Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - COMPLETION OF SHENANDOAH SS-2H ST1 STIMULATION

Falcon Oil & Gas Ltd. has completed the Shenandoah S2-2H ST1 (SS-2H ST1) stimulation in the Beetaloo subbasin in Northern Territory, Australia, with Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran (B2) Pty. Ltd.

Key highlights:

• Successfully completed 35 stages across the 1,671-metre (5,483-foot) horizontal section of the Amungee member B-shale with the Liberty Energy modern stimulation equipment;
• Stimulation activities achieved five stages over a 24-hour period on multiple days;
• The average proppant intensity was 2,706 pounds per foot and achieved wellhead injection rates above 100 barrels per minute;
• The average stage spacing is 48 metres (approximately 157 feet);
• The SS-2H ST1 well will be completed ahead of cleanout activities and the commencement of initial flowback and extended production testing;
• Further updates on the completion of the Shenandoah South 4H (SS-4H) well will be provided in due course.

Philip O'Quigley, chief executive officer of Falcon, commented: "We are extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling. In addition, the experienced U.S. operator, Liberty Energy, have shown the efficiencies they can achieve, which will provide us with the greatest opportunity for the best-possible outcomes from this stimulation program. We look forward to updating the market on the IP30 [initial production over 30 days] flow test results as soon as they become available."

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.

We seek Safe Harbor.