Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - BEETALOO OPERATIONS UPDATE

Falcon Oil & Gas Ltd.'s Shenandoah South 2H sidetrack (SS2H ST1) well has been cased and suspended at a total measured depth of 16,182 feet (4,932 metres) in the Beetaloo subbasin in Northern Territory, Australia. This includes a 5,906-foot (1,800-metre) horizontal section within the Amungee member B-shale, of which approximately 5,577 feet (1,700 metres) is planned to be stimulated with Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran (B2) Pty. Ltd.

The decision to case and suspend SS2H ST1 comes following consultation with Tamboran B2 on the failure of a directional drilling tool while drilling the horizontal section. This decision avoids additional rig costs and will enable the immediate drilling of the Shenandoah South 3H (SS3H) well from the same well pad, which is planned to be drilled with a 10,000-foot (3,000-metre) horizontal section in the Amungee member B-shale.

Following the drilling of the SS3H well, Liberty Energy will complete the stimulation of the SS2H ST1 and SS3H wells, with 34 and 60 stages planned at the respective wells. Stimulation of both wells is expected to commence in Q1 2025, with 30-day initial production flow rates expected in the same period.

The successful stimulation of SS2H ST1 will create a drilling spacing unit of 20,480 acres.

Falcon Australia will continue its participation in both wells in the Shenandoah South pilot project at its elected participating interest of 5 per cent.

Philip O'Quigley, chief executive officer of Falcon, commented, "We look forward to updating the market over the coming weeks as we continue with these drilling operations in the Beetaloo."

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, 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 Ltd. and Daly Waters Energy LP.

Tamboran Resources is a natural gas company listed on the Australian Securities Exchange and the U.S. OTC (over-the-counter) market. 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 is a highly successful investor and has made significant returns in the U.S. 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, itself a leading independent oil and gas company and, with the Parsley Energy acquisition, became a Permian pure play company. Pioneer has a current market capitalization of approximately $60-billion (U.S.).

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