Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - SUCCESSFUL DRILLING OF SHENANDOAH SOUTH 1H HORIZONTAL WELL

Falcon Oil & Gas Ltd., with Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran (B2) Pty. Ltd., has successfully completed drilling operations on the Shenandoah South 1H (SS1H) well.

The well has been drilled to a total measured depth (TD) of 4,300 metres, including a horizontal section over 1,074 m in length in the Amungee member B shale, with casing and cementing also complete.

As noted previously for SS1H:

• Logging of the Amungee member B shale formation indicates potentially higher porosity and gas saturation relative to other wells drilled targeting the same formation.
• Initial evaluation confirms reservoir continuity of the Amungee member B shale over 150 kilometres between Amungee NW-2H (A2H) and Beetaloo W-1 wells. This includes a target development area of approximately one million acres where the shale depth exceeds 2,700 metres.
• A stimulation program of up to 10 stages over a 500-metre section is planned to commence in the fourth quarter of 2023.

The Helmerich & Payne super spec FlexRig Flex 3 rig will now be mobilized to the Amungee NW-3H (A3H) well site, which will be drilled from the same pad as A2H. The A3H well is the second of the two-well program in 2023 and will target the Amungee member B Shale at an estimated depth of 2,450 metres TVD (total vertical depth), with spudding of the well expected by the end of September, 2023. Falcon Australia will participate at its full 22.5-per-cent interest.

Philip O'Quigley, chief executive officer of Falcon, commented:

"We are delighted to have successfully completed the SS1H horizontal well section and we now look forward to the next phase of operations with the stimulation and extended production testing of the well. We will continue to update the market as results become available."

Nominated adviser name change

The company announces that its nominated adviser (NOMAD) and broker has changed its name from Cenkos Securities PLC to Cavendish Securities PLC following completion of its own corporate merger.

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 AAPG.

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

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