TIDMFOG 
 
 
 
   Falcon Oil & Gas Ltd. 
 
   ("Falcon") 
 
   Australian Government Announcement - Beetaloo Strategic Plan 
 
   17 December 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased 
to note the announcement today by the Australian Government that it 
plans to provide up to A$50 million to accelerate exploration activity 
in the Beetaloo sub-basin. Falcon holds a 22.5% interest in 4.6 million 
gross acres in exploration permits (EP76, EP98 and EP117) covering the 
most prospective core area of the Beetaloo sub-basin. 
 
   The funding is designed to fast-track drilling by providing grants to 
cover 25% of eligible exploration costs, capped at A$7.5 million per 
well and three wells per exploration venture. The funding will be put 
towards exploration that occurs before June 2022. 
 
   The Northern Territory's Geological Survey estimates that the sub-basin 
could hold more than 200,000 petajoules of gas (190 Tcf) and that, even 
if a very conservative 10% of that gas was recovered, it could still 
supply Australia's domestic gas demand for more than 10 years. 
 
   A copy of the press release is available at 
https://www.globenewswire.com/Tracker?data=vKZ_N0nY0UlmK_3s39Vyz1GbYDLwhK2H0SAAgbC0AtrUe4SAKhN_o7IYXO4uSGqIeHr4mX57WcASwuc6Wc8jO_JXerGczomuda2ubAHnhIHnR0pItjFOKXJQwEwcjuK1l3dslB2p_2DuJLWwJg-NIlycrGs17WTxmEOT-hJV0ptnEnPeMhPv7ZR05I4uq0pGByBkBUAZSuCW5vw4tpqF1P9HsLU_gNfXx6NZndLsUqksJMS5Xna39Q-EI7hR4wUXebfuQGEflY14fa0XBQFQ3JuwcSqWSqz40p2cfdMHdMw6GlpDubm6ERiDZSXaLoFaoj_dMR91J7RsF7SNai7NIbhTV7IRs3fBmU_ieoXcsq7zCmJmetUkl8aM9w8uywv- 
https://www.minister.industry.gov.au/ministers/pitt/media-releases/beetaloo-strategic-plan-will-unlock-gas-jobs-and-development. 
 
 
   Philip O'Quigley (CEO of Falcon) commented: 
 
   "The announcement by the Australian Government highlights the strategic 
and economic importance of the Beetaloo sub-basin which it believes has 
the potential to be a world-class gas resource, transform the Northern 
Territory economy and generate 6,000 jobs by 2040. 
 
   We look forward to continue working with our partners, Origin, and the 
state and federal governments and other stakeholders towards the 
successful development of the sub-basin." 
 
   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 
 
   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 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. 
 
   For further information on Falcon Oil & Gas Ltd. please visit 
https://www.globenewswire.com/Tracker?data=_2LiWp-XuULiDZwNzRN_yiiicqgBVyHGIibnm7VT4F-1pPORXZ9d37GakSce7tICFupyPXxIS-fCHiT9t2HtFF6rlEhWf6UZPMlDCJqRo2A= 
www.falconoilandgas.com 
 
   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 owner and contracted power 
generation capacity and is also a large natural gas supplier. Origin is 
the upstream operator of Australia Pacific LNG, which supplies natural 
gas to domestic markets and exports LNG under long term contracts. 
 
   https://www.globenewswire.com/Tracker?data=_2LiWp-XuULiDZwNzRN_yp2TakHh43mcluUidlMc1jJ872XwegKhW9pWaQ0b2Xajty_-r4_NpDjv8rfVgTBy00XV0pdoeGX6-yP9J44Rgic= 
www.originenergy.com.au 
 
   Glossary of terms 
 
   A$           Australian dollar 
 
   EP           Exploration permit 
 
   LNG        Liquefied natural gas 
 
   MW         Megawatt 
 
   TcF         Trillion cubic feet 
 
 
 
   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.  In particular, forward-looking information 
in this press release includes, 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 Middle Velkerri and Kyalla plays and 
the prospect of the exploration programme being brought to commerciality, 
the availability of Australian government funding towards exploration up 
to June 2022. 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 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=_2LiWp-XuULiDZwNzRN_yu4OOBgNq0I87YyaBB1U07twFxxTxnNSaPaCtRFulPWnQLGWgx42nXGequkUYe_dnw== 
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) 
accepts responsibility for the adequacy or accuracy of this release. 
 
 
 
 

(END) Dow Jones Newswires

December 17, 2020 04:57 ET (09:57 GMT)

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