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Falcon Oil & Gas Ltd RNS Release

Notification of Discovery - Amungee NW-1H




FOR: FALCON OIL & GAS LTD.

TSX VENTURE SYMBOL: FO
AIM SYMBOL: FOG
ISE SYMBOL: FAC

October 12, 2016

Notification of Discovery - Amungee NW-1H

DUBLIN, IRELAND--(Marketwired - Oct. 12, 2016) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) is
pleased to announce that Origin Energy Resources Limited ("Origin"), our Joint Venture partner, has submitted a
notification of discovery and an initial report on discovery ("Notification of Discovery") to the Department of
Primary Industry and Resources of the Northern Territory, Australia ("DPIR") on the Amungee NW-1H well in the
Beetaloo Basin, Australia. The Notification of Discovery is a requirement per the Reporting a Petroleum Discovery
Guideline under the NT Petroleum Act.

Details of Notification of Discovery from Origin to the DPIR are as follows:

-- Origin has now gathered sufficient data to confirm the discovery of a
petroleum accumulation
-- Production test data supported by petrophysical log data along with full
and sidewall core analysis confirms the discovery
-- Gas rates range between 0.8 and 1.2 million standard cubic feet per day
with continuing flow back of hydraulic fracture stimulation fluid of
volumes between 100 and 400 barrels per day
-- Initial estimates suggest a dry gas composition with less than 4% CO2
-- Main physical properties of the discovered accumulation are thickness of
30 meters, between 4.0% and 7.5% porosity, a gas saturation range of 50%
to 75%, and permeability between 50 and 500 nano-Darcy
-- Evaluation to determine the resource size is underway

Philip O'Quigley, CEO of Falcon commented:

"The Notification of Discovery issued by Origin is an exciting development and provides further evidence of the
scale of the resource potential of the Beetaloo Basin.

We look forward to updating the market when the evaluation to determine the resource size is concluded."

This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr.
Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary and his PhD at the Vrije
Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development
of conventional and 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 with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Origin Energy

Origin Energy (ASX:ORG) is the leading Australian integrated energy company with market leading positions in
energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned
and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its
leadership in the supply of green energy, Origin also aspires to be the number one renewables company in
Australia.

Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is
developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base.

www.originenergy.com.au

Glossary of terms
CSG Coal seam gas
CO2 Carbon dioxide
LNG Liquefied natural gas
MW Megawatt

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. Such
information may include, but is not limited to comments made with respect to the type, number, schedule,
stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected
contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays and the prospect of
the exploration programme being brought to commerciality. 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.sedar.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Falcon Oil & Gas Ltd.
Philip O'Quigley
CEO
+353 1 676 8702
+353 87 814 7042

OR

Davy (NOMAD & Broker)
John Frain / Anthony Farrell
+353 1 679 6363

Falcon Oil & Gas Ltd.




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