Falcon Oil & Gas Ltd. - Granting of stock options

Falcon Oil & Gas Ltd.(“Falcon”, “Company”)

Granting of stock options

7 June 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that on 6 June 2022 it granted incentive stock options (“Options”) to purchase an aggregate of 16,250,000 common shares of Falcon to directors and officers under the stock option plan approved at Falcon’s annual shareholders meeting held on 12 November 2021.

The Options were granted at an exercise price of GBP£0.15 (equivalent to CDN$0.24), with further details set out below:

Name	Number ofOptions granted at GBP£0.15	Total number of Options held after grant
Joe Nally – Non - Executive Chairman	750,000	3,750,000
Philip O’Quigley – CEO	5,000,000	25,000,000
Anne Flynn – CFO	7,500,000	12,500,000
Gregory Smith – Non - Executive Director	500,000	2,500,000
Tom Layman – Non - Executive Director	2,500,000	2,500,000

All of the Options granted have a vesting schedule allowing for 1/3 of the Options to vest immediately with an additional 1/3 vesting on each subsequent anniversary until the Options are fully vested on 6 June 2024. The Options have an expiry date of 5 June 2027.

Following this grant, and the expiry of certain options in February 2022, there are 57,250,000 Options outstanding, representing 5.48% of the issued and outstanding common shares of Falcon.

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 Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.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.

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.

Director / PDMR Shareholding

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Joe Nally
2	Reason for notification
a)	Position/Status	Non- Executive Chairman
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Falcon Oil & Gas Ltd.
b)	LEI	213800KQY87Z1KNPIM76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrumentIdentification code	Options in respect of common shares in the CompanyCA3060711015
b)	Nature of the transaction	Award of Options in respect of common shares in the Company
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP£0.15	Options in respect of purchase an aggregate of 750,000 common shares in the Company
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	6 June 2022
f)	Place of the transaction	Outside an exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Philip O’Quigley
2	Reason for notification
a)	Position/Status	CEO
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Falcon Oil & Gas Ltd.
b)	LEI	213800KQY87Z1KNPIM76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrumentIdentification code	Options in respect of common shares in the CompanyCA3060711015
b)	Nature of the transaction	Award of Options in respect of common shares in the Company
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP£0.15	Options in respect of purchase an aggregate of 5,000,000 common shares in the Company
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	6 June 2022
f)	Place of the transaction	Outside an exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Anne Flynn
2	Reason for notification
a)	Position/Status	CFO
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Falcon Oil & Gas Ltd.
b)	LEI	213800KQY87Z1KNPIM76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrumentIdentification code	Options in respect of common shares in the CompanyCA3060711015
b)	Nature of the transaction	Award of Options in respect of common shares in the Company
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP£0.15	Options in respect of purchase an aggregate of 7,500,000 common shares in the Company
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	6 June 2022
f)	Place of the transaction	Outside an exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Gregory Smith
2	Reason for notification
a)	Position/Status	Non - Executive Director
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Falcon Oil & Gas Ltd.
b)	LEI	213800KQY87Z1KNPIM76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrumentIdentification code	Options in respect of common shares in the CompanyCA3060711015
b)	Nature of the transaction	Award of Options in respect of common shares in the Company
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP£0.15	Options in respect of purchase an aggregate of 500,000 common shares in the Company
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	6 June 2022
f)	Place of the transaction	Outside an exchange

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Tom Layman
2	Reason for notification
a)	Position/Status	Non – Executive Director
b)	Initial notification/Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Falcon Oil & Gas Ltd.
b)	LEI	213800KQY87Z1KNPIM76
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrumentIdentification code	Options in respect of common shares in the CompanyCA3060711015
b)	Nature of the transaction	Award of Options in respect of common shares in the Company
c)	Price(s) and volume(s)	Price(s)	Volume(s)
		GBP£0.15	Options in respect of purchase an aggregate of 2,500,000 common shares in the Company
d)	Aggregated information Aggregated volume Price	N/A
e)	Date of the transaction	6 June 2022
f)	Place of the transaction	Outside an exchange