Falcon Oil & Gas : AIF 31 December 2023

Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

25 April 2024

Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

TABLE OF CONTENTS	Page number
1.	Introduction	2
	Forward-looking statements	2
	Documents incorporated by reference	4
	Dollar amounts	4
2.	Corporate structure	5
	Organisational structure	5
3.	General development of the business	6
	Development of the business during 2021	6
	Development of the business during 2022	7
	Development of the business during 2023	9
	Development of the business during 2024	9
4.	Business description	11
	General	11
	Summary of operations	11
	Beetaloo Sub-basin, Northern Territory, Australia	12
	Karoo Basin, South Africa	23
	Makó Trough, Hungary	24
	Employees	25
	Special skill & knowledge	25
	Competitive conditions	25
	Dependence on customers & suppliers	25
	Changes to contracts	25
	Environmental protection and policies	25
	Foreign operations	26
	Companies with oil and gas activities	26
	Risk factors	27
5.	Dividends & distributions	35
6.	Description of the capital structure	35
7.	Market for securities	36
	Trading price & volume	36
	Prior sales	36
8.	Escrowed securities and securities subject to contractual restrictions on transfer	36
9.	Directors & Executive officers	37
	Penalties & sanctions	38
	Corporate cease trade orders or bankruptcies	38
	Conflicts of interest	39
10.	Legal proceedings & regulatory actions	40
11.	Interest of management & others in material transactions	40
12.	Transfer agent & registrar	40
13.	Material contracts	40
14.	Interests of experts	40
15.	Additional information	40

1

Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

1. INTRODUCTION

The information provided herein in respect of Falcon includes information in respect of its wholly owned subsidiaries: TXM Oil and Gas Exploration Kft., a Hungarian limited liability company ("TXM"); Falcon Oil & Gas Ireland Ltd., an Irish limited liability company ("Falcon Ireland"); Falcon Oil & Gas Holdings Ireland Ltd., an Irish limited liability company ("Falcon Holdings Ireland"); Falcon Exploration and Production South Africa (Pty) Ltd., a South African limited liability company ("Falcon South Africa") and its 98.1% majority owned subsidiary, Falcon Oil & Gas Australia Limited, an Australian limited liability company ("Falcon Australia") (collectively, the "Company" or the "Group").

References to "Falcon" refers to Falcon Oil & Gas Ltd. only.

Unless stated otherwise, the information given herein is as at 31 December 2023.

Forward-looking statements

Any statements not 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", "preliminary" "projects", "dependent", "potential", "scheduled", "forecast", "outlook", "budget", "hope", "support" "ongoing", "objective", "measure", "depends", "could" or the negative of those terms or similar words suggesting future outcomes. In particular forward-looking statements in this MD&A include, but are not limited to, statements with respect to: strategy of the Board of Directors of Falcon (the "Board") and countries it believes support the exploitation of unconventional oil and gas; the shale oil and shale gas potential of the Beetaloo Sub-basin; the Beetaloo Sub-basin Stage 3 work programme; objectives of the wells to be drilled in the Beetaloo Sub-basin Australia; expectations on bringing the project to commerciality and a multi-well pilot programme in 2024; information relating to drilling operations at the Amungee NW-3H ("A3H") well and initial evaluation of drilling results and reservoir conditions; information relating to drilling operations at the Shenandoah South 1H ("SS1H") well and the belief that the SS1H 30-day initial production ("IP30") and the 60-day initial production ("IP60") results to be above the commercial threshold required to progress the Beetaloo to pilot development during 2024, IP30 and IP60 flow test extrapolation for proposed future development wells, geological rock properties in the region indicative of favourable well performance with potential to result in long-term,low-declining gas production, that this region is one of the best locations in the Beetaloo Sub- basin to commence pilot development activities, IP90 flow rate results expected to be announced in late April 2024, result of SS1H providing the Beetaloo Joint Venture ("BJV") BJV confidence to progress development plans for the proposed 40 million cubic feet per day ("MMcf/d") Pilot Project at the Shenandoah South location subject to funding and key approvals; the project is expected to require six 10,000-foot development wells initially to achieve plateau production of 40 MMcf/d. Drilling of the first of these wells is planned to commence in Q2 2024 and the JV is targeting first gas in H1 2026;, drilling of the first of these wells planned to commence in Q2 2024 and the targeting of first gas in H1 2026, funding to commence drilling of the initial two wells in the program and evaluation of opportunities to support funding the remaining capital commitments to reach first production, including issuance of equity and/or debt, evaluation of pre-payment for gas from the proposed Pilot Project and potential farm- down opportunities; signing of a Binding Agreement for a long term Gas Sales Agreement to supply tie Northern Territory, conditional on entering a binding Gas Transportation Agreement and Gas Processing Agreement and reaching a final investment decision on upstream drilling activity and the plan for first gas flow in H1 2026; information and analysis relating to the conducted diagnostic fracture injection test ("DFIT"); treatment under governmental regulatory regimes and tax laws; the quantity of petroleum and natural gas resources or reserves; statements relating to the Group's activities in the Beetaloo Sub- basin; the results at Kyalla 117 N2-1H ST2 ("Kyalla 117"); the contingent resource estimate for the Amungee NW-1H ("A1H") Velkerri B shale gas pool and statements relating to whether all frack stages contributed to the initial extended production test in 2016; details relating to normalised gas flow rates at Amungee, the prospectivity of the Amungee Member/Middle Velkerri play, anticipated production rates, information relating to the letter of intent ("LOI") executed with Tamboran (B2) Pty Limited ("Tamboran B2") following Origin Energy B2 Pty Ltd.'s ("Origin") divestment of its interest in the Beetaloo Exploration Permits, amendments to the Joint Operating Agreement and the Farm-In Agreement following the executed LOI, limited proration units on sole risk operations providing future participation optionality and future sole risk operations; fiscal terms regarding the Karoo basin, South Africa, the Mineral and Petroleum Resources Development Amendment Bill ("MPRDA Bill"), the awarding of exploration rights; liquidity and financial capital including the going concern capabilities of the Company; expectations regarding the ability of Falcon to access additional sources of funding including those not currently available; and Falcon's ability to leverage its experience in the unconventional oil and gas industry to acquire interests in licenses.

Some of the risks and other factors, which could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in the Republic of Hungary, the Commonwealth of Australia, the Republic of South Africa and globally; supply and demand for petroleum and natural gas; industry conditions, including fluctuations in the price of petroleum and natural gas; governmental regulation of the petroleum and natural gas industry, including income tax, environmental and regulatory matters adversely impacting the exploitation of unconventional oil and gas resources; introduction of a moratorium; fluctuation in foreign exchange or interest rates; risks and liabilities inherent in petroleum and natural gas operations, including exploration, development, exploitation, marketing and transportation risk and for relatively under-explored basins such as the Beetaloo Sub-basin there may not be the shale oil and gas commercial potential; renewal of Exploration Permits; need to obtain regulatory approvals before development commences; environmental risks and

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Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

hazards and cost of compliance with environmental regulations; aboriginal claims; initial evaluation confirming reservoir continuity of the Amungee Member B-shale over 150 kilometres between A2H and Beetaloo W-1 wells including a target development area of approximately 1 million acres where the shale depth exceeds 2,700 metres may not be accurate; risks and uncertainties associated with wellbore or reservoir conditions, geological, technical, drilling and processing problems; unanticipated operating events which can delay exploration and appraisal or reduce production or cause production to be shut- in or delayed; willingness of joint venture partners to continue with a work programme and bringing towards commerciality; the ability of our joint venture partners to pay their proportionate share of joint interest billings; failure to obtain industry partner and other third party consents and approvals, when required; stock market volatility and market valuations; competition for, among other things, capital, acquisition of reserves, processing and transportation capacity, undeveloped land and skilled personnel; uncertainties inherent in estimating quantities of reserves and resources and bringing to commerciality; the need to obtain required approvals from regulatory authorities with delays impacting work programmes and associated costs or not receiving the requisite license to explore; risks associated with drilling wells which is speculative and often involves significant costs that may be more than estimated and may not result in any discoveries; cash availability to meet unforeseen expenses as they fall due; pandemics such as COVID-19 may be prolonged, delaying work programmes and increasing cost; macroeconomic risks such as inflationary pressures and the current Ukraine Russia conflict also delay work programmes due to delivery of goods and increasing costs and the other factors considered under "Risk Factors" set out on page 27.

With respect to forward-looking statements contained in this AIF, Falcon has made assumptions regarding: the countries where the Group operates supporting the exploitation of unconventional oil and gas; the shale oil and shale gas commercial potential of the Beetaloo Sub-basin while it remains relatively under-explored; the continuation of the Beetaloo Sub-basin work programme and the project being brought towards commerciality; the original gas in place and contingent gas resource calculated with respect to the Beetaloo Sub-basin are the best estimates based on the drilling results to date and other data (including seismic) available; work with Falcon's new joint venture partner, Tamboran B2, will continue, adopting recommendations of the scientific inquiry and obtaining necessary approvals to complete the remaining work programme; estimated date for the awarding of the exploration right over the acreage in the Karoo Basin; the Group's ability to continue as a going concern; the Beetaloo Sub-basin project being brought towards commerciality.

Management has included the above summary of assumptions and risks related to forward-looking information provided in this AIF in order to provide readers with a more complete perspective on Falcon's future operations and such information may not be appropriate for other purposes. Falcon's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, that the Company will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.

The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Falcon disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulation. In addition, other factors not currently viewed as material could cause actual results to differ materially from those described in the forward-looking statements.

Advisory regarding oil and gas information

Any references in this AIF 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 by an Origin employee and a Qualified Reserves and Resources Evaluator effective as of February 15, 2017, please refer to pages 13-15 for details.

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Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

Documents incorporated by reference.

The following documents, referenced herein, have been filed on the Canadian Securities Administrator's System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and are incorporated by reference herein:

1. Statement of Reserves Data and Other Oil and Gas Information with an effective date of 31 December 2023 (the "51- 101F1 Report").
2. Report on Reserves Data prepared by Chapman Petroleum Engineering Ltd. ("Chapman") dated 10 Jan 2024 (the "51- 101F2 Report").
3. Report of Management and Directors on Reserves Data and Other Information dated 25 April 2024 (the "51-101F3 Report").

Dollar amounts

All dollar amounts in this document are in United States dollars ("$"), except as otherwise indicated. ("CDN$") where referenced represents Canadian Dollars; ("£") represents British Pounds sterling, ("HUF") represents Hungarian Forints ("A$") represents Australian Dollars and ("€") represents the Euro.

The financial information provided herein has been prepared in accordance with International Financial Reporting Standards ("IFRS").

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Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

2. CORPORATE STRUCTURE

Falcon was incorporated and registered in British Columbia, Canada on 18 January 1980 under the laws of the Province of British Columbia with the name Sanfred Resources Ltd. ("Sanfred").

On 21 December 1999, Sanfred consolidated its authorised and issued share capital. On the same date Sanfred changed its name to Falcon Oil & Gas Ltd. On 2 March 2005, Falcon transitioned from the British Columbia Company Act to the new Business Corporations Act (British Columbia) ("BCA"). Other than the subsidiaries through which Falcon acts, Falcon has no commercial name other than its registered name and does not operate under any other name.

Falcon is a reporting issuer and the principal corporate legislation under which it operates is the BCA and the regulations made thereunder.

Falcon's registered office is at 1200 Waterfront Centre, 200 Burrard Street, Vancouver BC V7X 1T2, Canada. Falcon's head office is at 68 Merrion Square South, Dublin 2, Ireland, telephone number [phone]. The Company's corporate website address is www.falconoilandgas.com.

Falcon has no administrative, management or supervisory bodies other than the Board of Directors ("the Board"), and the committees as set out in in this document, namely the Audit Committee, the Compensation Committee and the Reserves, Health Safety and Environment Committee.

Organisational structure

The following chart depicts the organisation of the Company as at the date hereof, including its subsidiaries:

98.1% interest

Falcon Oil & Gas

Australia Limited

(Australia)

Falcon Oil & Gas Ltd.

(British Columbia, Canada)

100% interest	100% interest
TXM Oil and Gas		Falcon Oil & Gas
Exploration Kft.		Ireland Ltd.
(Hungary)		(Ireland)

100% interest

Falcon Oil & Gas

Holdings Ireland Ltd.

(Ireland)

100% interest

Falcon Exploration and

Production South Africa

(Pty) Ltd

(South Africa)

Falcon Australia was formed in August 2008 to acquire working interests in certain properties in the Beetaloo Sub-basin located in the Northern Territory, Commonwealth of Australia.

Falcon Ireland was incorporated on 25 April 2012 and functions as a service company for corporate headquarters.

Falcon Holdings Ireland was incorporated on 6 November 2013 and functions as a holding company for the Group's investment in Falcon South Africa.

TXM was formed in 2004 to conduct oil and gas exploration and development business in the Republic of Hungary.

Falcon South Africa was incorporated on 17 March 2014 to conduct oil and gas exploration and development in South Africa.

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Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

3. GENERAL DEVELOPMENT OF THE BUSINESS Developments of the business during 2021

On 19 January 2021 Falcon announced that Origin had submitted a notification of discovery and an initial report on discovery ("Notification of Discovery") to the Department of Industry, Tourism and Trade of the Northern Territory ("DITT") on the Kyalla 117. Full details are included on pages 15-16.

On 22 January 2021 Falcon provided details on the first gas composition data obtained during the 17-hour unassisted flow period of the Kyalla 117.

On 19 February 2021 Falcon announced that on 18 February 2021 it granted incentive stock options ("Options") to purchase an aggregate of 38,000,000 common shares of Falcon to a number of recipients, including directors and officers under the stock option plan approved at Falcon's annual shareholders meeting held on 10 December 2020.

The Options were granted at an exercise price of £0.08 (equivalent to CDN$0.14) and £0.12 (equivalent to CDN$0.21) respectively, details are included in the table below:

Name	Number of	Number of	Total number of
	Options granted at	Options granted at	Options
	£0.08	£0.12	held after grant
JoAchim Conrad - Non - Executive Director (former	1,000,000	1,000,000	2,000,000
Chairman)
Philip O'Quigley - CEO	10,000,000	10,000,000	20,000,000
Anne Flynn - CFO	5,000,000	-	11,000,000
Daryl Gilbert - Non - Executive Director	1,000,000	1,000,000	2,000,000
Gregory Smith - Non - Executive Director	1,000,000	1,000,000	2,000,000
Maxim Mayorets - Non - Executive Director	1,000,000	1,000,000	2,000,000

The remaining 5,000,000 Options were granted to a consultant of Falcon and to a non-executive director of Falcon Oil & Gas Australia Limited, with 2,500,000 at an exercise price of £0.08 and a further 2,500,000 at an exercise price of £0.12.

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 18 February 2023. The Options have an expiry date of 17 February 2026.

On 22 February 2021 Falcon announced that it agreed to assign its working interest in three gross producing wells and one gross shut-in well and associated infrastructure in Alberta, Canada to a large Canadian-based company. These wells have been loss making and have generated minimal revenues to Falcon over the last number of years. Collective revenues for nine months to September 2020 were $3,000 and the associated costs for the same period were $6,000. For the twelve months to December 2019 there were revenues of $5,000 and costs of $10,000. Under the terms of the assignment, Falcon has agreed to pay a total of CDN$37,000 to cover its net working interest share of the abandonment and reclamation obligations of the wells and associated infrastructure.

On 19 March 2021 Falcon provided details of the planned 2021 work programme in the Beetaloo Sub-basin, Australia.

On 22 June 2021 Falcon announced the commencement of the 2021 work programme, starting with operations at Kyalla 117. On-site operations had begun, with rigging up complete, and clean-up operations resumed.

On 20 July 2021, Falcon provided an update to the 2021 work programme with activity focusing on the continued clean-up of Kyalla 117 in preparation for extended production testing, using nitrogen to support operations.

On 9 August 2021 Falcon announced the commencement of production testing operations at Amungee.

On 12 August 2021 Falcon announced the spudding of the Velkerri 76 well, targeting the Velkerri play along the south-eastern flank of the Beetaloo Sub-basin, which was predicted to be in a liquids rich gas window.

On 3 September 2021 Falcon provided results on the production log test at the Amungee well. The results suggest a normalised gas flow rate equivalent of between 5.2-5.8 million standard cubic feet per day ("MMscf/d") per 1,000m of horizontal section. Details are included on page 16.

On 9 September 2021 Falcon announced it was notified on 8 September 2021 that Nicolas Mathys was the beneficial owner of 40,000,000 common shares of Falcon ("Shares"), representing 4.07% of Falcon's issued and outstanding Shares at that time.

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Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

On 13 September 2021 Falcon announced the appointment of Joe Nally as Non-Executive Chairman to the Board of the Company, with immediate effect, replacing JoAchim Conrad. JoAchim Conrad remained as a Non-Executive Director.

Following Mr. Nally's formal appointment by the Board on 10 September 2021, the Company granted Mr. Nally Options to purchase an aggregate of 3,000,000 Shares of Falcon at an exercise price of £0.10 under the stock option plan.

Appointment of Communication Advisor

Falcon also announced the appointment of Capital Market Communications Ltd ("Camarco") as communications advisor. Camarco is a communications firm based in London that provides investor relations and corporate communications services.

On 14 September 2021 it was announced that operations had resumed at Kyalla 117, and it was further noted on 7 October 2021 that production testing was completed and the well shut in. While Kyalla 117 flowed liquids-rich gas without assistance for intermittent periods, production was not sustained and there were indications of a potential downhole flow restriction.

On 15 October 2021 Falcon announced that drilling of Velkerri 76 was complete, with the well drilled to a total vertical depth ("TVD") of 2,129 metres.

On 4 November 2021 Falcon was informed by the Bankruptcy Estate of PetroHunter Energy Corporation that it no longer held a beneficial interest in the Shares of Falcon.

On 12 November 2021 Falcon provided details on the preliminary petrophysical interpretation and mud gas composition data from the Velkerri 76.

On 21 December 2021 Falcon announced the appointment of Investor Meet Company Limited ("IMC") as a communications facilitator. IMC is a communications firm based in London that provides investor relations and corporate communications services.

Developments of the business during 2022

On 4 January 2022 Falcon announced that directors and officers have purchased an aggregate of 1,600,000 Shares in Falcon.

Details of the respective purchases are included in the table below:

Name	Number of	Total number of	Percentage of
	Common Shares	Common Shares	issued share capital
	purchased	held after purchase	held after the
			purchase
Joe Nally - Non - Executive Chairman	500,000	500,000	0.05%
Philip O'Quigley - Chief Executive Officer	500,000	3,513,696	0.36%
Anne Flynn - Chief Financial Officer	200,000	200,000	0.02%
Daryl Gilbert - Non - Executive Director	200,000	200,000	0.02%
Gregory Smith - Non - Executive Director	200,000	670,000	0.07%

On 25 January 2022 Falcon provided details of the planned Stage 3 work programme in the Beetaloo Sub-basin. 2022 would see Falcon and Origin progressing to the Stage 3 work programme of the restated Farm-In Agreement ("FIA"), which will include the drilling, fracture stimulation and extended production test of two horizontal wells.

On 1 March 2022 Falcon announced that Maxim Mayorets had agreed to step down as a non-executive director of the Company with effect from 1 March 2022.

On 31 March 2022 Falcon announced it had received a subscription from Sheffield Holdings LP ("Sheffield") for a $10 million private placement through the issue of 62,500,000 Common Shares ("Placing Shares") at a price of CDN$0.20 per share. Following the placement Sheffield held a total of 90,443,607 Common Shares of Falcon, representing 8.66% of Falcon's issued and outstanding Common Shares. The Placing Shares would not trade on the TSX Venture Exchange Market until the date that was four months and a day after the day of issuance. The Company's total issued share capital following Admission was 1,044,347,425 Common Shares.

Falcon Australia also agreed to grant Sheffield a 2% ORRI over Falcon Australia's 22.5% working interest in the Beetaloo Sub- basin Exploration Permits in return for a cash payment of $6 million. Details are included on page 12.

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Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

On 08 April 2022 Falcon announced that, following the approval of the TSX Venture Exchange, it had issued a total of 62,500,000 Placing Shares at a price of CDN$0.20 per share to Sheffield for gross proceeds of $10 million pursuant to the private placement announced on 31 March 2022.The Company also applied for admission of the Placing Shares to trading on AIM ("Admission").

On 3 May 2022 Falcon announced the appointment of Tom Layman as a Non-Executive Director to the Board. Anne Flynn, Falcon's Chief Financial Officer, was also appointed to the Board at this time. In conjunction with these appointments, Daryl Gilbert and JoAchim Conrad retired as Non-Executive Directors. All of these changes took place with immediate effect.

On 4 May 2022 Falcon announced that following discussions with Origin, in order to maximise the impact of Stage 3 operations the joint venture had agreed to modify the Stage 3 programme to include a step out location for one well.

On 7 June 2022 Falcon announced that on 6 June 2022 it granted a total of 16,250,000 Options to purchase common shares of Falcon had been granted 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 £0.15 (equivalent to CDN$0.24), with further details set out below:

Name	Number of	Total number of Options
	Options granted at £0.15	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.

On 19 September 2022 Origin announced the divestment of its 77.5% interest in the Exploration Permits to Tamboran (B2) Pty Limited ("Tamboran B2"). On 11 October 2022 Falcon announced that Falcon Australia had entered into a binding LOI with Tamboran B2 pursuant to which the parties have agreed to amend the terms of the Joint Operating Agreement ("JOA") and FIA, each dated 2 May 2014 (as amended), entered into with Origin in respect of Falcon Australia's interest in the Beetaloo Sub- basin Exploration Permits. Details are included on page 13.

On 10 November 2022 Falcon announced the spudding of the Amungee NW-2H ("A2H") well with the Silver City Rig 40 on EP98 in the Beetaloo Sub-basin, with Falcon Australia Limited's joint venture partner, Tamboran B2.

On 30 November 2022 Falcon announced that on 29 November 2022 Tom Layman (Non-Executive Director) had been granted Options to purchase 2,500,000 common shares of Falcon at an exercise price of £0.15 (equivalent to CDN$0.24) under the stock option plan approved at Falcon's annual shareholders meeting held on 14 July 2022. The Options 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 29 November 2024. The Options have an expiry date of 28 November 2027.

On the 07 December 2022, 12 December 2002 and 14 December 2022 Falcon announced that non-executive directors had purchased Shares in Falcon. Details of the respective purchases are included in the table below:

Date	Name	Number of	Total number of	Percentage of
		Common Shares	Common Shares	issued share capital
		purchased	held after purchase	held after the
				purchase
7 December 2022	Gregory Smith	100,000	770,000	0.07%
7 December 2022	Tom Layman	250,000	250,000	0.02%
12 December 2022	Gregory Smith	150,000	920,000	0.09%
12 December 2022	Tom Layman	870,000	1,120,000	0.11%
14 December 2022	Gregory Smith	100,000	1,020,000	0.10%

On 23 December 2022 - Falcon announced that drilling operations, including casing and cementing, at the A2H well had been successfully completed.

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Falcon Oil & Gas Ltd.

Annual Information Form

For the Fiscal Year Ended 31 December 2023

Developments of the business during 2023

On 16 February 2023 Falcon announced the commencement of the well stimulation programme at the A2H well.

On 22 March 2023 Falcon announced the successful completion of a 25-stage stimulation programme at the A2H well.

On 13 June 2023 Falcon was informed that as of 20 September 2022 Sheffield Holdings LP held a total of 96,473,607 common shares of Falcon representing 9.24% of Falcon's issued and outstanding Shares.

On 22 June 2023 Falcon provided an update on operations at the A2H well, for details please refer to page 17.

On 24 July 2023 Falcon provided an update on operations as preparations to drill the Shenandoah South 1H ("SS1H") well were underway, for details please refer to pages 17-18.

On 1 August 2023 Falcon announced the spudding of the SS1H horizontal well in EP117 with a Helmerich & Payne ("H&P") super-spec FlexRig® Flex 3 Rig, for further details please refer to page 18.

On 25 August 2023 Falcon noted that Falcon Australia's joint venture partner, Tamboran B2, had given notice that the 2014 farm-in commitments have now been met, having reached the associated cost carry commitment of A$264 million.

On 30 August 2023 Falcon announced that the SS1H pilot hole in EP117 has reached a TVD of 3,300 metres, intersecting approximately 90 metres of the Amungee Member B-shale with strong dry gas shows. For further details please refer to page 18.

On 18 September 2023 Falcon announced that drilling operations on the SS1H well were successfully completed, for further details please refer to page 18.

On 25 September 2023 Falcon announced the spudding of the Amungee NW-3H ("A3H") horizontal well in EP98 with a H&P super-spec FlexRig® Flex 3 Rig, for further details please refer to page 18.

On 16 October 2023 Falcon announced that drilling operations on the A3H well in EP98 have been successfully completed, for details please refer to page 18.

On 27 October 2023 Falcon announces that, following the completion of the all-share merger between Cavendish Securities plc (previously named Cenkos Securities plc) and Cavendish Financial plc (previously named finnCap Group plc), and as a consequence of internal reorganisation within the Cavendish Group, the Company has changed its Nominated Adviser and Broker from Cavendish Securities plc to Cavendish Capital Markets Limited.

On 30 October 2023 Falcon provided an operational update on the SS1H well in EP117, for further details please refer to the pages 18-19.

On 27 November 2023 Falcon announced the commencement of stimulation activities at the SS1H well in EP117, for details please refer to page 19.

On 7 December 2023 Falcon announced the completion of the 10-stage stimulation program over a 500 metre horizontal section of the Amungee Member B-Shale within the SS1H well, for details please refer to page 19.

Developments of the business during 2024

On 29 January 2024 Falcon announced the commencement of the 30-day initial production (IP30) testing at the SS1H well in EP117. For details please refer to page 19.

On 26 February 2024 Falcon announced the SS1H well in EP117 achieved commercial IP30 flow rates significantly higher

than pre-drillexpectations.. For details please refer to pages 19-21.

On 25 March 2024 Falcon announced that it had elected to reduce its working interest in the proposed Shenandoah South Pilot Project ("Pilot") from 22.5% to 5%. For details please refer to page 21.

On 26 March 2024 Falcon announced that the SS1H well achieved above commercial IP60 flow rate of 3.0 MMcf/d (normalised to 6.0 MMcf/d over 1,000 metres). For details please refer to pages 21-22.

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