Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - NATIVE TITLE HOLDER APPROVAL OBTAINED TO SELL GAS UNDER BENEFICIAL USE OF GAS LEGISLATION

A historic agreement has been reached between Falcon Oil & Gas Australia Ltd.'s (a subsidiary of Falcon Oil & Gas Ltd.) joint venture partner Tamboran (B2) Pty. Ltd.'s parent company, Tamboran Resources Corp., with native title holders and the Northern Land Council for the sale of appraisal gas from their exploration permits (EP) in the Beetaloo subbasin.

Points to note:

• The agreement provides native title holder consent to the Beetaloo JV partners to the sale of appraisal gas from EP98 and EP117 of up to 60 TJ per day from the proposed Shenandoah South pilot project over a three-year period, subject to the agreement's terms. The Beetaloo JV partners will now focus on securing necessary approvals to support longer-term production.
• The Beetaloo JV partners have contracted an initial 40 million cubic feet per day to supply the Northern Territory government until mid-2041, which is expected to provide energy security for the Northern Territory.
• Commencement of gas sales to the Northern Territory government through the Sturt Plateau compression facility is expected in mid-2026, subject to weather conditions and final stakeholder approvals.
• The Beetaloo JV partners maintain strong working relationships with the native title holders across EP98 and EP117. They plan to continue delivering financial benefits, training, employment and contracting opportunities to the native title holders and the local community.
• The agreement ensures that the development of the Beetaloo subbasin is a genuine partnership that represents significant and long-term economic and social benefits to all parties.
• The agreement is subject to approval by the Northern Territory Minister for Mining and Energy.

Philip O'Quigley, chief executive officer of Falcon, commented: "This is a significant development for our operator, Tamboran B2, being the first operator in the Beetaloo basin to secure native title holder approval to sell gas under the legislated appraisal framework. We would like to join Tamboran Resources Corp. in thanking the native title holders and the Northern Land Council for their support in reaching a positive outcome with this significant agreement and for their vision and support."

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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