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29 April 2025 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2024.

The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis () for the year ended 31 December 2024.

2024 Financial Highlights

Falcon has filed its audited financial statements for the year ended 31 December 2024, the accompanying MD&A for year ended 31 December 2024 dated 28 April 2025, its Annual Information Form (“”) dated 28 April 2025 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.

:

	+353 1 676 8702
Philip O'Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162
Neil McDonald / Adam Rae	+44 131 220 9771

				Year Ended 31 December 2023 $’000
Oil and natural gas revenue				-
				-
Exploration and evaluation expenses				(197)
General and administrative expenses				(2,470)
Decommissioning provision				(480)
Foreign exchange gain / (loss)				(63)
				(3,210)
				(3,210)
Finance income				322
Finance expense				(453)
Net finance expense				(131)
				(3,341)
Taxation				-
				(3,341)
Loss and comprehensive loss attributable to:
Equity holders of the company				(3,337)
Non-controlling interests				(4)
				(3,341)
Loss per share attributable to equity holders of the company:
Basic and diluted				($0.003)

			At 31 December 2023 $’000
Exploration and evaluation assets			51,287
Property, plant and equipment			2
Accounts receivable			26
Restricted cash			2,176
			53,491
Cash and cash equivalents			7,992
Accounts receivable			54
			8,046
			61,537
Share capital			402,120
Contributed surplus			47,379
Deficit			(407,197)
			42,302
			697
			42,999
Decommissioning provision			16,204
			16,204
Accounts payable and accrued expenses			2,334
			2,334
			18,538
			61,537

			2023 $’000
Net loss for the year			(3,341)
Adjustments for:
Share based compensation			316
Depreciation			5
Net finance loss			120
Foreign exchange (gain) / loss			63
Decommissioning provision			480
Change in non-cash working capital
(Increase) / decrease in accounts receivable			19
Increase / (decrease) in accounts payable			(63)
			(2,401)
Interest received			180
Exploration and evaluation assets additions			(6,723)
Granting of ORRIs			-
			(6,543)
Proceeds from equity raise			-
Costs related to equity raise			-
			-
Change in cash and cash equivalents		(612)	(8,944)
Effect of exchange rates on cash and cash equivalents		(557)	151
Cash and cash equivalents at beginning of year		7,992	16,785
Cash and cash equivalents at end of year		6,823	7,992

All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.

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. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

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.sedarplus.ca