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Falcon Oil & Gas Ltd RNS Release

Falcon Oil & Gas Ltd.: Completion of Extended




FALCON OIL & GAS LTD.

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

December 22, 2016

Falcon Oil & Gas Ltd.: Completion of Extended Production Test - Amungee NW-1H

DUBLIN, IRELAND--(Marketwired - Dec. 22, 2016) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) is
pleased to announce the completion of the extended production test on Amungee NW-1H by Origin Resources Limited
("Origin"), our Joint Venture partner.

Extended production test ("EPT") summary:

-- Initial production over the first 30 days averaged 1.11 MMscf/d
-- 63 MMscf was produced over the 57 days of the EPT, at an average rate of
1.10 MMscf/d
-- The final rate of the EPT was 1.07 MMscf/d
-- Completed in line with a regulatory approved plan with no environmental
incidents
-- The EPT concludes the 2016 drilling programme
-- A final discovery report is being prepared for submission to the DPIR in
Q1 2017

Philip O'Quigley, CEO of Falcon, commented on the results:

"The extended production test on Amungee NW-1H is a significant milestone in the exploration programme. This data,
together with results obtained from the drilling program to date will be used in evaluating the contingent
resource in the Beetaloo.

"We look forward to updating the market in Q1 2017."

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
DPIR Northern Territory Government's Department of Primary Industry and Resources
LNG Liquefied natural gas
MW Megawatt
MMscf million standard cubic feet
MMscf/d million standard cubic feet per day

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

Falcon Oil & Gas Ltd.
Anne Flynn
CFO
+353 1 676 9162

OR

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

Falcon Oil & Gas Ltd.




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