Annual General & Special Meeting

14 September 2017

Toronto: TSXV Ticker: FO.V

London: AIM Ticker: FOG.L

Dublin: ESM Ticker: FAC:ID

This presentation (“Presentation”) has been prepared by Falcon Oil & Gas Ltd (the “Company” or “Falcon”) solely for its use at informational meetings relating to it and is being delivered forinformation purposes only to a limited number of persons. By attending the meeting where this Presentation is made, or by reading the presentation slides, you agree to be bound by the followinglimitations.

This Presentation is being supplied to you solely for your information. The Presentation does not purport to contain all information that a prospective investor may require. While the informationcontained herein has been prepared in good faith, neither the Company nor its shareholders, directors, officers, agents, employees, or advisors give, has given or has authority to give, anyrepresentations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any otherwritten or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expresslydisclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct orindirect, express or implied, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the Information or for any of the opinions contained herein or for anyerrors, omissions or misstatements or for any loss, howsoever arising from the use of this Presentation. In furnishing this Presentation, the Company does not undertake or agree to any obligationto provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may becomeapparent.

This Presentation is confidential and is made available strictly on the basis that it will not be photocopied, reproduced, redistributed or disclosed, in whole or in part, to any other person at anytime, nor its contents disclosed or used for any purpose, without the prior written consent of the Company.

The information contained in this Presentation should not be assumed to have been updated at any time subsequent to the date shown on the cover hereof. The distribution of this Presentationdoes not constitute a representation by any person that such information will be updated at any time after the date of this Presentation.

The information contained herein is intended for information purposes only and is neither an offering document nor for public distribution and are not intended to be, nor should they be construedto be, investment advice or a recommendation by Falcon or any of its shareholders, directors, officers, agents, employees or advisors. Each party to whom this Presentation is made available mustmake its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections oropinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumption and each recipient should satisfy itself in relation to such matters. Norepresentation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Anyrecommendations, forecasts, projections or other forward-looking statements regarding the purchase or sale of Falcon’s securities may change without notice.

All statements contained herein that are not clearly historical in nature are forward-looking. Forward-looking statements may be identified by use of forward-looking words, such as “expects”include words such as “estimates”, “plans”, “anticipates”, “believes”, “opinions”, “forecasts”, “projections”, “guidance”, “may”, “could”, “will”, “potential”, “intend”, “should”, “predict” or otherstatements that are not statements of fact. Similarly, forward-looking statements in this document include, but are not limited to anticipated developments of Falcon’s drilling projects and thetiming thereof, capital investment levels and the allocation thereof, pipeline capacity, government royalty rates, reserve and resources estimates, the level of expenditures for compliance withenvironmental regulations, site restoration costs including abandonment and reclamation costs, exploration plans, acquisition and disposition plans including farm out plans, net cash flows,geographic expansion and plans for seismic surveys. In addition, please note that statements relating to “reserves” or “resources” are deemed to be forward-looking statements, as they involvethe implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future. Falcon's discovered resources are notreserves. Such statements represent Falcon’s internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital expenditures,anticipated future debt levels and incentive fees or revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Thesestatements are only predictions. Actual events or results may differ materially. Although Falcon believes the expectations reflected in such forward-looking statements are reasonable, it can giveno assurance that such expectations will be realized. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differmaterially from those anticipated or implied in the forward-looking statements. These forward-looking statements are made as of the date hereof, Falcon disclaims any intent or obligation toupdate publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law or by any appropriate regulatoryauthority. Nothing in this Presentation or in documents referred to in it should be considered as a profit forecast and Falcon’s forward-looking statements are expressly qualified in their entirety bythis cautionary statement. 2

Important Notice & Disclaimer

Past performance of the Company or its shares cannot be relied on as a guide to future performance. This Presentation does not constitute, or form part of or contain any invitation or offer to anyperson to underwrite, subscribe for, otherwise acquire, or dispose of any securities in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it, form the basis of or berelied on in connection with or act as an inducement to enter into any contract or commitment therefore. This Presentation does not constitute a recommendation regarding the securities of theCompany. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this Presentation or on its completeness and no liability whatsoever is accepted forany loss howsoever arising from any use of this Presentation or its contents or otherwise in connection therewith.

For Falcon’s most up to date public information please visit its profile on www.sedar.com. Viewers of this presentation considering investing in Falcon should consult their own investment advisorsfor advice and should carefully consider all of the information contained in Falcon’s public filings, which can be found online at www.sedar.com, including the information contained under theheading “Risk Factors” in Falcon’s most recent annual information form / any recent prospectus and any admission document to be published by Falcon. The information in this presentation hasbeen prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. It is an overview only and does not contain all informationnecessary for investment decisions.

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Important Notice & Disclaimer

Beetaloo Basin – Australia

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Beetaloo Basin – Background to Farm-Out

• Falcon Australia* owns 30% of three exploration permits in the Beetaloo Basin

• Total gross acres of 4.6 million, 1.4 million acres net to Falcon

• Origin holds the remaining 70% of the exploration permits and is Operator

• Total value of the farm-out is A$200 million and includes the drilling of 9 wells. The sum included A$20m cash up front.

• Falcon is fully carried for all costs for the first five wells, estimated at A$64 million, with no cap

• Falcon is fully carried for the next 4 wells estimated at A$101 million, capped

* Falcon Oil & Gas Australia Ltd. (c. 98% subsidiary of Falcon Oil & Gas Ltd)

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• Verify reservoir quality to establish:

• Thickness of reservoir

• Total organic carbon (“TOC”)

• Porosity and permeability

• Rock geomechanics

• Reservoir pressure

• Gas saturation

• Gas flow rates

• Demonstrate producibility of shale gas

• Prove up the areal extent

• Ultimately to determine size of resource

Amungee NW-1

Kalala S-1

Amungee NW-1H

2015-16 Exploration Work Program Goals

Beetaloo W-1

vertical well

horizontal well

Shenandoah-1

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GR Res Gas show GR Res Gas show

2,000m

2,600m

Kalala S-1 Amungee NW-1

C

C

B

A

B

A

2015 Vertical Drilling Results - Middle Velkerri Fm.

• 3 pervasive, organic rich shale intervals (A, B & C shales) identified within the Middle Velkerri formation.

• Gross thickness of mid-Velkerri ~500 metres, net pay in B and C shales in excess of 30 metres each

• Organic rich, gas saturated shales with average TOC of 3%-4%

• Favourable geomechanics for good hydraulic stimulation

• DFIT confirmed 20% -25% overpressured, excellent for volumetrics and reservoir productivity

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Amungee NW-1H Well Schematics & Results

PHIT (%)

TOC (wt%)

>5 >3

3 to 5 2 to3

<3 <2

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2016 Vertical Drilling Results – Beetaloo W-1

• Continuation of the regionally pervasive Middle Velkerri formation approximately 85 kilometres south of the Kalala S-1 and Amungee NW-1H wells

• A gross interval of over 570 metres shale gas sequence with net pay exceeding 100 metres

• Excellent gas shows at two prospective shale sweet spots at the top and base of the Middle Velkerri formation, comparable to those encountered during the 2015 drilling program

• The Lower Kyalla formation, considered as a secondary shale target, provided excellent gas shows within a 150 metre thick liquid rich sequence

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Amungee NW-1 Horizontal Well

• 11 hydraulic stimulation stages completed over a 600 metre horizontal section

• Stimulation treatments executed, with 95% of programmed proppant placed

• Main physical properties are:

• thickness of 30 metres

• between 4.0% - 7.5% porosity

• a gas saturation range of 50% - 75%

• permeability between 50 and 500 nano-Darcy (nD)

• Extended flow test gas flow rates range between 0.8-1.2 million standard cubic feet per day

• Initial estimates suggest a dry gas composition with 95% methane

• Declaration of Discovery

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The work programme has established:

✓ Thickness of reservoir

✓ TOC

✓ Porosity and permeability

✓ Rock geomechanics

✓ Reservoir pressure

✓ Gas saturation

✓ Gas flow rates

✓ Proving up the areal extent

✓ Producibility of shale gas demonstrated

And…………. Declaration of Discovery

2015-16 Exploration Work Program Achievements

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7 key mid-Velkerri shale parameters for economic success:

• Maturity: mostly in gas window

• Average TOC ~4%

• Gross Thickness: 50-500 metres

• Average depth: 2,500 metres

• Areal extent: >4million acres

• In place hydrocarbon volumes: multi-TCF gas play

• Frackability: low clay, high quartz content

So what does this mean?....Lets look at the USA….

World-class Velkerri shale in the Beetaloo Basin compares well with major US producing shales

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Source: http://www.geoscience.nt.gov.au/gemis/ntgsjspui/bitstream/1/82730/1/AGES2016_Close_et_al.pdf

So what does this mean?.....Lets look at the USA….

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2017 Material Gas Resource Confirmed

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Middle Velkerri B Shale Volumetric Estimates

Gross Net Attributable

Best Estimate Best Estimate

Area km2 (3) 16,145 4,751

OGIP (TCF) 496 146

Combined Recovery / Utilisation Factor (4) 16% 16%

Technically Recoverable Resource (TCF) 85 25

OGIP Concentration (BCF/km2) 31 31

Assessment of 2C Contingent Gas Resource Estimates for the Middle Velkerri B Shale Pool

within EP76, EP98 and EP117 as of 15 February, 2017

Measured and Estimated Parameters Units Best Estimate

Area km2 1,968

Original Gas In Place (OGIP) TCF 61.0

Gross Contingent Resource TCF 6.6

Net Contingent Resource TCF 1.94

2017 – Announcement of Material Gas Resource

NT Moratorium on Hydraulic Fracturing

Independent Scientific Inquiry underway, headed by Justice Pepper and assisted by a panel of experts.

Key timelines

• Sep 2016 Moratorium announced

• Dec 2016 Independent panel appointed

• Feb 2017 Issues paper published

• April 2017 Stakeholder submissions to inquiry

• May 2017 Economic assessment study commenced

• July 2017 Social impact study commenced

• July 2017 Interim report

• Oct-Nov 2017 draft Final Report

• Dec 2017 Final Report

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What happens post 2017?

• Assumptions

– Favourable determination by the Scientific Inquiry

– Moratorium is lifted by the NT Government

• Recommencement of work programme

– 5 exploration and appraisal wells

– A$115 million carried capex

– Drilling to commence as soon as feasible

• Objectives

– Expand and enhance the confirmed resource potential to date:

o OGIP 496 TCF

o Technically Recoverable Resource 85 TCF

o Contingent Resource (initial) 6.6 TCF

– Optimise shareholder value

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Australia’s Energy Conundrum

• “Australia's Looming Energy Crunch – We're In For A Shock” – UBS Report 6 April 2017

• “Energy crisis will be worse than expected, with costly blackouts coming” The Australian March 20, 2017 Robert Gottliebsen

• “Fears of a winter gas shortage as prices skyrocket” The Australian April 4, 2017 Matt Chambers

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Commercialisation Options & Infrastructure

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• Beetaloo basin’s proximity to Darwin

• Darwin is a developing major LNG hub

• INPEX US$34 billion LNG trains nearingcompletion

• Existing pipelines north to Darwin

• New NGP* to the east under construction

• Domestic gas (east coast) market is forecasting shortfalls as demand rises

• APLNG addressing shortfalls with the commissioning of a new 50km pipeline

NGP Route

LNG Export

LNG Export

* Northern Gas Pipeline

Karoo Basin – South Africa

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Karoo Basin, South Africa

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Karoo Basin, South Africa

Summary• Exclusive Technical Cooperation Permit (TCP) granted in 2009• Covers c. 30,000km2 (7.5 million acres) onshore within the Karoo Basin• Falcon’s TCP is adjacent to Shell’s TCP

Potential Resource (EIA, June 2013)*• Karoo basin* is fifth in the world for shale gas potential with an estimated 390 TCF

of technically recoverable shale gas resources• Estimated gross organic thickness up to 100 metres• Wide depth range between 0-5,000 metres giving good exploration optionality

Partner & Work Program• Petroleum Agency of South Africa (PASA) recently announced that Falcon’s

application for exploration permit is being processed• Expect award of an Exploration Permit by the end of the year• Farm-out negotiations to commence on receipt of exploration permit

*US Energy Information Administration: World Shale Gas Resources: An initial assessment of 41 countries outside the USA (June 2013)

Corporate Information

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Common shares in issue 930,204,183

Share options outstanding 42,433,334

Warrants outstanding 10,000,000

Fully diluted share capital 982,637,517

Cash as at 30 June 2017 US$9.7 million

Lamesa Holdings S.A. 16.89 %

Burlingame Asset Management 13.46 %

Sweetpea / Petrohunter 8.67 %

Persistency 6.38 %

Nicolas Mathys

Retail / Other Institutions

5.43 %

49.17%

Source: Company

Toronto: TSXV Ticker: FO.V

London: AIM Ticker: FOG.L

Dublin: ESM Ticker: FAC:ID

Share Capital & Cash

Trading Details

Major Shareholders

Falcon Oil & Gas Ltd.

68 Merion Square South

Dublin 2, Ireland.

Tel: +353 1 676 8702 / www.falconoilandgas.com

Contact Details

Corporate Information