FOG Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd.(“Falcon” or the “Company”)

Shareholder Information

23 March 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) notes recent commentary regarding sanctions being imposed on Mr. Viktor Vekselberg.

Falcon is incorporated in British Columbia, Canada and its shares are traded publicly on the Toronto TSX Venture Stock Exchange and on the AIM market operated by the London Stock Exchange.

According to public disclosure of shareholdings, Lamesa Holding S.A. (“Lamesa”) holds 16% of Falcon’s issued share capital. Mr. Viktor Vekselberg is a beneficiary of the foundation which holds 100% of the shares of Lamesa. Neither Lamesa nor Mr. Viktor Vekselberg have any influence or control over the operations of Falcon and/or its subsidiaries and their businesses.

The Beetaloo joint venture in Northern Territory Australia is a joint venture between Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited (“Origin”) (77.5%) and Falcon Oil & Gas Australia Limited (22.5%), a 98% subsidiary of Falcon. Origin as operator and majority owner has control over all activities in the Beetaloo joint venture. Lamesa has no shareholding in Falcon Oil & Gas Australia Limited other than through its minority shareholding in Falcon, and has never had any influence or control over the operations of the Beetaloo joint venture.

In April 2018, the United States imposed sanctions on Mr. Viktor Vekselberg. The effect of these US imposed sanctions is that Lamesa’s shareholding in Falcon has been quarantined since April 2018.

For as long as the US imposed sanctions over Mr. Viktor Vekselberg remain in place, Lamesa’s shares in Falcon remain quarantined and Mr. Viktor Vekselberg:

• Cannot benefit directly or indirectly from any dividends paid by Falcon or Falcon Oil & Gas Australia Limited.
• Cannot benefit directly or indirectly from the proceeds of any sale of Lamesa’s shares in Falcon.
• Cannot vote Lamesa’s shares at any meeting of Falcon’s shareholders.

Ends.

CONTACT DETAILS:

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 www.falconoilandgas.com

About OriginOrigin 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.

www.originenergy.com.au

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that 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.

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.

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