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

FALCON OIL & GAS LTD. (“Falcon” or “Company”) Filing of Interim Financial Statements 27 November 2025 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its interim financial statements for the three and nine months ended 30 September 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 and nine months ended 30 September 2025, 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 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 first quarter of 2026. Cash of $2 million at 30 September 2025 (31 December 2024: $6.8 million). Continued focus on cost management and the efficient operation of the portfolio. Ends. CONTACT DETAILS: Falcon Oil & Gas Ltd.            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 30 September 2025 $’000 Three months ended 30 September 2024 $’000 Nine months ended 30 September 2025 $’000 Nine months ended 30 September 2024 $’000           Revenue         Oil and natural gas revenue - - - -   - - - -           Other income         Other income - - 63 -   - - 63 -           Expenses         Exploration and evaluation expenses (51) (44) (136) (130) General and administrative expenses (666) (523) (1,669) (1,601) Foreign exchange gain 34 91 207 133   (683) (476) (1,598) (1,598)           Results from operating activities (683) (476) (1,535) (1,598)           Finance income 10 365 280 193 Finance expense (142) (132) (432) (393) Net finance (expense) / income (132) 233 (152) (200)           Loss and comprehensive loss for the period (815) (243) (1,687) (1,798)           Loss and comprehensive loss attributable to:                   Equity holders of the company (813) (247) (1,684) (1,798) Non-controlling interests (2) 4 (3) -           Loss and comprehensive loss for the period (815) (243) (1,687) (1,798)           Loss per share attributable to equity holders         of the company:         Basic and diluted (0.001 cent) (0.000 cent) (0.002 cent) (0.002 cent)   Falcon Oil & Gas Ltd. Interim Condensed Consolidated Statement of Financial Position (Unaudited)     At 30 September 2025 $’000 At 31 December 2024 $’000         Assets       Non-current assets       Exploration and evaluation assets   56,178 50,291 Right of use assets   8 - Accounts receivable   2,741 56 Restricted cash   35 2,040     58,962 52,387         Current assets       Cash and cash equivalents   1,973 6,823 Accounts receivables   99 3,031     2,072 9,854         Total assets   61,034 62,241         Equity and liabilities               Equity attributable to owners of the parent       Share capital   406,684 406,684 Contributed surplus   47,446 47,446 Retained deficit   (411,839) (410,155)     42,291 43,975 Non-controlling interests   687 690 Total equity   42,978 44,665         Liabilities        Non-current liabilities       Decommissioning provision   17,151 16,587     17,151 16,587         Current liabilities       Accounts payable and accrued expenses   894 989 Lease liabilities   11 -     905 989         Total liabilities   18,056 17,576         Total equity and liabilities   61,034 62,241   Falcon Oil & Gas Ltd. Interim Condensed Consolidated Statement of Cash Flows (Unaudited)     Nine months ended 30 September     2025 $’000 2024 $’000         Cash flows from operating activities       Net loss for the period   (1,687) (1,798) Adjustments for:       Share based compensation   - 65 Depreciation   - 2 Amortisation of right of use assets   31 - Proceeds from sale of fixed assets   (63) - Net finance expense   152 200 Effect of exchange rates on operating activities   (203) (133) Change in non-cash working capital:       Increase in accounts receivable   (71) (893) Increase in accounts payable and accrued expenses   143 920 Net cash used in operating activities   (1,698) (1,637)         Cash flows from investing activities       Interest received   20 31 Legacy exploration permit bonds refunded   19 - R&D tax incentive refunded   2,962 - Proceeds from sale of ORRIs   - 4,000 Proceeds from sale of fixed assets   63 - Repayment of restricted cash – Hungarian decommissioning obligations   2,265 - Deposit paid re. Hungarian decommissioning obligations   (2,300) - Deposit paid re. Australian decommissioning obligations   (333) - Exploration and evaluation assets   (6,070) (5,153) Net cash used in investing activities   (3,374) (1,122)         Cash flows from financing activities       Principal paid on lease liabilities   (31) - Interest paid on lease liabilities   (7) - Net proceeds from private placement   - 4,570 Net cash generated from financing activities   (38) 4,570         Change in cash and cash equivalents   (5,110) 1,811 Effect of exchange rates on cash and cash equivalents   260 162 Cash and cash equivalents at beginning of period   6,823 7,992         Cash and cash equivalents at end of period   1,973 9,965 All dollar amounts in this document are in United States dollars “$”, 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 with a registered office at 1200 Waterfront Centre, 200 Burrard Street, Vancouver BC, V7X 1T2, 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 093025.3 Final Press release - Announcing release of 30 September 2025 results