Falcon Oil & Gas Ltd. 
   Planned 2021 Work Programme -- Beetaloo Sub-Basin 
   19 March 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to 
provide details of the 2021 work programme in the Beetaloo Sub-Basin, 
Northern Territory, Australia with our joint venture partner, Origin 
Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited 
   The 2021 work programme is expected to include the following: 
   -- Resume clean-up operations of Kyalla 117 N2-1H ST2 ("Kyalla 117") and 
      commence an extended production test ("EPT") 
   -- Drill Velkerri 76 S2-1 vertical well ("Velkerri 76") 
   -- Perform a production test at Amungee NW 1H 
   2021 Work Programme Detail 
   Kyalla 117 
   -- As announced by Falcon on 19 January 2021, Origin submitted a 
      notification of discovery and an initial report on discovery to the 
      Northern Territory Government. 
   -- Unassisted gas flow rates ranging between 0.4-0.6 MMscf/d were recorded 
      over seventeen hours, which are preliminary indications of well 
      performance, and an EPT is now required to determine the long-term 
      performance of Kyalla 117. 
   2021 work programme includes: 
   -- Resumption of reservoir clean-up operations using an artificial lift 
   -- If the Kyalla 117 clean-up is successful, progress to an EPT. 
   Velkerri 76 
   -- Targeting the Velkerri play along the south-eastern flank of the Beetaloo 
      Sub-basin, which is predicted to be in a liquids rich gas window. 
   2021 work programme includes: 
   -- Drill a vertical pilot well to acquire core and log and run diagnostic 
      fracture injection test data across the Velkerri. 
   Amungee NW 1H 
   -- On 22 December 2016 Falcon announced that, following a 57-day EPT of the 
      well, production averaged 1.10 MMscf/d. 
   -- On 15 February 2017 Falcon announced that Origin had submitted the 
      Results of Evaluation of the Discovery and Preliminary Estimate of 
      Petroleum in Place for the Amungee NW-1H Velkerri B Shale Gas Pool to the 
      Northern Territory Government amounting to a gross contingent resource of 
      6.6 TCF, 1.46 TCF net to Falcon. 
   2021 work programme includes: 
   -- A production test to be carried out to determine if all frack stages 
      contributed to the initial EPT conducted in 2016. 
   Philip O'Quigley (CEO of Falcon) commented: 
   "This year's programme covering three different plays in the Beetaloo 
will provide key information that will help determine the future 
appraisal and development programme. The prospect of multiple positive 
results is exciting, and we look forward to providing these results as 
soon as they become available. Falcon is fully carried for the 2021 work 
programme costs." 
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") are joint 
venture partners in respect of the Beetaloo project. 
   For further information on Falcon Oil & Gas Ltd. please visit 
   About Origin 
   Origin 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 
   LNG                      Liquefied natural gas 
   MMscf/d                Million standard cubic feet per day 
   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, information 
relating to the 2021 work programme, the contingent resource estimate 
for the Amungee NW-1H Velkerri B shale gas pool, 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 
   Advisory regarding oil and gas information 
   Any references in this news release 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. 
   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 effective as of February 15, 2017, please refer to Falcon's 
Annual Information Form dated April 28, 2020, which is available on 
SEDAR at www.sedar.com. 
   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

March 19, 2021 03:00 ET (07:00 GMT)

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