Mr. Philip O Quigley reports

FALCON OIL & GAS LTD. - BEETALOO OPERATIONAL UPDATE

Falcon Oil & Gas Ltd. has provided an update on operations as the company prepares to drill the Shenandoah South 1H (SS1H) well in the Beetaloo subbasin, Australia, with Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran (B2) Pty. Ltd.

• The H&P (Helmerich & Payne) rig has been successfully mobilized to the SS1H well pad location, in exploration permit 117, ahead of drilling the first of a two-well program in 2023.
• Drilling of the SS1H well is expected to commence in early August, 2023, subject to final joint venture approval, with drilling operations expected to take approximately 45 days.
• The SS1H well will target the Amungee member B shale at an estimated target depth of 3,200 metres (approximately 700 metres deeper than the Amungee NW-2H (A2H) well in EP 98).
• The SS1H well will be located approximately 60 kilometres south of the A2H well site. The deeper reservoir is expected to deliver higher pressures, based on data from the two Santos-operated Tanumbirini wells in EP 161.

This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas'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 the American Association of Petroleum Geologists.

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.

Falcon Oil & Gas Australia is an approximately 98-per-cent subsidiary of Falcon Oil & Gas.

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