Falcon Oil & Gas Ltd.
(“Falcon” or “company”)

Origin Energy Announces Divestment of Beetaloo Sub-Cymbal Interests

September 19, 2022 – Falcon Oil & Gas Ltd. FOFOG)) (“Falcon” or the “company“) is acquiring today from its approximately 98% subsidiary, Falcon Oil & Gas Australia Limited’s joint venture partner, Origin Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited (“origin“) in connection with the divestiture of its 77.5% interest in the Beetaloo Sub-Basin exploration permits.

Under the terms of the Joint Operating Agreement (as amended) entered into with Origin and announced on 2 May 2014, Falcon Australia has a right of first refusal enabling it to notify Origin (within 30 days of any proposed change of control) of Falcon intending to to acquire Origin’s 77.5% interest in the Beetaloo joint venture. The Board reserves its legal position in relation to these rights. In the event that the Company attempts to exercise its rights under the Joint Operating Agreement, this would be classified as a reverse takeover under Rule 14 of the AIM Rules for Companies. The board will now consider the impact of Origin’s decision on Falcon and then decide what action, if any, it intends to take. There is no guarantee that the company will exercise these rights or that a transaction will be completed.

Further information will be announced in due course.

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About Falcon Oil & Gas Ltd
Falcon Oil & Gas Ltd is an international oil and gas company engaged in the exploration and development of unconventional oil and gas resources, with the current portfolio focused on Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team in…