Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - FURTHER UPDATE ON TRANSACTION WITH TAMBORAN

Falcon Oil & Gas Ltd. has provided an update regarding the transaction between Falcon and Tamboran Resources Corp., which was approved at the company's special meeting of shareholders held on March 11, 2026.

Further to the company's news release dated March 16, 2026, the transaction remains subject to a number of terms and conditions as set forth in the arrangement agreement dated Sept. 30, 2025, including approval of the plan of arrangement by the Supreme Court of British Columbia. The hearing, which was initially adjourned until March 24, 2026, has been further delayed due to a backlog at the court. The company were advised that the matter is now expected to be heard on March 26, 2026.

The completion of the transaction remains subject to a number of terms and conditions, including without limitation: (a) approval of the plan of arrangement by the court; (b) approval and authorization for listing on the New York Stock Exchange of the Tamboran common stock to be issued in the transaction; (c) the absence of any law or order prohibiting the consummation of the transaction; (d) there being no material adverse changes in respect of Falcon or Tamboran; and (e) other standard conditions of closing for a transaction of this nature. There can be no assurance that all of the necessary approvals will be obtained or that all conditions of closing will be satisfied.

Subject to obtaining the final order and satisfaction of all other conditions of closing, Falcon currently anticipates the transaction to be completed shortly following the final court hearing on March 26, 2026. However, there is significant uncertainty as to whether the final order will be obtained in a timely manner or at all. If the transaction is not completed on or before March 30, 2026, due to a failure to obtain the final order or otherwise, either Tamboran or Falcon may terminate the arrangement agreement and the parties will no longer be obligated to proceed with the transaction. Further announcements will follow in due course.

For further information regarding the transaction, please refer to the notice of meeting, the management information circular and related documents which are available on SEDAR+ and Falcon's website.

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.

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