Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD - TSX VENTURE EXCHANGE CONDITIONAL APPROVAL & ADDITIONAL SUBSCRIPTION

Falcon Oil & Gas Ltd. has received TSX Venture Exchange conditional approval for the second tranche of the subscription by Sheffield Holdings LP, as previously announced on April 22, 2024.

Accordingly, the company has today issued a further 6,638,597 new common shares to Sheffield Holdings LP at an issue price of 0.06 pound sterling per share, taking the aggregate interests of Sheffield Holdings LP to 116,386,398 common shares, representing 10.49 per cent of the enlarged issued share capital.

Application for admission

It is expected admission of the new common shares to trading on AIM (Alternative Investment Market) will become effective and dealings in those new common shares will commence on AIM at 8 a.m. (London time) on May 10, 2024. The new common shares will not trade on the TSX Venture Exchange Market until the date that is four months and a day after the day of issuance.

The new common shares will, when issued, be subject to the articles of association of the company and credited as fully paid, and will rank equally in all respects with the existing common shares. The company's total issued share capital following admission will be 1,109,141,512 common shares.

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 is incorporated in British Columbia, Canada, and headquartered in Dublin, Ireland, with a technical team based in Budapest, Hungary.

We seek Safe Harbor.