Falcon Oil & Gas Ltd.

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Falcon Oil & Gas Ltd.
(“Falcon”, “Society”)

gstock options talk

June 7, 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that on June 6, 2022, it granted stock options (“Choice”) to purchase a total of 16,250,000 common shares of Falcon from directors and officers under the stock option plan approved at Falcon’s annual meeting of shareholders held on November 12, 2021.

The options were granted at an exercise price of £0.15 (equivalent to C$0.24), with further details below:

Last name Number of
Options allocated at 0 GBP.15
Total number of options
held after grant
Joe Nally – Non-Executive Chairman 750,000 3,750,000
Philip O’Quigley – CEO 5,000,000 25,000,000
Anne Flynn – Chief Financial Officer 7,500,000 12,500,000
Gregory Smith – Non-Executive Director 500,000 2,500,000
Tom Layman – Non-Executive Director 2,500,000 2,500,000

All options granted have a vesting schedule allowing 1/3 of the options to vest immediately with an additional 1/3 vesting on each subsequent anniversary until the options fully vest on June 6, 2024. The options have an expiration date of June 5, 2027.

Following this grant and the expiration of certain options in February 2022, there are 57,250,000 options outstanding, representing 5.48% of the issued and outstanding common shares of Falcon.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O’Quigley, CEO +353 87 814 7042
Anne Flynn, Chief Financial Officer +353 1 676 9162
Cenkos Securities plc (NOMAD & Broker)
Neil McDonald/Derrick Lee +44 131 220 9771

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 assets, with the current portfolio concentrated in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and based in Dublin, Ireland, with a technical team based in Budapest, Hungary.

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

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 contained in this press release may constitute forward-looking information. This information is based on current expectations which are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from the results suggested in the forward-looking statements. Falcon undertakes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements, except if and until applicable securities laws to Falcon require it. Additional information identifying risks and uncertainties is contained in Falcon’s filings with Canadian securities regulators, which documents are available at www.sedar.com.

Director / Shareholder PDMR

1 Contact details of the person discharging managerial responsibilities/person closely associated
a) Last name Joe Nally
2 Reason for notification
a) Position/Status Non-Executive Chairman
b) Initial Notification/Amendment Initial notification
3 Contact details of issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Last name Falcon Oil & Gas Ltd.
b) LEI 213800KQY87Z1KNPIM76
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each location where transactions were conducted
a) Description of the financial instrument, type of instrument

Identification code

Options on common shares of the Company

CA3060711015

b) Nature of the operation Grant of options in respect of common shares of the Company
vs) Price(s) and volume(s) Prices) Volume(s)
GBP£0.15 Options to purchase a total of 750,000 common shares of the Company
D) Aggregated information N / A
e) Transaction date June 6, 2022
F) Place of transaction Outside of an exchange
1 Contact details of the person discharging managerial responsibilities/person closely associated
a) Last name Philip O’Quigley
2 Reason for notification
a) Position/Status CEO
b) Initial Notification/Amendment Initial notice
3 Contact details of issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Last name Falcon Oil & Gas Ltd.
b) LEI 213800KQY87Z1KNPIM76
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each location where transactions were conducted
a) Description of the financial instrument, type of instrument

Identification code

Options on common shares of the Company

CA3060711015

b) Nature of the operation Grant of options in respect of common shares of the Company
vs) Price(s) and volume(s) Prices) Volume(s)
GBP£0.15 Options to purchase a total of 5,000,000 common shares of the Company
D) Aggregated information N / A
e) Transaction date June 6, 2022
F) Place of transaction Outside of an exchange
1 Contact details of the person discharging managerial responsibilities/person closely associated
a) Last name Anne Flynn
2 Reason for notification
a) Position/Status CFO
b) Initial Notification/Amendment Initial notification
3 Contact details of issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Last name Falcon Oil & Gas Ltd.
b) LEI 213800KQY87Z1KNPIM76
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each location where transactions were conducted
a) Description of the financial instrument, type of instrument

Identification code

Options on common shares of the Company

CA3060711015

b) Nature of the operation Grant of options in respect of common shares of the Company
vs) Price(s) and volume(s) Prices) Volume(s)
GBP£0.15 Options to purchase a total of 7,500,000 common shares of the Company
D) Aggregated information N / A
e) Transaction date June 6, 2022
F) Place of transaction Outside of an exchange
1 Contact details of the person discharging managerial responsibilities/person closely associated
a) Last name Gregory Smith
2 Reason for notification
a) Position/Status Non-executive director
b) Initial Notification/Amendment Initial notification
3 Contact details of issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Last name Falcon Oil & Gas Ltd.
b) LEI 213800KQY87Z1KNPIM76
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each location where transactions were conducted
a) Description of the financial instrument, type of instrument

Identification code

Options on common shares of the Company

CA3060711015

b) Nature of the operation Grant of options in respect of common shares of the Company
vs) Price(s) and volume(s) Prices) Volume(s)
GBP£0.15 Options to purchase a total of 500,000 common shares of the Company
D) Aggregated information N / A
e) Transaction date June 6, 2022
F) Place of transaction Outside of an exchange
1 Contact details of the person discharging managerial responsibilities/person closely associated
a) Last name Tom Layman
2 Reason for notification
a) Position/Status Non-executive director
b) Initial Notification/Amendment Initial notification
3 Contact details of issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Last name Falcon Oil & Gas Ltd.
b) LEI 213800KQY87Z1KNPIM76
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each location where transactions were conducted
a) Description of the financial instrument, type of instrument

Identification code

Options on common shares of the Company

CA3060711015

b) Nature of the operation Grant of options in respect of common shares of the Company
vs) Price(s) and volume(s) Prices) Volume(s)
GBP£0.15 Options to purchase a total of 2,500,000 common shares of the Company
D) Aggregated information N / A
e) Transaction date June 6, 2022
F) Place of transaction Outside of an exchange

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