TIDMFOG 
 
   Falcon Oil & Gas Ltd. 
 
   ("Falcon") 
 
   Beetaloo Operational Update 
 
   21 September 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) 
("Falcon") provides the following operational update on the Beetaloo 
project in the Northern Territory, Australia. 
 
   Kyalla liquids-rich gas play 
 
   Operations have recommenced at Kyalla 117 N2-1H ST2 ("Kyalla 117 well") 
with the fracture stimulation of the well, extended production testing 
to follow. Initial production test results are expected during Q4 2020 
with final results expected by the end of Q1 2021. These results will 
inform the decision to either further evaluate this liquids-rich gas 
play or commence activities in the Velkerri liquids-rich gas play. 
 
   Philip O'Quigley (CEO of Falcon) commented: 
 
   "We look forward to the next phase of operations with the production 
testing of the Kyalla 117 well and will update the market as results 
become available." 
 
   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 
 
Cenkos Securities plc (NOMAD & 
 Broker) 
Neil McDonald / Derrick Lee      +44 131 220 9771 
 
 
   This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & 
Gas Ltd's Head of Technical Operations. 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, South Africa and 
Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, 
Canada and headquartered in Dublin, Ireland with a technical team based 
in Budapest, Hungary. 
 
   Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil 
& Gas Ltd.  Falcon Oil & Gas Australia Limited and a wholly-owned 
subsidiary of Origin Energy Limited (ASX: ORG) ("Origin Energy") are 
joint venture partners in respect of the Beetaloo project. 
 
   About Origin Energy 
 
   Origin Energy is a leading Australian integrated energy company. Origin 
is a leading energy retailer with approximately 4.2 million customer 
accounts, has approximately 7,500 MW of power generation and storage 
capacity and is a large natural gas supplier. Origin is also the 
upstream operator of Australia Pacific LNG, which supplies natural gas 
to Australian domestic markets and exports LNG under long term 
contracts. 
 
   www.originenergy.com.au 
 
   Glossary of terms 
 
   LNG                       Liquefied natural gas 
 
   MW                       Megawatt 
 
   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", "potential", "scheduled", "forecast", "outlook", "budget", 
"hope", "support" or the negative of those terms or similar words 
suggesting future outcomes.  This information is based on current 
expectations that are subject to significant risks and uncertainties 
that are difficult to predict.  Such information may include, but is not 
limited to, comments made with respect to the type, number, schedule, 
stimulating, testing and objectives of the wells to be drilled in the 
Beetaloo Sub-basin Australia, the prospectivity of the Velkerri and 
Kyalla plays and the prospect of the exploration programme being brought 
to commerciality,  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 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 
https://www.globenewswire.com/Tracker?data=V7nP1mVwC0TLWChC1w-0Vw1Ld8qviEae_grwLyH-J2x_5QWaGewdXWy_kTQmlqhuyG0vf2qYmGRLIZQrrq-aqQ== 
www.sedar.com, including under "Risk Factors" in the Annual Information 
Form. 
 
   Neither the TSX Venture Exchange nor its Regulation Services Provider 
(as that term is defined in the policies of the TSX Venture Exchange) 
accept responsibility for the adequacy or accuracy of this release. 
 
 
 
 

(END) Dow Jones Newswires

September 21, 2020 02:00 ET (06:00 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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