Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - SPUDDING OF THE SECOND WELL IN THE SHENANDOAH SOUTH PILOT PROJECT, SHENANDOAH S2-4H

Falcon Oil & Gas Ltd. has spudded the Shenandoah S2-4H (SS4H) horizontal well (previously referred to as the SS3H well) in exploration permit 98 in the Beetaloo subbasin in Northern Territory, Australia, with Falcon Oil & Gas Australia Ltd.'s (Falcon Australia) joint venture partner, Tamboran (B2) Pty. Ltd. (Tamboran B2).

SS4H is the second well of the Shenandoah South pilot project and will be drilled from the same well pad as the Shenandoah S2-2H ST1 sidetrack well using the H&P superspec FlexRig Flex 3 rig.

The SS4H well is estimated to be drilled to a total measured depth of 20,669 feet (6,300 metres), including a horizontal section of approximately 10,000 feet (3,000 metres), targeting the Amungee member B-shale.

Following the drilling of the SS4H well, Liberty Energy will complete the stimulation of the SS2H ST1 and SS4H 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.

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

Philip O'Quigley, chief executive officer of Falcon, commented: "The spudding of the SS4H horizontal well is an exciting next step in the development of the Beetaloo subbasin and we will look forward to updating the market as operations progress."

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 LP 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.

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