Core Viewpoint - Falcon Oil & Gas Ltd. is set to cancel its admission to trading on AIM following a transaction with Tamboran Resources Corporation, which involves the issuance of shares and a cash payment to Falcon shareholders [2][3]. Transaction Details - The transaction includes Tamboran issuing 6,537,503 shares of its common stock to Falcon and a cash payment of $23,663,080 [3]. - Falcon shareholders, excluding dissenting shareholders or those subject to sanctions, will receive shares of Tamboran in exchange for their Falcon common shares [3]. Conditions for Completion - The completion of the transaction is contingent upon several approvals, including: - Approval from Falcon shareholders at a meeting scheduled for March 11, 2026 [4]. - Approval of the stock issuance by Tamboran stockholders [4]. - Approval of the plan of arrangement by the Supreme Court of British Columbia [4]. - No material adverse changes affecting either Falcon or Tamboran [4]. Timeline for AIM Cancellation - Falcon is required to provide at least 20 business days notice for the AIM Cancellation [5]. - If all conditions are met, the transaction is expected to close around March 16, 2026, with trading of Falcon's common shares on AIM suspended on March 17, 2026, and the cancellation effective on March 18, 2026 [5].

Core Viewpoint - Falcon Oil & Gas Ltd. is set to cancel its admission to trading on AIM following a transaction with Tamboran Resources Corporation, which involves the issuance of shares and a cash payment to Falcon shareholders [2][3]. Transaction Details - The transaction includes Tamboran issuing 6,537,503 shares of its common stock to Falcon and a cash payment of $23,663,080 [3]. - Falcon shareholders, excluding dissenting shareholders or those subject to sanctions, will receive shares of Tamboran in exchange for their Falcon common shares [3]. Approval Conditions - The completion of the transaction is contingent upon several approvals, including: - Approval from Falcon shareholders at a meeting scheduled for March 11, 2026 [4]. - Approval of the stock issuance by Tamboran stockholders [4]. - Approval of the plan of arrangement by the Supreme Court of British Columbia [4]. - No material adverse changes affecting either Falcon or Tamboran [4]. Timeline and Cancellation Process - Falcon is required to provide at least 20 business days notice for the AIM Cancellation [5]. - If all conditions are met, the transaction is expected to close around March 16, 2026, with trading of Falcon's common shares on AIM suspended on March 17, 2026, and the cancellation effective on March 18, 2026 [5].

Core Viewpoint - Falcon Oil & Gas Ltd. is set to hold an investor presentation and Q&A session on February 12, 2026, ahead of a special shareholders meeting scheduled for March 11, 2026 [2]. Group 1: Event Details - The presentation will be conducted by Philip O'Quigley, the CEO of Falcon Oil & Gas Ltd., via the Investor Meet Company platform [2]. - The event is open to all existing and potential shareholders, with the opportunity to submit questions before and during the live presentation [3]. - Investors can register for free on the Investor Meet Company platform to participate in the event [3]. Group 2: Company Overview - Falcon Oil & Gas Ltd. is an international oil and gas company focused on the exploration and development of unconventional oil and gas assets [4]. - The company's current portfolio is concentrated in Australia, South Africa, and Hungary [4]. - Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada, and has its headquarters in Dublin, Ireland [4].

Core Viewpoint - Falcon Oil & Gas Ltd. is set to hold a special meeting of shareholders to vote on a proposed acquisition by Tamboran Resources Corporation, which includes a combination of shares and cash consideration [2]. Group 1: Meeting Details - The special meeting will take place on 11 March 2026 at 4:00 p.m. Dublin time at the Conrad Hotel, Dublin, Ireland [2]. - Shareholders will vote on a plan of arrangement for the acquisition of all equity interests of Falcon's subsidiaries by Tamboran, which includes 6,537,503 shares of Tamboran common stock and US$23.7 million [2]. Group 2: Shareholder Communication - A complete notice of the meeting and related documents are available on SEDAR+ and Falcon's website, and are being sent to shareholders of record as of 26 January 2026 [3]. - Falcon will conduct a Q&A session via the Investor Meet Company platform prior to the meeting to address shareholder questions [4]. Group 3: Company Overview - Falcon Oil & Gas Ltd. is an international oil and gas company focused on the exploration and development of unconventional oil and gas assets, with operations in Australia, South Africa, and Hungary [5]. - The company is incorporated in British Columbia, Canada, and has its headquarters in Dublin, Ireland [5].

Core Viewpoint - Falcon Oil & Gas Ltd. is set to hold a special meeting of shareholders to vote on a plan of arrangement for the acquisition by Tamboran Resources Corporation, which includes a consideration of 6,537,503 shares of Tamboran common stock and US$23.7 million [2]. Group 1 - The special meeting will take place on 11 March 2026 at the Conrad Hotel in Dublin, Ireland [2]. - Shareholders of record as of 26 January 2026 will receive a complete notice of meeting and related documents, which are also available on SEDAR+ and Falcon's website [3]. - Falcon will conduct a Q&A session via the Investor Meet Company platform prior to the meeting to address shareholder inquiries [4]. Group 2 - Falcon Oil & Gas Ltd. is an international oil and gas company focused on the exploration and development of unconventional oil and gas assets, with operations in Australia, South Africa, and Hungary [6].

Core Viewpoint - Falcon Oil & Gas Ltd. has received shareholder approval for the sale of its 98.1% interest in Falcon Oil & Gas Australia Limited to Tamboran Resources Corporation, marking a significant step in a broader transaction that is still pending regulatory and shareholder approvals [3][5]. Group 1: Transaction Details - The sale involves Falcon's 98.1% interest in Falcon Australia, with Tamboran group also planning to acquire all subsidiary companies of Falcon, contingent on various approvals [3]. - Tamboran group will have the option to compulsorily acquire the remaining shares in Falcon Australia held by minority shareholders at a price no less than what is being paid to Falcon for its interest [4]. Group 2: Management Commentary - Philip O'Quigley, CEO of Falcon, stated that the approval from Falcon Australia shareholders removes a key condition for the broader transaction, which is expected to close in the first quarter of the year [5].

Core Viewpoint - Falcon Oil & Gas Ltd. has received shareholder approval for the sale of its 98.1% interest in Falcon Oil & Gas Australia Limited to Tamboran Resources Corporation, marking a significant step in a broader transaction that is still subject to regulatory and shareholder approvals [3][5]. Group 1: Transaction Details - The sale involves Falcon's 98.1% interest in Falcon Australia, with Tamboran group also planning to acquire all subsidiary companies of Falcon, pending necessary approvals [3][4]. - Tamboran group will have the option to compulsorily acquire the remaining shares in Falcon Australia held by minority shareholders at a price no less than what is being paid to Falcon [4]. Group 2: Management Commentary - Philip O'Quigley, CEO of Falcon, stated that the approval from Falcon Australia shareholders removes a key condition for the broader transaction, which is expected to close in the first quarter of the year [5]. Group 3: Company Background - Falcon Oil & Gas Ltd. is an international oil and gas company focused on the exploration and development of unconventional oil and gas assets, with operations in Australia, South Africa, and Hungary [8].

Core Insights - Falcon Oil & Gas Ltd has successfully completed the stimulation program for the Shenandoah South SS2-1H well, marking a significant milestone for the joint venture partners [2][4] - The company anticipates a busy 2026 with three additional wells planned for stimulation in the first half of the year and gas sales expected to commence shortly thereafter [4] Stimulation Program Details - The SS2-1H well stimulation involved 58 stages across a horizontal section of approximately 3,050 meters, with an average proppant intensity of 2,206 pounds per foot [7] - Wellhead injection rates consistently exceeded 100 barrels per minute, utilizing modern stimulation equipment from Liberty Energy [7] - Adjustments in the stimulation design increased stage spacing from approximately 50 meters to 60 meters, which is expected to reduce costs in future programs [7] Production Expectations - Following the completion of the well with tubing, a 30-day soaking period will precede a 30-day flow test, with initial production rates expected in the first quarter of 2026 [7] - In the first half of 2026, three wells, including the second well from the 2024 drilling campaign, are expected to be stimulated ahead of gas sales [7] Joint Venture Structure - Falcon Oil & Gas Australia Limited holds a 22.5% interest in the Beetaloo joint venture, while Tamboran (B2) Pty Limited holds 77.5% [10] - In the Shenandoah South Pilot Project, Falcon's interest is reduced to 5.0%, with Tamboran holding 95.0% [11] Future Developments - The definitive agreement between Falcon and Tamboran Resources Corporation is progressing and is expected to close in the first quarter of 2026 [4] - All wells in the Shenandoah South Pilot Project are projected to deliver the contracted volume of 40 million cubic feet per day under the Gas Sales Agreement with the Northern Territory Government, subject to weather conditions and final approvals [7]

Core Insights - Canada's oil sands have a lower breakeven point compared to U.S. shale, with average breakeven prices between $40 and $57 per barrel, and half-cycle breakeven prices as low as $18 to $45 per barrel, making them globally cost-competitive [1] - The completion of the Trans Mountain Pipeline expansion has increased capacity to 890,000 barrels per day, enhancing confidence in Canada's oil and gas sector [2] - There is a notable shift in investment, with U.S. investors owning approximately 59% of Canadian oil and gas companies, up from 56% at the end of 2024, while Canadian ownership has decreased [4] - The Canadian energy sector is outperforming the U.S. sector, with the TSX Energy Index up 19.5% year-to-date compared to a 6.0% gain by the S&P 500 Energy Index [5] Company Highlights - **Falcon Oil & Gas**: Market Cap of $150.1 million with YTD returns of 147.2%, focusing on exploration and development in Australia, South Africa, and Hungary, driven by progress in the Shenandoah South Pilot Project [6][7] - **Tamarack Valley Energy**: Market Cap of $2.7 billion with YTD returns of 66.0%, known for responsible energy development and strong operational results, benefiting from high-performing assets and share buybacks [8][10] - **Imperial Oil Ltd**: Market Cap of $49.0 billion with YTD returns of 61.9%, recognized for operational efficiency and record production, achieving an average of 462,000 oil-equivalent barrels per day [11][12] - **NuVista Energy Corp.**: Market Cap of $2.6 billion with YTD returns of 38.6%, focusing on the Montney formation and benefiting from strong operational execution and strategic financial management [13][14] - **Peyto Exploration & Development Corp.**: Market Cap of $3.2 billion with YTD returns of 34.7%, known for operational efficiency and low-cost production structure, allowing for high margins and capital returns [15][16]

NYSE: TBN, ASX: TBN 1Q FY26 Result Presentation Mr. Dick Stoneburner – Chairman & Interim CEO North America: November 13, 2025 | Australia: November 14, 2025 Disclaimer Forward looking statements may include statements about, among other things: our business strategy and the successful implementation of our business strategy; our future reserves; our financial strategy, liquidity and capital required for our development programs; estimated natural gas prices; our dividend policy; the timing and amount of fu ...