Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - APPROVAL FOR THE SALE OF FALCON'S 98.1% INTEREST IN FALCON OIL & GAS AUSTRALIA LIMITED TO TAMBORAN GROUP

Falcon Oil & Gas Ltd.'s subsidiary company, Falcon Oil & Gas Australia Ltd. (Falcon Australia), held a general meeting in Brisbane, Australia, on Dec. 30, 2025.

At the general meeting, shareholders approved the sale of Falcon's 98.1-per-cent interest in Falcon Australia to Tamboran Resources Corp. Falcon and its associates were excluded from voting on the relevant resolutions.

The sale is part of a broader transaction, whereby, as previously announced, the Tamboran group will acquire all of the subsidiary companies of Falcon, subject to various regulatory and shareholder approvals.

Acquisition of the 98.1-per-cent interest in Falcon Australia will provide the Tamboran group with the option of compulsorily acquiring all the remaining shares in Falcon Australia held by minority shareholders. The Tamboran group has undertaken to proceed with the compulsory acquisition from minority shareholders at a price no less than the price being paid to Falcon for its interest in Falcon Australia.

Philip O'Quigley, chief executive officer of Falcon, commented: "While the broader transaction is still subject to regulatory and shareholder approvals, this approval by Falcon Australia shareholders eliminates one of the key conditions precedent allowing Tamboran group to proceed with the broader transaction, which is still on track to close in the first quarter of this year."

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.