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

Falcon Oil & Gas Ltd (“Falcon”)

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

October 15, 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 its three-well drilling campaign in 2025, the largest drilling program to date has ever been performed in the Beetaloo. Subbasin.

• The three wells of the 2025 batch drilling campaign (Shenandoah South SS2-1H, SS2-3H and SS2-5H) are now being drilled, cased and suspended before stimulation, each with a 3,000 meter (10,000 foot) horizontal section.
• The campaign was the first multi-well drilling program to implement batch drilling in the Beetaloo sub-basin.
• The average drilling time to the target depth was 26.7 days, with the drilling and drilling time falling within the forecast of 35 days.
• Modifications to the mud system and the use of vibration-damping drill bits led to greater drilling efficiency. This resulted in reaching ~1,000 meters drilled in one day in the SS2-1H well, the fastest horizontal section drilled to date in the Amungee Member B shale.
• A stimulation of up to 60 stages over the entire 3,000-metre horizontal section of the SS2-5H well is now planned in the fourth quarter of 2025. A flow test is expected to be conducted for 30 days before closing before gas sales commence, which is expected to commence in mid-2026.
• In the first half of 2026, three wells (including the second well of the 2024 drilling campaign) are expected to be stimulated prior to the start of gas sales.
• All wells included in the Shenandoah South Pilot Project are expected to deliver the contracted volume of 40 MMcf/d 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 chosen to reduce its interest in the three wells drilled in 2025 to 0% at no cost.

Philip O’Quigley, CEO of Falcon, commented:
“Tamboran has carried out a fantastic three-well drilling campaign, delivering three 3,000 meters (10,000 feet) horizontal wells. We now have 12,000 meters (40,000 feet) of horizontal sections due to receive fracture stimulation in the coming months. Once completed, these wells will connect to the gas gathering and compression facilities currently under construction at the Beetaloo, with the sale to the Government of the Northern Territory in the second half will begin. of 2026. We look forward to keeping shareholders informed during this next phase as the momentum in the Beetaloo continues to increase.”

Ends.

CONTACT DETAILS:

This announcement was reviewed by Dr. Gábor Bada, technical advisor of Falcon Oil & Ltd. Dr. Bada received his degree in geology from Eövös L. University in Budapest, Hungary and his PhD from Vrije Universiteit Amsterdam, Netherlands. He is a member of aaapg.

Figure 1: Time-Depth Plot – Spud 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, with its current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and is headquartered in Dublin, Ireland.

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

For more information about Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

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

Shenandoah South Pilot Project -2 drill space units – 46,080 acres ¹

¹ Subject to completion of SS – 4H pits on the Shenandoah South trail 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 focuses on playing a constructive role in the global energy transition towards a lower carbon future, by developing its significant low carbon emissions ₂ gas resource within the Beetaloo sub-basin through advanced drilling and completion design technology and management’s experience in successfully commercializing unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has historically achieved significant returns in the US unconventional energy sector. 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 Chairman and CEO. PE was acquired by Pioneer Natural Resources Company for more than $7 billion.

Advice regarding forward-looking statements
Certain information in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed forward-looking information. Forward-looking information generally includes statements containing words such as “may”, “will”, “would”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “depend”, “consider” “potential”, “planned”, “predicted”, “expected”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potentially” or the negative of those terms or similar words suggesting future results. The forward-looking information in this press release specifically includes a stimulation of up to 60 stages over the entire 3,000 m horizontal portion of the SS2-5H well, which is planned for the fourth quarter of 2025 and is expected to be tested for 30 days before closing 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 sales begin. sale, the commencement of gas sales to the Northern Territory Government through the Sturt Plateau Compression Facility in mid-2026, subject to weather conditions and final stakeholder approval; sales of appraisal gas of up to 60 TJ per day from the Shenandoah South Pilot Project over a three-year period, with all wells included in the Pilot Project expected to deliver the contracted volume of 40 MMcf/d required under the Gas Sales Agreement with the Northern Territory Government and the Shenandoah Pilot Project continues 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 affect actual results include risks associated with fluctuations in shale gas market prices; risks associated with 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; scope and costs 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 begins; environmental risks and hazards and the costs of compliance with environmental regulations; indigenous claims; inherent risks and hazards of operations such as mechanical or pipe failure, craters and other hazardous conditions; potential cost overruns; well drilling is speculative and often involves significant costs that may be higher than estimated and may not lead to discoveries; variations in exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled labor; the inability of the holder of licenses, leases and permits to comply with the requirements thereof; changes in royalty regimes; failure to accurately estimate exit and retrieval 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 acquire or retain key personnel; shortcomings in the title; geopolitical risks; and the risk of lawsuits.

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 may differ materially from those 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 the securities laws applicable to Falcon. Additional information identifying risks and uncertainties is included in Falcon’s filings with Canadian securities regulators, which filings are available at www.sedarplus.com, including under “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 do not determine the rate at which such wells will continue production and then decline, and are not necessarily indicative of long-term performance or ultimate recovery. While this is encouraging, readers are cautioned not to rely on such figures when calculating total production for Falcon. Such figures are based on field estimates and may be based on the 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.

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