Falcon Oil & Gas : Presentation December 2023

Corporate Presentation December 2023

TSXV FO.V AIM FOG.L

Source: Origin

Important Notice & Disclaimer

This Presentation ("Presentation") has been prepared by management of Falcon Oil & Gas Ltd. (the "Corporation" or "Falcon") for information purposes only. The Presentation is not an offering document and does not constitute an offer to sell to any person, or a general offer to the public of, or the general solicitation from the public of offers to subscribe for or purchase, any securities of the Corporation. Any unauthorized use of this Presentation is strictly prohibited. Distribution or copying of this Presentation, in whole or in part in any medium, to any person is prohibited without the prior written consent of the Corporation. The Presentation is not intended to be, nor should it be construed to be, investment advice or a recommendation by Falcon or any of its shareholders, directors, officers, agents, employees or advisors to purchase or sell securities of Falcon. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Presentation. The information contained in these slides, and made to you verbally and any other information provided to you (in writing or otherwise) in connection with the Corporation and its business is subject to updating, completion, revision, verification and amendment without notice which may result in material changes. The information contained in this Presentation should not be assumed to have been updated at any time subsequent to the date shown on the cover hereof.

Advisory regarding forward-looking information

All statements contained herein that are not clearly historical in nature are forward-looking.Forward-looking statements may be identified by use of forward-looking words, such as "expects", "estimates", "plans", "assumes", "anticipates", "believes", "opinions", "forecasts", "projections", "planned", "plan", "guidance", "may", "could", "will", "potential", "intend", "should", "suggest", "support", "potential", "predict" (or the negative thereof) or other statements that are not statements of fact. In particular, forward-looking statements in this Presentation include, but are not limited to, Shenandoah South 1H ("SS1H") logging of the Amungee Member B-shale formation indicates potentially higher porosity and gas saturation relative to offset wells; initial evaluation confirms reservoir continuity of the Amungee Member B-shale over 150 kilometres between Amungee NW-2H and Beetaloo W-1 wells; diagnostic fracture injection test ("DFIT") results demonstrated an over-pressured regime at the Shenandoah South location, with a pore pressure gradient of at least 0.54 psi /ft, in line with results demonstrated at the Tanumbirini well (0.51 - 0.56 psi/ft), providing confidence on the ability to replicate or exceed the commercial flow rates achieved at the Tanumbirini location; current expectations are to release SS1H 30-day initial production (IP30) flow rates in Q1 2024, subject to weather conditions and the timing to flow back stimulation fluid to achieve gas breakthrough; results from the SS1H well are a key deliverable that will hopefully support the sanctioning of the joint venture's proposed 40 million cubic feet per day (MMcf/d) pilot project at Shenandoah South; Amungee NW-2H ("A2H") achieved gas breakthrough, however, modelling and independent third-party analysis from a US laboratory identified a potential skin inhibiting the flow of gas from the stimulated shale, results from the A2H stimulation will enable learnings to be applied to future completion operations; flow tests over the last 12 months have demonstrated commerciality of the Beetaloo Sub-basin and indicate greater well productivity at depth in the Beetaloo Sub-basin, indicative of higher formation pressure; the Beetaloo expected to capitalise on Australia being the worlds largest exporter of LNG and significant capacity across Australia's existing LNG terminals; JV well positioned with a variety of commercialisation options readily available; variety of commercialisation options from an integrated LNG model as well as new energies strategies to assist with the energy transition thematic; favourable characterisation comparisons to the Marcellus and Barnett US basins; stacked play potential; Amungee NW-1H PLT test results suggest a normalised gas flow rate equivalent of between 5.2 - 5.8 MMscf/d per 1,000m of horizontal section significantly improving the prospectivity of the Velkerri dry gas play with results on a par with other shale gas basins in North America and provide line of sight to commercialization; Velkerri 76 S2-1 preliminary evaluation is very encouraging with the presence of four prospective intervals, continuation of the regionally pervasive Amungee Member within the Velkerri Formation towards the eastern flank of the Beetaloo Sub-basin, likely within the wet gas maturity window; information relating to normalised gas flow rates for Amungee NW-1H; the quantity of petroleum and natural gas resources or reserves including details of what was submitted to the Northern Territory Government; statements relating to the Company's activities in the Beetaloo Sub-basin; net cash flows. In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future. Falcon's discovered resources are not reserves. Such statements represent Falcon's internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.

The forward-looking statements are 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 results of flow testing from SS1H; JKM pricing; assumptions on potentially higher porosity and gas saturation levels at SS1H relative to offset wells and DFIT results; assumptions on releasing IP30 flow rates in Q1 2024; assumptions on favourable characterisation comparisons to the Marcellus and Barnett US basins assumptions on venture's proposed 40 million cubic feet per day (MMcf/d) pilot project at Shenandoah South; assumptions on LNG capacity and commercialization options available; treatment under governmental regulatory regimes and tax laws; flow tests over the last 12 months demonstrating commerciality; fluctuations in market prices for shale gas; risks associated with raising funds to participate in future drilling; 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	2

Important Notice & Disclaimer

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 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.sedar.com, including under "Risk Factors" in the Company's Annual Information Form.

Advisory regarding oil and gas information

Any references in this Presentation 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.

This Presentation provides certain information relating to properties in close proximity to the Company's properties, which is "analogous information" as defined by applicable securities laws. This analogous information is derived from publicly available information sources, which the Company believes are independent in nature. Estimates by engineering and geotechnical practitioners may vary and the differences may be significant. The Company believes that the provision of this analogous information is relevant to its activities and forecasting, given its interest in properties in the area; however, readers are cautioned that there is no certainty that any forecasts provided herein based on analogous information will be accurate.

Contingent resource estimates are those quantities of gas (produced gas minus carbon dioxide and inert gasses) that are potentially recoverable from known accumulations, but which are not yet considered commercially recoverable due to the need for additional delineation drilling, further validation of deliverability and original gas in place, and confirmation of prices and development costs. There is uncertainty that it will be commercially viable to produce any portion of the resources. For additional information relating to contingent resource estimates in respect of the Amungee NW-1H Velkerri B Shale Gas Pool which were prepared by an Origin employee and a Qualified Reserves and Resources Evaluator effective as of February 15, 2017, please refer to Falcon's Annual Information Form dated April 27, 2023, which is available on SEDAR at www.sedarplus.com

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Corporate Information FO.V, FOG.L

Share Capital & Cash

Common shares in issue	1,044,347,425
Share options outstanding	57,250,000
Fully diluted share capital	1,101,597,425
Cash at 30 September 2023	US$14.1 m
Market Capitalisation (circa)	US$100 million

Key Asset

Falcon Oil & Gas Australia Limited, Falcon's 98.1% subsidiary, with 22.5% interest in EP76,98 & 117

Beetaloo gross acres 4.6 million, net 1 million to Falcon

Contingent gas resource to date of 6.6TCF over ~11% of gross area

Tamboran B2(2) is Falcon's operating joint venture partner in the Beetaloo

1. Board of director bios are included on slide 4
2. Joint venture between Daly Waters Energy LP and Tamboran Resources Limited

Source: Company at 8 December 2023

Major Shareholders

Lamesa Holding S.A.	15.04%
Sheffield Holdings, LP	9.24%
Burlingame Asset Management	4.67%
Nicolas Mathys	3.83%

Board of Directors (1)

Joe Nally	Chairman
Philip O'Quigley	CEO & Executive Director
Anne Flynn	CFO & Executive Director
Greg Smith	Non-Executive Director
Tom Layman	Non-Executive Director

4

Falcon's Board of Directors

Joe Nally

Chairman & Non-Executive Director

Philip O'Quigley

CEO & Executive Director

Anne Flynn

CFO & Executive Director

Gregory Smith

Non-Executive Director

Tom Layman

Non-Executive Director

Mr. Nally has over 45 years' experience in London's capital markets including 18 years at Cenkos Securities PLC, a firm he co-founded, where he was Executive Director and Head of Natural Resources and helped build, develop and give strategic advice companies in the oil and gas sector. Prior to this, Mr Nally was a partner and director at Williams de Broe and an individual member of the International Stock Exchange of London.

Mr. O'Quigley brings over 30 years' experience in senior management positions in the oil and gas industry. His career spans a number of London and Dublin listed exploration and production companies, and includes experience working in countries such as Argentina, the United States, Algeria, the UK and Ireland.

Ms. Flynn was appointed Chief Financial Officer in 2016, having joined in 2014 as Group Financial Controller with responsibility for the Group's Dublin, Hungarian, Australian and South African finance and commercial functions. Ms Flynn joined Falcon from Adobe Systems Inc and qualified as a Chartered Accountant during her time at PwC, where she spent six years in PwC's Dublin and New York offices.

Mr. Smith is Chairman of the Audit Committee. He is President of Oakridge Financial Management Inc., a provider of financial and management consulting services to private and public companies. He is also the CFO of Maglin Site Furniture Inc.. He is a director and treasurer of Rhode & Liesenfeld Canada Inc.; a director of CanadaBis Capital Inc and a director of a number of private corporations.

Mr. Layman is a certified petroleum geologist with over 40 years' experience in the oil and gas industry having worked on over 4,000 shale and unconventional wells across multiple US onshore basins on exploration and development projects. He acts as a geoscience consultant, previous positions held include Senior VP of Geoscience at Parsley Energy, VP of Exploration Southern Division at Chesapeake Energy, Geoscience Manager at Burlington Resources and a Geologist at Exxon. He is a member of the American Association of Petroleum Geologists (AAPG) for 38 years and currently serves on the Geology Foundation Advisory Council at the University of Texas at Austin.

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Company Overview

• Focused on the exploration and appraisal of unconventional oil and gas assets in the Beetaloo Sub-Basin, Northern Territory, Australia.
• Board expertise in over 4,000 unconventional wells across multiple US onshore basins in exploration and development projects
• 22.50% : 77.50% Joint Venture in the Beetaloo asset with a subsidiary of Tamboran B2 Pty Limited, itself a 50:50 joint venture between Daly Waters Energy LP and Tamboran Resources Limited
• 4.6 million gross acres (1 million net to Falcon) in the Beetaloo Sub-Basinacross EP76, EP98 & EP117(1)
• A$438 (2) million invested to date by Falcon's JV partners in the exploration permits
• 6.6 TCF 2C gross contingent gas resource discovered over 486,000 acres (3) (~11% of gross area around the Amungee NW1-H pad)
• Success of current Beetaloo work programme nearing completion looking to support a multi-wellpilot programme in 2024/25

1. Falcon Oil & Gas Australia Limited, Falcon's 98.1% subsidiary, holds the 22.5% interest in EP76,98 & 117
2. Total carried spend by Hess, Origin and Tamboran on the permits

3: https://falconoilandgas.com/pdf/Beetaloo_material_gas_resource.pdf

Source: Company

Darwin

Beetaloo Sub-Basin

NORTHERN

TERRITORY

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Falcon's Beetaloo Key Milestones

2011 to 2014

2015 -2017

2018-2021

2022-2023

2011 - 2013

• Entered JV with Hess Corporation
• Hess acquired 3,490 km of 2D seismic data, spending A$74million on the permits
• Hess exited the Beetaloo and subsequently Australia
• Falcon retained 100% of Permits and all seismic data

2014

• Executed ~A$200 million multi-year,multi-well Farm- Out Agreement with Origin Energy Limited for 70% of the working interest in EP76. EP98 and EP117

2015

• Drilled Kalala S-1 (V) and Amungee NW-1H

2016

• Drilled Beetaloo W-1 (V)
• Fracked Amungee NW-1H with a Notification of Discovery lodged.
• Moratorium on Fracking introduced

2017

• 6.6 TCF 2C gross contingent gas resource declared over ~11% of total licence area by Origin

2018

• Moratorium on hydraulic fracturing lifted

2019 - 2021

• Drilled and fracked Kyalla 117 N2-1H
• Farmed down 7.5% to Origin, and increased
  Falcon's carry by A$150 million
• Drilled Velkerri-76 (V)
• Re-testedAmungee NW-1H, results suggested a normalised gas flow rate of 5.2-5.8MMscf/d per 1,000m

2022

• Bryan Sheffield became a key (9%) shareholder
• Origin divested their 77.5% interest to Tamboran B2
• Falcon earned an additional carry of A$30 million on
  Origin's exit
• Drilled Amungee NW-2H

2023

• Fracked Amungee NW- 2H
• Potential skin damage inhibiting flow of gas
• Drilled Shenandoah SS-1H
• Drilled Amungee NW-3H
• Fracture stimulation of SS1H completed on 7 Dec
• Awaiting IP30 flow rates

Falcon's carried spend 2011-2023

~A$74m

~A$364m

7

2023 Activities

Shenandoah South 1H ("SS1H") in EP117 Details

• SS1H was drilled 4,300 metres TD, including a horizontal section over 1,074m intersecting ~90 metres of the Amungee Member B-shale, representing the thickest section seen in the Beetaloo Sub-basin depocenter to date.
• Logging of the Amungee Member B-shale formation indicates potentially higher porosity and gas saturation relative to offset wells.
• Initial evaluation confirms reservoir continuity of the Amungee Member B-shale over 150 kilometres between Amungee NW-2H and Beetaloo W-1 wells.
• Diagnostic fracture injection test ("DFIT") results demonstrated an over-pressured regime at the Shenandoah South location, with a pore pressure gradient of at least 0.54 psi /ft. This is in line with results demonstrated at the Tanumbirini well (0.51 - 0.56 psi/ft), providing confidence on the ability to replicate or exceed the commercial flow rates achieved at the Tanumbirini location.
• Stimulation activities which included 10 stimulation stages within the Amungee Member B-shale over a 500-metre horizontal section was completed on 7 December 2023.
• The stimulation program incorporated lessons learned from the A2H well in EP98 and the Tanumbirini wells in Santos operated EP161, including an increase in hydraulic horsepower and higher well design pressures to increase effectiveness of stimulation treatments and fluid conditioning methodologies to decrease the risk of skin damage.
• Current expectations are to release 30-day initial production (IP30) flow rates in Q1 2024, subject to weather conditions and the timing to flow back stimulation fluid to achieve gas breakthrough.
• Results from the SS1H well are a key deliverable that will hopefully support the sanctioning of the joint venture's proposed 40 million cubic feet per day (MMcf/d) pilot project at Shenandoah South.

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Amungee NW 3H ("A3H") well in EP98 Details

• The A3H well was drilled, cased and cemented to a TD of 3,837 metres, including a horizontal section of 1,100 metres in the Amungee Member B-shale.
• The well intersected the Amungee Member B-shale at a total vertical depth ("TVD") of 2,272 metres and encountered significant gas shows, in line with pre-drill expectations.
• Drilling took 17.9 days, at an average rate of 214 metres per day, and at 20 days faster than the Amungee 2H ("A2H") well, the Helmerich & Payne, Inc. (H&P), (NYSE: HP), super-spec FlexRig® Flex 3 Rig delivered the anticipated drilling efficiencies.
• Total costs for the drilling and cementing of the A3H well was A$12.6 million. Cost reductions of A$1.8 million compared to A2H, demonstrates the application of learnings from previously drilled wells and the improvement in drilling technology with the H&P super- spec FlexRig® Flex 3 Rig.

Source: Company

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