REG-Falcon Oil & Gas Ltd. - Beetaloo drilling and planned stimulation update

Falcon Oil & GasAnnouncement

Mon 07:00

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Falcon Oil & Gas Ltd (“Falcon”)

Beetaloo drilling and planned stimulation update

29 September 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
give an update on current drilling and future planned stimulation in the
Beetaloo Sub-basin. Falcon Oil & Gas Australia Limited’s (“Falcon
Australia”) joint venture partner Tamboran (B2) Pty Limited (collectively
the “BJV partners”) continues the drilling campaign.

Drilling Campaign
* The first two wells of the 2025 drilling campaign are drilled and cased,
each with a 3,000m horizontal section (10,000-foot). The rig will now rig up
on the third and final well to drill the production hole and horizontal
section.
* The campaign is the first multi-well drilling program implementing batch
drilling in the Beetaloo Sub-basin and is currently in line with timeline and
budget.
* Up to a 60-stage stimulation across the full 3,000m horizontal section of
one of the 2025 drilled wells is planned and is expected to be flow tested for
30 days in early 2026 prior to being shut-in ahead of the commencement of gas
sales, which are expected to commence in mid-2026.
* In Q2 2026, following the wet season, the remaining three wells (which
includes 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 (“Pilot
Project”) are expected to deliver the contracted 40 MMcf/d volume required
under the Gas Sales Agreement (“GSA”) with the Northern Territory
Government (“NTG”) 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%, with no cost exposure.
Other recent highlights
* The BJV partners agreed terms with Native Title Holders to avoid flaring and
received consent to sell appraisal gas from the proposed Pilot Project over a
three-year period. Subsequently, the Northern Territory Government approved
the sale of appraisal gas under the Beneficial Use of Gas (BUG) Legislation.
* The construction of the A$140 million Sturt Plateau Compression Facility
(“SPCF”) commenced this month with earthworks and piling completed. Falcon
has no cost exposure in the construction of the SPCF.
* Work also commenced this month on the Northern Territory’s first-ever
Beetaloo pipeline, with APA Group investing A$70 million to deliver the
37-kilometre Sturt Plateau Pipeline.
Philip O’Quigley, CEO of Falcon commented:

“It’s great to report our operating partner, Tamboran Resources, is
executing the 2025 drilling campaign to plan, with the drilling of two wells
completed to target depth and the third well advancing towards completion. We
look forward to providing further updates over what will be an extremely busy
next few months”         

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   
                                             
 Cavendish Capital Markets Limited (NOMAD & Broker) 
 Neil McDonald / Adam Rae  +44 131 220 9771  



This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas
Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the
Eötvös L. University in Budapest, Hungary and his PhD at the Vrije
Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

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. Falcon Oil & Gas Ltd is incorporated
in British Columbia, Canada and headquartered in Dublin, Ireland.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas
Ltd.

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

About Beetaloo JV Partners (EP 76, 98 and 117)   

 Company                                                Interest  
 Falcon Oil & Gas Australia Limited (Falcon Australia)  22.5%     
 Tamboran (B2) Pty Limited (“ Tamboran B2 ”)            77.5%     
 Total                                                  100.0%    

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres(1)

 Company                                                Interest  
 Falcon Oil & Gas Australia Limited (Falcon Australia)  5.0%      
 Tamboran (B2) Pty Limited                              95.0%     
 Total                                                  100.0%    

(1)Subject to the completion of SS-4H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Limited
Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran
(B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between
Tamboran Resources Corporation and Daly Waters Energy, LP.

Tamboran Resources Corporation is a natural gas company listed on the NYSE
(TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the
global energy transition towards a lower carbon future, by developing the
significant low CO(2) gas resource within the Beetaloo Sub-basin through
cutting-edge drilling and completion design technology as well as
management’s experience in successfully commercialising unconventional shale
in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and
has made significant returns in the US unconventional energy sector in the
past. He was Founder of Parsley Energy Inc. (“PE”), an independent
unconventional oil and gas producer in the Permian Basin, Texas and previously
served as its Chairman and CEO. PE was acquired for over US$7 billion by
Pioneer Natural Resources Company.

Advisory regarding forward-looking statements
Certain information in this press release may constitute forward-looking
information. Any statements that are contained in this news release that are
not statements of historical fact may be deemed to be forward-looking
information. Forward-looking information typically contains statements with
words such as “may”, “will”, “should”, “expect”, “intend”,
“plan”, “anticipate”, “believe”, “estimate”, “projects”,
“dependent”, “consider” “potential”, “scheduled”,
“forecast”, “anticipated”, “outlook”, “budget”, “hope”,
“suggest”, “support” “planned”, “approximately”,
“potential” or the negative of those terms or similar words suggesting
future outcomes. In particular, forward-looking information in this press
release includes, the rig being rigged up on the third and final well to drill
the production hole and horizontal section, up to a 60 stage stimulation
across the full 3,000m horizontal section of one of the 2025 drilled wells
being planned and expected to be flow tested for 30 days in early 2026 prior
to being shut-in ahead of the commencement of gas sales, in quarter two 2026,
following the wet season, the remaining three wells (which includes the second
well of the 2024 drilling campaign) expected to be stimulated ahead of the
commencement of gas sales, the commencement of gas sales to the Northern
Territory Government via the Sturt Plateau Compression Facility in mid-2026
subject to weather conditions and final stakeholder approvals; the sale of
appraisal gas of up to 60 TJ per day from the Shenandoah South Pilot project
over a three year period, all wells included in the Pilot Project expected to
deliver the contracted 40 MMcf/d volume required under the GSA with the NTG
and the Shenandoah Pilot project continuing to progress.

This information is based on current expectations that are subject to
significant risks and uncertainties that are difficult to predict. The risks,
assumptions and other factors that could influence actual results include
risks associated with fluctuations in market prices for shale gas; risks
related to the exploration, development and production of shale gas reserves;
general economic, market and business conditions; substantial capital
requirements; uncertainties inherent in estimating quantities of reserves and
resources; extent of, and cost of compliance with, government laws and
regulations and the effect of changes in such laws and regulations; the need
to obtain regulatory approvals before development commences; environmental
risks and hazards and the cost of compliance with environmental regulations;
aboriginal claims; inherent risks and hazards with operations such as
mechanical or pipe failure, cratering and other dangerous conditions;
potential cost overruns, drilling wells is speculative, often involving
significant costs that may be more than estimated and may not result in any
discoveries; variations in foreign exchange rates; competition for capital,
equipment, new leases, pipeline capacity and skilled personnel; the failure of
the holder of licenses, leases and permits to meet requirements of such;
changes in royalty regimes; failure to accurately estimate abandonment and
reclamation costs; inaccurate estimates and assumptions by management and/or
their joint venture partners; effectiveness of internal controls; the
potential lack of available drilling equipment; failure to obtain or keep key
personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not
exhaustive and that these factors and risks 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.sedarplus.com,
including under "Risk Factors" in the Annual Information Form.

Any references in this news release to initial production rates are useful in
confirming the presence of hydrocarbons; however, such rates are not
determinative of the rates at which such wells will continue production and
decline thereafter and are not necessarily indicative of long-term performance
or ultimate recovery. While encouraging, readers are cautioned not to place
reliance on such rates in calculating the aggregate production for Falcon.
Such rates are based on field estimates and may be based on limited data
available at this time.

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