (formerly known as the Middle Velkerri B-shale).

Following drilling, the A2H well is expected to commence a hydraulic fracture stimulation programme with a US style unconventional shale design. The well is designed with 5- one-half inch casing to allow for effective placement of proppant into the formation, optimizing completion efficiency.

This is the first of two horizontal wells in the Stage 3 programme to be drilled during this current drilling campaign. The precise location of the second horizontal well, also targeting the Amungee Member B shale is currently being evaluated, and an update will be provided in due course. Philip O ' Quigley , Falcon's CEO , commented :

"The spudding of the A2H development well is an exciting first step for the planned two horizontal wells of the Stage 3 work programme with our new JV partner, Tamboran B1. This follows a successful production log test in September last year at Amungee NW-1H which suggested normalised gas flow rate equivalent to around 5,000 Mscf/d per 1,000 metres of horizontal section. Obtaining production rates over the first 30 days between 2,000-3,000 Mscf/d on the Stage 3 wells will support the JV moving to a multi-well pilot development program in 2023/2024. Falcon remains fully carried for the drilling and fracture stimulation of the A2H well."

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 Cenkos Securities plc (NOMAD & Broker) Neil McDonald / Derrick Lee +44 131 220 9771

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

About Falcon Oil & Gas Ltd.

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

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd. For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com About Tamboran (B1) Pty Limited

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