Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - SUCCESSFUL COMPLETION OF SS1H STIMULATION PROGRAM

Falcon Oil & Gas Ltd. has completed the 10-stage stimulation program over a 500-metre horizontal section of the Amungee member B-shale within the Shenandoah South 1H (SS1H) well in EP117 which is operated by Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran B2 Pty. Ltd. Details are as follows: The stimulation program at SS1H delivered a proppant intensity of 2,212 pounds per foot (lb/ft) and average proppant injection per stage was 356,000 pounds.

The stimulation program achieved rates of 100 barrels per minute (bpm) using slickwater, a first in the Amungee Member B-Shale and in-line with current US shale basin stimulation designs.

Tamboran now plans to install production tubing ahead of the SS1H well commencing flow back of stimulation fluid.

Commencement of 30-day initial production (IP30) testing in mid-December 2023, subject to timing of gas breakthrough.

Current expectations are to release IP30 flow rates in Q1 2024, subject to timing of flow back stimulation fluid and weather conditions.

Proof of commercial flow rates as measured over the IP30 day period and which Falcon estimates to be 1.5 million cubic feet per day (MMcf/d) over the 500 metre horizontal section (3.0 MMcf/d normalised over 1,000 metres) or greater will allow us to progress the sanctioning of the proposed 40 MMcf/d pilot project at Shenandoah South during the first half of 2024.

Philip O'Quigley, CEO of Falcon commented:

"The stimulation program went extremely well with Tamboran's operations team achieving injection rates up to 100 bpm, a Beetaloo Sub-Basin rate record, and average proppant injection per stage of 356,000 pounds, in line with the initial design. We look forward to this next phase of operations in the Beetaloo with the installation of production tubing ahead of flow back of stimulation fluid and the commencement of the IP30. We will continue to update the market as results become available."

Ends. CONTACT DETAILS: Falcon Oil & Gas Ltd. +353 1 676 8702 Philip O'Quigley, CEO +353 87 814 7042 Anne Flynn, CFO +353 1 676 9162 Cavendish Capital Markets Limited (NOMAD & Joint Broker) Neil McDonald / Adam Rae +44 131 220 9771 Tennyson Securities (Joint Broker) Peter Krens +44 20 7186 9033 This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd'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 Ltd is an international oil & 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 Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd. For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com. About Beetaloo Joint Venture ("BJV") (EP 76, 98 and 117) Company Interest Falcon Oil & Gas Australia Limited 22.5% Tamboran B2 Pty Limited 77.5% Total 100.0% About Tamboran B2 Pty Limited

Tamboran (B1) Pty Limited ("Tamboran B1") is the 100% holder of Tamboran B2 Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP. Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management's experience in successfully commercialising unconventional shale in North America. Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. ("PE"), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company ("Pioneer"), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion. Advisory regarding forward looking statements

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