Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - ANOTHER STELLAR IP30 FLOW TEST RESULT IN THE BEETALOO

Falcon Oil & Gas Ltd.'s Shenandoah S2-2H ST1 achieved an average 30-day initial production (IP30) flow rate of 7.2 million cubic feet per day over 1,671 metres (5,483 feet) across a 35-stage stimulated length within the Amungee member B-shale in the Beetaloo subbasin in Northern Territory, Australia, making it the highest IP30 result in the Beetaloo to date.

Points to note:

• The normalized flow rate of 13.2 million cubic feet per day over an extrapolated 10,000-foot horizontal section is in line with the average of more than 11,000 wells in the Marcellus shale dry gas area on production over a 12-month period. The results demonstrate the commercial deliverability of gas from the Amungee member B-shale in the Australian East Coast gas market that typically sells at a premium to Henry Hub in the United States and under long-term consumer-price-index-linked contracts.
• The exit rate trajectory continues a steady, low-declining curve at 6.7 million cubic feet per day (normalized at 12.2 million cubic feet per day per 10,000 feet) with a flowing wellhead pressure of approximately 910 pounds per square inch. The steady-state decline curve on SS-2H ST1 is consistent with that achieved from the Shenandoah South 1H well.

Development activity:

• The Shenandoah South drilling campaign is planned to commence in July, 2025, targeting up to three 10,000-foot horizontal wells and completed with up to 60 stimulation stages from the SS2 well pad. As previously announced, Falcon Oil & Gas Australia Ltd. has opted to reduce its participating interest in the three wells to 0 per cent.
• Once completed, the five wells on the SS2 pad are planned to be tied into the Sturt Plateau compression facility (SPCF) to feed into a 40-million-cubic-foot-per-day take-or-pay gas sales agreement (GSA) with the Northern Territory government. Production remains on track to commence in mid-2026, subject to standard regulatory and stakeholder approvals and favourable weather conditions.
• The Shenandoah South 4H (SS-4H) well is planned to be completed and flow tested by the end of 2025, with the remaining wells drilled in the 2025 campaign to be completed during the first half of 2026.
• Completion of the remaining four wells will incorporate lessons from the SS-1H and SS-2H ST1 wells.
• The five wells are expected to deliver the required 40-million-cubic-foot-per-day volume under a binding take-or-pay agreement with the Northern Territory government.

Philip O'Quigley, chief executive officer of Falcon, commented: "The IP30 flow rate results announced today of 7.2 million cubic feet per day are truly stellar and marks another major data point in the Beetaloo subbasin again demonstrating that it compares to the best shale wells in the United States. Not only did the results exceed Falcon's predrill commercial threshold of a normalized flow rate of three million cubic feet per day per 1,000 metres but had similar flow rates and pressures to SS-1H and SS-2H ST1, which all point towards the significant resource potential of the Beetaloo.

"Falcon looks forward to the planned completion and testing of SS-4H by the end of 2025 and also to observing the results from the next three wells of the Shenandoah South drilling program and the additional milestones they will establish.

"As further results become available, we look forward to updating the market further."

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 Ltd. 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 and Daly Waters Energy.

Tamboran Resources is a natural gas company listed on the New York Stock Exchange (symbol: TBN) and Australian Securities Exchange (symbol: 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 LP is a highly successful investor and has made significant returns in the United States 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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