Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - STELLAR IP90 FLOW TEST RESULT IN THE BEETALOO MAINTAINING STABLE GAS RATE OVER THE FINAL 30-DAY PERIOD

Falcon Oil & Gas Ltd.'s Shenandoah South 2H sidetrack (SS-2H ST1) well has achieved an average 90-day initial production (IP90) flow rate of 6.7 million cubic feet per day over 1,671 metres (5,483 feet) within the Amungee member B-shale in the Beetaloo subbasin in Northern Territory, Australia, making it a Beetaloo basin record.

Points to note:

• Flow rates from the SS-2H ST1 well over the past 30 days have increased by approximately 2 per cent without any downhole intervention and maintaining a 44/64ths-inch choke.
• At the completion of the 90-day period, the well was flowing at 6.5 million cubic feet per day with a wellhead pressure of approximately 700 pounds per square inch, an approximately 3-per-cent decline in wellhead pressure from the end of day 60.
• The SS-2H ST1 well has now been suspended ahead of the commencement of gas sales to the Northern Territory government through the Sturt Plateau compression facility in mid-2026, subject to weather conditions and final stakeholder approvals.

2025 drilling campaign

• The 2025 drilling campaign continued to progress with the intermediate section of the first two wells (S2-1H and S2-3H) successfully drilled. The rig is currently drilling the intermediate section of the third well (S2-5H). The campaign is the first multiwell drilling program implementing batch drilling in the Beetaloo basin.
• On completion of the intermediate section of the S2-5H well, the rig is planned to commence drilling of the 10,000-foot horizontal sections of the three wells.
• This will complete the drilling phase of the five-well Shenandoah South pilot program.
• As previously announced, Falcon Oil & Gas Australia Ltd. has no cost exposure to the drilling of these three wells as it opted to reduce its participating interest in the three wells to 0 per cent.

Philip O'Quigley, chief executive officer of Falcon, commented: "The results we are seeing from the wells drilled and flow tested to date in the Shenandoah area of the Beetaloo illustrate the huge commercial potential of this area and augur extremely well for the pilot program and any subsequent larger-scale development. These latest encouraging results will no doubt support Tamboran's efforts in their farming down of an adjacent 400,000-acre area known as phase 2 development area, further derisking the commercial development of the Beetaloo."

Tom Layman, director of Falcon, commented: "The strong 90-day flowback performance from the SS2-2H ST1 is good news and, in combination with the SS-1H, is another great result for this area of the Beetaloo. The fact that the well increased production rate from 6.4 mmcf/d to 6.5 mmcf/d over the last 30 days with very little change in pressure shows that we have more opportunity to optimize and maximize the performance of the Amungee member B-shale."

This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas's technical adviser. Dr. Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary, and his PhD at the Vrije Universiteit Amsterdam in the Netherlands. He is a member of AAPG (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. Falcon Oil & Gas is incorporated in British Columbia, Canada, and headquartered in Dublin, Ireland.

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

About Tamboran (B2) Pty. Ltd.

Tamboran (B1) Pty. Ltd. is the 100-per-cent holder of Tamboran B2, with Tamboran B1 being a 50/50 joint venture between Tamboran Resources and Daly Waters Energy.

Tamboran Resources is a natural gas company listed on the New York Stock Exchange (symbol: TBN) and Australian Securities Exchange (symbol: TBN). Tamboran is focused on playing a constructive role in the global energy transition toward a lower-carbon future by developing the significant low-carbon-dioxide gas resource within the Beetaloo basin through cutting-edge drilling and completion design technology as well as management's experience in successfully commercializing unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy LP is a highly successful investor and has made significant returns in the United States unconventional energy sector in the past. He was founder of Parsley Energy Inc., an independent unconventional oil and gas producer in the Permian basin in Texas, and previously served as its chairman and chief executive officer. Parsley Energy was acquired for over $7-billion (U.S.) by Pioneer Natural Resources Company.

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