Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. ("FALCON") - HOLDINGS IN COMPANY

On June 13, 2023, Falcon Oil & Gas Ltd. was informed that, as of Sept. 20, 2022, Sheffield Holdings LP held a total of 96,473,607 common shares of Falcon, representing 9.24 per cent of Falcon's issued and outstanding shares.

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. Falcon Oil & Gas is incorporated in British Columbia, Canada, and headquartered in Dublin, Ireland, with a technical team based in Budapest, Hungary.