Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements

FALCON OIL & GAS LTD. (“Falcon”) Filing of Interim Financial Statements 20 May 2026 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three months ended 31 March 2026 and 2025 and the accompanying Management’s Discussion and Analysis (“MD&A”). The following should be read in conjunction with the complete unaudited unreviewed interim financial statements and the accompanying MD&A for the three months ended 31 March 2026, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca and on Falcon’s website at www.falconoilandgas.com. Q1 2026 Financial Highlights 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. Continued focus on strict cost management and efficient operation of the portfolio. Ends. For further information, please contact: 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. Interim Condensed Consolidated Statement of Operations and Comprehensive Loss (Unaudited)       Three months ended 31 March 2026 $’000 Three months ended 31 March 2025 $’000                   Revenue             Oil and natural gas revenue     - -           - -                   Expenses             Exploration and evaluation expenses     (45) (40)     General and administrative expenses     (981) (491)     Foreign exchange (loss) / gain     (109) 77           (1,135) (454)                   Results from operating activities     (1,135) (454)                   Finance income     34 98     Finance expense     (150) (141)     Net finance expense     (116) (43)                   Loss and comprehensive loss for the period     (1,251) (497)                   Loss and comprehensive loss attributable to:                           Equity holders of the company     (1,250) (497)     Non-controlling interests     (1) -                   Loss and comprehensive loss for the period     (1,251) (497)                             Loss per share attributable to equity holders of the company:                       Basic and diluted     ($0.001) ($0.000)     * For details on expenses related to discontinued operations please refer to the interim financial statements for the three months ended 31 March 2026 and 2025 which are available on www.sedarplus.ca. Falcon Oil & Gas Ltd. Interim Condensed Consolidated Statement of Financial Position (Unaudited)     At 31 March 2026 $’000 At 31 December 2025 $’000         Assets       Non-current assets       Exploration and evaluation assets   59,066 56,797 Right of use assets   - 4 Decommissioning deposits   2,751 2,798 Restricted cash   35 35     61,852 59,634         Current assets       Cash and cash equivalents   197 1,282 Accounts receivable   212 173     409 1,455         Total assets   62,261 61,089         Equity and liabilities               Equity attributable to owners of the parent       Share capital   406,684 406,684 Contributed surplus   47,446 47,446 Deficit   (413,992) (412,742)     40,138 41,388 Non-controlling interests   680 681 Total equity   40,818 42,069         Liabilities        Non-current liabilities       Decommissioning provision   17,474 17,261     17,474 17,261         Current liabilities       Accounts payable and accrued expenses   3,969 1,753 Lease liability   - 6     3,969 1,759 Total liabilities   21,443 19,020         Total equity and liabilities   62,261 61,089 * For details on assets held for sale and liabilities directly associated with assets in a disposal group held for sale please refer to the interim financial statements for the three months ended 31 March 2026 and 2025 which are available on www.sedarplus.ca. Falcon Oil & Gas Ltd. Interim Condensed Consolidated Statement of Cash Flows (Unaudited)     Three months ended 31 March     2026 $’000 2025 $’000         Cash flows from operating activities       Net loss for the period   (1,251) (497) Adjustments for:       Amortisation of right of use assets   5 - Net finance expense   116 43 Effect of exchange rates on operating activities   109 (77) Change in non-cash working capital:       Increase in accounts receivable   (40) (110) (Decrease) / increase in accounts payable and accrued expenses   (58) 19 Net cash used in operating activities   (1,119) (622)         Cash flows from investing activities       Interest received   1 8 Exploration and evaluation assets   - (2,384) Legacy exploration permit bonds refund   - 19 R&D Tax incentive refund   - 2,962 Net cash generated by investing activities   1 605         Change in cash and cash equivalents   (1,118) (17) Effect of exchange rates on cash and cash equivalents   33 90         Cash and cash equivalents at beginning of period   1,282 6,823         Cash and cash equivalents at end of period   197 6,896 All dollar amounts in this document are in United States dollars “$”, 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, South Africa and Hungary. 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.