Freedom Oil and Gas : Provides Eagle Ford Operational Update

Freedom Oil & Gas Provides Eagle Ford

Operational Update

Houston, January 17, 2019: Freedom Oil & Gas Ltd (ASX: FDM, US OTC: FDMQF) ("Freedom") today provided an update on its Eagle Ford operations including a change to its near-term drilling plans.

Since commencing the continuous drilling program in August of 2018, Freedom has successfully drilled fourteen lower Eagle Ford wells in Dimmit County, Texas. While drilling the fifteenth well, the Noroma 1 well, that well was impacted by high pressure frac water that entered the wellbore and impeded our ability to drill the well to the planned total depth. After several days of attempted recovery, it was determined that the wellbore could not be salvaged. The wellbore was then temporarily abandoned except for the top-hole section which will be reused at a later date.

The high pressure fluids encountered by the Noroma 1 well were the result of offset hydraulic fracturing of our recently drilled Persimmon wells. We have determined that waiting for the reservoir pressure to decline by beginning production from all of the newly drilled wells in the area before resuming drilling operations is the appropriate course of action and decreases the likelihood of similar drilling issues going forward.

Freedom has been approached by an offset operator who desired to use Freedom's drilling rig for approximately 60 days. In light of current oil prices, and in order to allow additional time for the reservoir pressure to decline, Freedom agreed to the offset operator's usage of the rig. This pause gives Freedom additional time to evaluate oil prices, well performance and production timing prior to resuming drilling. The rig will return to Freedom when reservoir pressure is expected to have declined as a result of initial production of the nearby wells. We will then resume drilling for the remainder of our six month drilling rig contract. We estimate we will drill four additional wells when the rig returns which will result in a total of 13 new wells being drilled during the six month drilling contract. Our remaining drilling under the current contract will focus on the lower Eagle Ford with one upper Eagle Ford well planned for an upcoming 4-well drilling unit. We are also continuing to evaluate the potential for additional upper Eagle Ford and Austin Chalk locations on our Dimmit County leasehold. The decision whether to extend the drilling rig contract beyond the first six month term will be made in late March or early April 2019.

Prior to the drilling issue with the Noroma 1 well, Freedom's drilling performance continued to improve with a recent average of approximately 10 days to drill our lower Eagle Ford wells to total depth. Based on improvements in drilling performance along with minor adjustments to our frac design, current total anticipated drilling and completion costs are estimated to have improved by approximately 8 to 10 per cent for our most recent three wells.

Freedom's completion program will continue as originally planned with the hydraulic fracturing of the three previously drilled Katherine Brown wells beginning immediately. The addition of the three Vega wells, which are currently in the initial stages of production and flowing back frac water, along with the three Persimmon wells that are already drilled and hydraulically fractured, will result in Freedom bringing nine new wells online over the next 60 days for a total of 15 producing lower Eagle Ford wells.

Australian registered office Suite 2, 24 Bolton Street, Newcastle, NSW 2300

United States office 5151 San Felipe, Suite 800, Houston, Texas 77056

Freedom Oil and Gas Ltd is a development stage independent oil and gas company. The Company has commenced the drilling of its acreage in the liquids rich area of the Eagle Ford Shale in South Texas, in the United States. For more information, visitwww.freedomog.com.

CONTACT
Further inquiries contact information:
J. Russell Porter	Andrew Crawford
Chief Executive Officer	Company Secretary
[phone]	[phone]
About Freedom Oil and Gas Ltd, ACN 128 429 158 (ASX: FDM, US OTC: FDMQF)