Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD ("FALCON") - ANOTHER STELLAR IP60 FLOW TEST RESULT IN THE BEETALOO AND 2025 DRILLING CAMPAIGN COMMENCES

Falcon Oil & Gas Ltd.'s Shenandoah S2-2H ST1 well achieved an average 60-day initial production (IP60) flow rate of 6.8 million cubic feet per day over 1,671 metres (5,483 feet) across a 35-stage stimulated horizontal within the Amungee member B-shale in the Beetaloo subbasin in Northern Territory, Australia, making it the highest IP60 result in the Beetaloo subbasin to date.

Points to note:

• The average flow rate of 12.4 million cubic feet per day over a normalized 10,000-foot horizontal section remains in line with an 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 Beetaloo subbasin to the Australian domestic East Coast gas market that typically sells at a premium to Henry Hub in the United States.
• The exit rate maintains a steady, low-declining curve at 6.4 million cubic feet per day with a flowing wellhead pressure of approximately 720 pounds per square inch and has exhibited less decline than that of the Shenandoah South 1H (SS-1H) well over the past 30 days of testing.

Drilling campaign gets under way:

• The 2025 drilling campaign has now commenced targeting up to three 10,000-foot horizontal wells to be drilled back to back over the next few months. This will complete the drilling phase of the five-well Shenandoah South pilot program.
• As previously announced, Falcon Oil & Gas Australia Ltd. has no cost exposure to the drilling of these three wells as it opted to reduce its participating interest in the three wells to 0 per cent.

Philip O'Quigley, chief executive officer of Falcon commented: "The IP60 flow rate results announced today of 6.8 million cubic feet per day are truly stellar and mark another major data point in the Beetaloo subbasin, again demonstrating that it compares to the best shale wells in the United States. These results, coupled with the average 30-day initial production exceeding Falcon's predrill commercial threshold of a normalized flow rate of three million cubic feet per day per 1,000 metres, all point towards the significant resource potential of the Beetaloo.

"The commencement of the 2025 three-well drilling campaign, which is the largest drilling campaign in the Beetaloo to date, will hopefully provide further evidence of the real commercial potential of the Beetaloo.

"We look forward to updating the market as soon as these drilling results 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 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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