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 three batches of wells in 2025.

October 15, 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Falcon Oil & Gas Australia Limited (“Falcon Australia“) joint venture partner Tamboran (B2) Pty Limited (collectively “BZHV partners“) has successfully completed a three-lot drilling campaign in 2025, the largest drilling program ever undertaken in the Beetaloo sub-basin.

Three wells in the 2025 package drilling campaign (South Shenandoah SS2-1H, SS2-3H and SS2-5H) are currently drilled, cased and suspended prior to stimulation, each with a 3,000 meter (10,000 ft) horizontal section.
This campaign was the first multi-well drilling program to implement intermittent drilling in the Bitalu sub-basin.
The average drilling time to target depth was 26.7 days, with drilling and casing time within the forecast 35 days.
Modifications to the drilling fluid system and the use of anti-vibration drill bits have resulted in improved drilling efficiency. The resulting day's SS2-1H well reached ~1000 meters, the fastest horizontal section drilled in B-member Amungee shales to date.
A 60-stage stimulation is currently scheduled for the entire 3,000 meter horizontal section of the SS2-5H well in the fourth quarter of 2025, with 30 days of flow testing expected to occur before it is shut down ahead of gas sales expected to begin in mid-2026.
Three wells (including the second well of the 2024 drilling campaign) are expected to be stimulated in the first half of 2026 before gas sales begin.
All wells included in the Southern Shenandoah pilot project are expected to deliver the contracted volume of 40 million cubic feet per day required under the Gas Sales Agreement with the Northern Territory Government, subject to weather conditions and final stakeholder approval.
As previously announced, Falcon Australia has decided to reduce its interest in the three wells drilled in 2025 to 0% at no cost.

Philip O'Quigley, Falcon CEO, commented:
“Tamboran has carried out a fantastic three-well drilling campaign, delivering three 3,000-metre (10,000-foot) horizontal cased wells. We now have 12,000 meters (40,000 ft) of horizontal cased sections that will be stimulated in the coming months. Once completed, these wells will be connected to gas gathering and compression facilities that are currently are being built at Beetaloo, with sales to the Northern Territory government to begin in the second half of the year. 2026. We look forward to updating shareholders on the next stage as Beetaloo's momentum continues to grow.”

Ends.

CONTACTS:

Falcon Oil and Gas Ltd.	+353 1 676 8702
Philip O'Quigley, CEO	+353 87 814 7042
Anne Flynn, Chief Financial Officer	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD and broker)
Neil MacDonald	+44 131 220 9771

This advertisement has been reviewed by Dr. Gabor Bada, Technical Consultant, Falcon Oil & Ltd. Dr. Bada received his degree in geology from Eyöves L. University in Budapest, Hungary, and his PhD from the Free University of Amsterdam, the Netherlands. He is a member of aaapg.

Rice. 1. Time-depth diagram – burying to target depth (see PDF attachment).

About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, whose current portfolio is concentrated in Australia. Falcon Oil & Gas Ltd is registered in British Columbia, Canada and is headquartered in Dublin, Ireland.

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

For more information about Falcon Oil & Gas Ltd. 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%
General	100.0%

Southern Shenandoah Pilot Project – 2 rigs – 46,080 acres¹

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

¹Subject to completion of SS–Wells 4H in South Shenandoah Area 2.

About Tamboran (B2) Pty Limited
Tamboran (B1) Pty Limited (“Tamboran B1”) owns 100% of the shares 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 gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition to a lower carbon future by developing significant low CO2 technologies.₂ gas resources in the Beetaloo sub-basin through advanced drilling and completion technologies and management's experience in successfully commercializing unconventional shale plays in North America.

Brian Sheffield of Daly Waters Energy, LP is a highly successful investor and has achieved significant returns in the U.S. unconventional energy sector in the past. He was the 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 Chief Executive Officer. PE was acquired by Pioneer Natural Resources for more than US$7 billion.

Advice regarding forward-looking statements
Certain information in this press release may constitute forward-looking information. Any statements contained in this press release that are not statements of historical fact may be considered forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “anticipate”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider”, “potential”, “scheduled”, “forecast”, “anticipated”, “outlook”, “budget”, “hope”, “propose”, “sustain”, “planned,” “approximate,” “potential,” or the negative of these terms or similar words suggesting future results. In particular, the forward-looking information in this press release includes a 60-stage stimulation of the entire 3,000 m horizontal section of well SS2-5H, scheduled for the fourth quarter of 2025 and expected to complete flow tests for 30 days before shutting it down prior to the commencement of gas sales, in the first half of 2026, three wells (including the second well of the 2024 drilling campaign) are expected to be stimulated before gas production begins. sales, commencing gas sales to the Northern Territory Government through the Sturt Plateau compressor facility in mid-2026, subject to weather conditions and final stakeholder approval; sale of an estimated amount of up to 60 TJ per day of gas from the Southern Shenandoah pilot project over a three-year period; All wells included in the pilot project are expected to deliver the contracted volume of 40 million cubic meters. feet per day required under the Gas Sales Agreement with the Northern Territory Government, and the pilot project in Shenandoah continues to progress.

This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Risks, assumptions and other factors that could affect actual results include risks associated with fluctuations in market prices for shale gas; risks associated with the exploration, development and production of shale gas reserves; general economic, market and business conditions; significant capital requirements; uncertainties inherent in estimating the quantities of reserves and resources; the extent and cost of compliance with government laws and regulations and the impact of changes in such laws and regulations; the need to obtain regulatory approvals prior to development; environmental risks and hazards and the cost of compliance with environmental regulations; Aboriginal claims; risks and hazards inherent in operations such as mechanical failure or pipeline failure, cratering and other hazardous conditions; potential cost overruns, drilling wells is speculative in nature, often associated with significant costs that may exceed estimates and not lead to any discoveries; exchange rate fluctuations; competition for capital, equipment, new leases, pipeline capacity and qualified personnel; failure by the owner of licenses, lease agreements and permits to comply with their requirements; changes to royalty regimes; failure to accurately estimate cleanup and remediation costs; inaccurate estimates and assumptions of management and/or its joint venture partners; effectiveness of internal control; potential shortages of available drilling equipment; failure to attract or retain key personnel; title defects; geopolitical risks; and the risk of litigation.

Readers are cautioned that the above list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results may differ materially from those suggested by any forward-looking statements. Falcon undertakes no obligation to update forward-looking statements or to update the reasons why actual results might differ from those reflected in the forward-looking statements, except as required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon's filings with Canadian securities regulators, which are available at www.sedarplus.com, including under the heading “Risk Factors” in the annual information form.

Any references in this press release to initial production rates are helpful in confirming the presence of hydrocarbons; however, such rates are not indicative of the rate at which such wells will continue to produce and subsequently decline, and are not necessarily indicative of long-term production or ultimate oil recovery. While this is encouraging, readers are cautioned not to rely on such figures when calculating Falcon's total production. Such rates are based on field estimates and may be based on limited data currently available.

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.