Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - DRILLING COMPLETED ON THE SECOND WELL IN THE SHENANDOAH SOUTH PILOT PROJECT, SHENANDOAH S2-4H

Falcon Oil & Gas Ltd.'s Shenandoah S2-4H (SS4H) horizontal well has been successfully drilled, cased and cemented to a measured depth of 6,452 metres (21,169 feet) in exploration permit 98 in the Beetaloo subbasin in Northern Territory, Australia, with Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran (B2) Pty. Ltd.

Data from the SS4H well have indicated strong gas shows and a continuation of the high-quality shale and rock properties observed in the Shenandoah South 1H and Shenandoah South 2H (SS2H ST1) locations with no faulting observed along the entire 3,048-metre (10,000-foot) lateral section.

The Liberty Energy stimulation equipment and sand have been mobilized to location ahead of the stimulation campaign, which is planned to commence in early Q1 2025, with IP30 (initial production over 30 days) flow test from both SS2H ST1 and SS4H expected to be released in Q1 2025.

Philip O'Quigley, chief executive officer of Falcon, commented, "The completion of the SS4H well is another milestone in the development of the Beetaloo subbasin and we will look forward to the upcoming stimulation campaign and updating the market as operations progress."

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 Corp. and Daly Waters Energy LP.

Tamboran Resources is a natural gas company listed on the New York Stock Exchange (TBN) and Australian Securities Exchange (TBN). 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.

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