REG-Falcon Oil & Gas Ltd. - Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over the final 30-day period

Falcon Oil & GasAnnouncement

Mon 07:00

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Falcon Oil & Gas Ltd (“Falcon”)

Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over
the final 30-day period

11 August 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
announce that Shenandoah South 2H Sidetrack (“SS-2H ST1”) achieved an
average 90-day initial production (“IP90”) flow rate of 6.7 million cubic
feet per day (“MMcf/d”) over 1,671-metres (5,483-foot) within the Amungee
Member B-Shale in the Beetaloo Sub-basin, Northern Territory, Australia,
making it a Beetaloo Basin record.

Points to note:
* Flow rates from the SS-2H ST1 well over the last 30 days have increased by
~2% without any downhole intervention and maintaining a 44/64” choke.
* At the completion of the 90-day period, the well was flowing at 6.5 MMcf/d
with a wellhead pressure of ~700 psi, a ~3% decline in wellhead pressure from
the end of Day 60.
* The SS-2H ST1 well has now been suspended ahead of 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.
For further details on the SS-2H ST1 flow test, including a table and charts,
please refer to Appendix A.

2025 Drilling Campaign
* The 2025 drilling campaign continued to progress with the intermediate
section of the first two wells (S2-1H and S2-3H) successfully drilled. The rig
is currently drilling the intermediate section of the third well (S2-5H). The
campaign is the first multi-well drilling program implementing batch drilling
in the Beetaloo Basin.
* On completion of the intermediate section of the S2-5H well, the rig is
planned to commence drilling of the 10,000-foot horizontal sections of the
three wells.
* This will complete the drilling phase of the five well Shenandoah South
pilot program.
* As previously announced, Falcon Oil & Gas Australia Limited (“Falcon
Australia”) 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%.
Philip O’Quigley, CEO of Falcon commented:

“The results we are seeing from the wells drilled and flow tested to date in
the Shenandoah area of the Beetaloo illustrate the huge commercial potential
of this area and augur extremely well for the pilot program and any subsequent
larger scale development. These latest encouraging results will no doubt
support Tamboran’s efforts in their farming down of an adjacent 400,000 acre
area known as “Phase 2 Development Area”, further de-risking the
commercial development of the Beetaloo.”

Tom Layman, Director of Falcon commented:

“The strong 90 day flowback performance from the SS2-2H ST1 is good news and
in, combination with the SS- 1H, is another great result for this area of the
Beetaloo. The fact that the well increased production rate from 6.4 MMcf/d to
6.5 MMcf/d over the last 30 days with very little change in pressure shows
that we have more opportunity to optimize and maximize the performance of
the Amungee member B-shale.”

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 Joint Venture (EP 76, 98 and 117)   

 Company                                                Interest  
 Falcon Oil & Gas Australia Limited (Falcon Australia)  22.5%     
 Tamboran (B2) Pty Limited (“ Tamboran ”)               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, details on the IP90 flow test results of SS-2H ST1 being a
Beetaloo basin record, the well being suspended ahead of 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 belief the average 30-day initial production of a
normalised flow rate of 3 MMcf/d per 1,000 metres is a commercial threshold
and coupled with the IP60 and IP90 flow rate points towards the significant
resource potential of the Beetaloo; and details on the 2025 three well
drilling campaign which has continued 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.

Attachment
*     081125 FINAL Falcon Press Release - SS-2H ST1 IP90
(https://ml-eu.globenewswire.com/Resource/Download/d60ff4ec-afdd-4e11-947b-196f42de775a)