Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - OPERATIONAL UPDATE INCLUDING THE SUCCESSFUL DRILLING OF AMUNGEE NW 3H HORIZONTAL WELL

Drilling operations on Falcon Oil & Gas Ltd.'s Amungee NW 3H (A3H) well in EP98 have been successfully completed with Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran (B2) Pty. Ltd.

Details of operations are as follows:

• The A3H well was drilled, cased and cemented to a total measured depth (TD) of 3,837 metres, including a horizontal section of 1,100 metres in the Amungee member B shale.
• The well intersected the Amungee member B shale at a total vertical depth (TVD) of 2,272 metres and encountered significant gas shows, in line with predrill expectations.
• Drilling took 17.9 days, at an average rate of 214 metres per day, and at 20 days faster than the Amungee 2H (A2H) well, the Helmerich & Payne Inc. (H&P) superspec FlexRig Flex 3 rig delivered the anticipated drilling efficiencies.
• A stimulation program is planned for the second quarter of 2024, following the Northern Territory wet season.
• Total costs for the drilling and cementing of the A3H well was $12.6-million (Australian). Cost reductions of $1.8-million (Australian) compared with A2H demonstrate the application of learnings from previously drilled wells and the improvement in drilling technology with the H&P superspec FlexRig Flex 3 rig.

Shenandoah South 1H (SS1H) update

Stimulation activities for the SS1H well in EP117 are on track to commence in November, 2023, with IP30 flow rates anticipated in early 2024.

Appointment of Tennyson Securities

Falcon is pleased to announce the appointment of Tennyson Securities as joint broker, alongside Cavendish Securities PLC, Falcon's current broker. Cavendish will continue as Falcon's nominated adviser.

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

"We are delighted to have successfully completed the A3H horizontal well section and are very encouraged by the drilling days achieved by H&P in reaching TD at A3H and the cost reductions recorded relative to A2H. We now look forward to the next phase of operations in the Beetaloo with the stimulation and extended production testing of SS1H commencing in November. We will continue to update the market as results become available."

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.

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