Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - KYALLA 117 N2 HORIZONTAL APPRAISAL WELL EMP APPROVED

The environmental management plan (EMP) for Falcon Oil & Gas Ltd.'s Kyalla 117 N2 horizontal appraisal well, for the planned 2019 drilling, stimulation and well testing prepared by Origin Energy B2 Pty. Ltd. on behalf of the joint venture, has been approved by the Northern Territory Department of Environment and Natural Resources.

Kyalla 117 N2 horizontal appraisal well:

• The well is targeting the Kyalla shale liquids-rich gas fairway.
• Construction of the well pad and related civil works is nearing completion.
• Drilling operations will commence in September.

Philip O'Quigley, chief executive officer of Falcon, commented: "Today's announcement relating to the approval of the Kyalla 117 N2 Well EMP targeting the Kyalla shale liquids-rich gas fairway is an exciting development for Falcon shareholders. We look forward to the commencement of drilling operations."

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas 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, South Africa and Hungary.

We seek Safe Harbor.