Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - BEETALOO SUB-BASIN - COMPLETION OF THE THREE WELL BATCH DRILLING 2025 CAMPAIGN

Falcon Oil & Gas Ltd. subsidiary Falcon Oil & Gas Australia Ltd.'s joint venture partner, Tamboran (B2) Pty. Ltd., has successfully completed the three-well batch drilling 2025 campaign, the largest drilling program ever conducted in the Beetaloo subbasin:

• The three wells of the 2025 batch drilling campaign (Shenandoah South SS2-1H, SS2-3H and SS2-5H) are now drilled, cased and suspended ahead of stimulation, each with a 3,000-metre (10,000-foot) horizontal section.
• The campaign was the first multiwell drilling program implementing batch drilling in the Beetaloo subbasin.
• The average drilling to target depth was 26.7 days, with the drilling and casing time delivered within the 35-day forecast.
• Modifications to the mud system and use of anti-vibration drilling bits led to increased drilling efficiency. This resulted in reaching approximately 1,000 metres drilled in a day in the SS2-1H well, the fastest horizontal section drilled in the Amungee member B-shale to date.
• Up to a 60-stage stimulation across the full 3,000-metre horizontal section of SS2-5H well is now planned in Q4 2025 and is expected to be flow tested for 30 days prior to being shut in ahead of the commencement of gas sales, which are expected to commence in mid-2026.
• In the first half of 2026, three wells (including the second well of the 2024 drilling campaign) are expected to be stimulated ahead of the commencement of gas sales.
• All wells included in the Shenandoah South pilot project are expected to deliver the contracted 40-million-cubic-foot-per-day volume required under the gas sales agreement with the Northern Territory government subject to weather conditions and final stakeholder approvals.
• As previously announced, Falcon Australia opted to reduce its participating interest in the three wells drilled in 2025 to 0 per cent, with no cost exposure.

Philip O'Quigley, chief executive officer of Falcon, commented: "Tamboran has executed a fantastic three-well drilling campaign delivering three 3,000-metre (10,000-foot) horizontal cased wells. We now have 12,000 metres (40,000 feet) of horizontal cased sections to be fracture stimulated over the coming months. Once completed, these wells will then be hooked up to the gas gathering and compression facilities currently under construction in the Beetaloo, with sales to the Northern Territory government commencing in the second half of 2026. We look forward to updating shareholders during this next phase as momentum in the Beetaloo continues to increase."

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 the 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 and Australian Securities Exchange. 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 subbasin 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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