Falcon Oil & Gas Ltd. - Beetaloo Sub-basin - Completion of the three well batch drilling 2025 campaign

Falcon Oil & Gas Ltd ("Falcon")

Beetaloo Sub-basin - Completion of the three well batch drilling 2025 campaign

15 October 2025 Falcon Oil & Gas Ltd. (TSXV: FO,OTC:FOLGF, AIM: FOG) is pleased to announce that Falcon Oil & Gas Australia Limited's (" Falcon Australia ") joint venture partner Tamboran (B2) Pty Limited (collectively the " BJV partners ") has successfully completed the three well batch drilling 2025 campaign, the largest drilling program ever conducted in the Beetaloo Sub-basin.

• 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 horizontal section (10,000-foot).
• The campaign was the first multi-well drilling program implementing batch drilling in the Beetaloo Sub-basin.
• 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 ~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 H1 2026, 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 are expected to deliver the contracted 40 MMcf/d 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%, with no cost exposure.
  

Philip O'Quigley, CEO 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."

Ends.

CONTACT DETAILS:

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.

Figure 1: Time-depth chart – Spud to Target Depth (see PDF attachment)

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)

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

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, up to a 60 stage stimulation across the full 3,000m horizontal section of SS2-5H well being planned in Q4 2025 and expected to be flow tested for 30 days prior to being shut-in ahead of the commencement of gas sales, in H1 2026, 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 Gas Sales Agreement with the Northern Territory Government 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.

Attachment

• 101525 FINAL Falcon Press Release - Completion of the three well batch drilling Beetaloo 2025 program