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Director Purchase of Common Shares of Falcon

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Falcon Oil & Gas Ltd.
(“Falcon”, “Company”)

Director Purchase of Common Shares of Falcon

30 June 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that a
director has purchased 200,000 common shares in Falcon.

Details of the respective purchases are included in the table below:

 Name                                        Number of Common Shares purchased  Total number of Common Shares  held after purchase  P ercentage of issued share capital held after the purchase  
 Gregory Smith – Non - Executive Director    200,000                            1,220,000                                           0.12%                                                        

Ends.
CONTACT DETAILS:

 Falcon Oil & Gas Ltd.                   +353 1 676 8702   
 Philip O'Quigley, CEO                   +353 87 814 7042  
 Anne Flynn, CFO                         +353 1 676 9162   
                                                           
 Cenkos Securities plc (NOMAD & Broker)                    
 Neil McDonald / Derrick Lee             +44 131 220 9771  



About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the
exploration and development of unconventional oil and gas assets, with the
current portfolio focused in Australia, South Africa and Hungary. Falcon Oil &
Gas Ltd is incorporated in British Columbia, Canada and headquartered in
Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit
www.falconoilandgas.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are
subject to significant risks and uncertainties that are difficult to predict.
Actual results might differ materially from results suggested in any
forward-looking statements. Falcon assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results could
differ from those reflected in the forward looking-statements unless and until
required by securities laws applicable to Falcon. Additional information
identifying risks and uncertainties is contained in Falcon’s filings with
the Canadian securities regulators, which filings are available at
www.sedar.com.

Director / PDMR Shareholding

 1   Details of the person discharging managerial responsibilities/person closely associated                                                                                                                                                                                                      
 a)  Name                                                                                                                                                                                               Gregory Smith                                                                             
 2   Reason for notification                                                                                                                                                                                                                                                                      
 a)  Position/Status                                                                                                                                                                                    Non - Executive Director                                                                  
 b)  Initial notification/Amendment                                                                                                                                                                     Initial Notification                                                                      
 3   Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor                                                                                                                                                                                
 a)  Name                                                                                                                                                                                               Falcon Oil & Gas Ltd.                                                                     
 b)  LEI                                                                                                                                                                                                213800KQY87Z1KNPIM76                                                                      
 4   Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted                                                                                            
 a)  Description of the financial instrument, type of instrument  Identification code                                                                                                                   Common shares in the Company   AIM: FOG TSXV: FO                                          
 b)  Nature of the transaction                                                                                                                                                                          Purchase of common shares in the Company                                                  
 c)  Price(s) and volume(s)                                                                                                                                                                             Price(s)                   Volume(s)                                                      
     CAD$0.125                                                                                                                                                                                                                     Purchase an aggregate of 200,000 common shares in the Company  
 d)  Aggregated information * Aggregated volume                                                                                                                                                         200,000 common shares CAD$25,000                                                          
     * Price                                                                                                                                                                                                                                                                                      
 e)  Date of the transaction                                                                                                                                                                            29 June 2023                                                                              
 f)  Place of the transaction                                                                                                                                                                           TSXV

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