Falcon Oil & Gas Ltd. - Full Year Results

FALCON OIL & GAS LTD. (“Falcon”) Full Year Results 29 April 2026 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2025. The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2025. 2025 Financial Highlights and other financial updates The definitive agreement entered into between Falcon and Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) is progressing and is expected to close in the second quarter of 2026. Cash of $1.3 million at 31 December 2025 (31 December 2024: $6.8 million). Continued focus on strict cost management and efficient operation of the portfolio. Filing of Financial Statements, MD&A, AIF and Reserves Data Falcon has filed its audited financial statements for the year ended 31 December 2025, the accompanying MD&A for year ended 31 December 2025 dated 28 April 2026, its Annual Information Form (“AIF”) dated 28 April 2026 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. 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   Cavendish Capital Markets Limited (NOMAD & Broker)   Neil McDonald +44 131 220 9771 Falcon Oil & Gas Ltd. Consolidated Statement of Operations and Comprehensive Loss       Year Ended 31 December 2025 $’000 Year Ended 31 December 2024 $’000           Revenue         Oil and natural gas revenue     - -       - - Other income         Other income     63 -           Expenses         Exploration and evaluation expenses     (187) (196) General and administrative expenses     (2,351) (2,031) Decommissioning provision     26 - Foreign exchange gain     151 256       (2,361) (1,971)           Results from operating activities     (2,298) (1,971)           Finance income     302 42 Finance expense     (573) (1,036) Net finance expense     (271) (994)           Loss before tax     (2,569) (2,965)           Taxation     (27) -           Loss and comprehensive loss for the year     (2,596) (2,965)           Loss and comprehensive loss attributable to:                   Equity holders of the company     (2,587) (2,958) Non-controlling interests     (9) (7)           Loss and comprehensive loss for the year     (2,596) (2,965)           Loss per share attributable to equity holders of the company:         Basic and diluted     ($0.002) ($0.003) Falcon Oil & Gas Ltd. Consolidated Statement of Financial Position     At 31 December 2025 $’000 At 31 December 2024 $’000         Assets       Non-current assets       Exploration and evaluation assets   56,797 50,291 Right of use assets   4 - Decommissioning deposits   2,798 56 Restricted cash   35 2,040     59,634 52,387         Current assets       Cash and cash equivalents   1,282 6,823 Accounts receivable   173 3,031     1,455 9,854         Total assets   61,089 62,241         Equity and liabilities               Equity attributable to owners of the parent       Share capital   406,684 406,684 Contributed surplus   47,446 47,446 Deficit   (412,742) (410,155)     41,388 43,975 Non-controlling interests   681 690 Total equity   42,069 44,665         Liabilities        Non-current liabilities       Decommissioning provision   17,261 16,587     17,261 16,587         Current liabilities       Accounts payable and accrued expenses   1,753 989 Lease liability   6 -     1,759 989         Total liabilities   19,020 17,576         Total equity and liabilities   61,089 62,241 Falcon Oil & Gas Ltd. Consolidated Statement of Cash Flows   Year Ended 31 December   2025 $’000 2024 $’000       Cash flows from operating activities     Net loss for the year (2,596) (2,965) Adjustments for:     Share based compensation - 67 Depreciation - 2 Amortisation of right of use assets 35 - Proceeds from sale of fixed assets (63) - Net finance loss 273 994 Foreign exchange gain (151) (256) Decommissioning provision (26) - Change in non-cash working capital     Increase in accounts receivable (50) (16) Increase in accounts payable 175 66 Net cash used in operating activities (2,403) (2,108)       Cash flows from investing activities     Interest received 24 42 Decommissioning provision deposits (2,651) - Repayment of restricted cash - decommissioning provision 2,265 - Legacy exploration permit bonds refunded 19             R&D tax incentive refunded 2,962 - Proceeds from sale of fixed assets 63 - Exploration and evaluation assets additions (6,075) (7,110) Granting of ORRIs - 4,000 Net cash used in investing activities (3,393) (3,068)       Cash flows from financing activities     Principal paid on lease liabilities (20) - Interest paid on lease liabilities (3) - Proceeds from equity raise - 4,564 Net cash generated from financing activities (23) 4,564       Change in cash and cash equivalents (5,819) (612) Effect of exchange rates on cash & cash equivalents 278 (557)       Cash and cash equivalents at beginning of year 6,823 7,992       Cash and cash equivalents at end of year 1,282 6,823 All dollar amounts in this document are in United States dollars “$”, 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 Attachment 123125.3 Final Press release - Announcing release of 31 December 2025