Falcon Oil & Gas Ltd. 
   Gas Composition Data Confirm Kyalla Liquids Rich Gas Play 
   22 January 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased 
to announce the following update on the first gas composition data 
obtained during the 17-hour unassisted flow period of the Kyalla 117 
N2-1H ST2 well ("Kyalla 117") in the Beetaloo Sub-basin, Australia. 
   The initial analysis of natural gas by gas chromatography confirms a 
liquids-rich gas stream low in CO(2) as follows: 
   -- C1 = 65.03 mol% 
   -- C2 = 18.72 mol% 
   -- C3 = 8.37 mol% 
   -- iC4 = 1.29 mol% 
   -- nC4 = 2.03 mol% 
   -- C5+ = 2.73 mol% 
   -- CO2 = 0.91 mol% 
   -- N2 = 0.92 mol% 
   The elevated C(3) + gas component of 14.42 mol%, which meets our 
pre-drill expectations, confirms the Lower Kyalla Shale as a 
liquids-rich gas play. Gas composition data also support the view that 
the Kyalla gas stream will have elevated LPG and condensate yields. 
   As announced on 19 January 2021, longer term measures will be put in 
place to flow back sufficient hydraulic fracture stimulation water to 
allow the Kyalla 117 to flow continually without assistance. This work 
is expected to commence at the start of the dry season in Q2 2021 and if 
successful will allow an extended production test ("EPT") of between 60 
and 90 days to commence. 
   Philip O'Quigley (CEO of Falcon) commented: 
   "The initial gas composition data are very encouraging providing a 
strong indication for the liquids rich gas play in the Kyalla formation. 
We will update the market when operations recommence at Kyalla 117 at 
the beginning of the dry season in Q2 2021." 
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 & 
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. 
   For further information on Falcon Oil & Gas Ltd. please visit 
   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. 
   Glossary of terms 
C(1)    Methane 
C(2)    Ethane 
C(3)    Propane 
C(3) +  Propane and heavier constituents of natural gas 
iC(4)   Iso-Butane 
nC(4)   N-Butane 
C(5) +  Pentane and heavier constituents of natural gas 
CO(2)   Carbon dioxide 
LPG     Liquefied petroleum gas 
N(2)    Nitrogen 
mol%    mole percent 
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.  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. 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 
www.sedar.com, including under "Risk Factors" in the Annual Information 
   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

January 22, 2021 02:00 ET (07:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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