FALCON OIL & GAS LTD.(“Falcon”) Filing of Interim Financial Statements 27 November 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and nine months ended 30 September 2020 and the accompanying Management’s Discussion and Analysis (“MD&A”). The following should be read in conjunction with the complete unaudited unreviewed Interim Financial Statements and the accompanying MD&A for the three and nine months ended 30 September 2020, which are available on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on Falcon’s website at www.falconoilandgas.com. 2020 financial highlights and other financial updates Debt free with cash of US$11.5 million at 30 September 2020 (31 December 2019: US$13.1 million).Continued focus on cost management and the efficient operation of the portfolio. CONTACT DETAILS: Falcon Oil & Gas Ltd. +353 1 676 8702Philip O'Quigley, CEO+353 87 814 7042Anne Flynn, CFO+353 1 676 9162 Cenkos Securities plc (NOMAD & Broker) Neil McDonald / Derrick Lee+44 131 220 9771 Interim Condensed Consolidated Statement of Operations and Comprehensive Loss (Unaudited) Three months ended 30 September 2020$’000Three months ended 30 September 2019$’000Nine months ended 30 September 2020$’000Nine months ended 30 September 2019$’000 Revenue Oil and natural gas revenue 1134 1134 Expenses Exploration and evaluation expenses (37)(36)(110)(185) Production and operating expenses (3)(3)(8)(9) General and administrative expenses (415)(404)(1,415)(1,306) Share based compensation ---(12) Foreign exchange gain / (loss) 29(89)18(116) (426)(532)(1,515)(1,628) Results from operating activities (425)(531)(1,512)(1,624) Fair value gain – outstanding warrant -127110230 Finance income 3372518995 Finance expense (58)(385)(174)(381) Net finance income / (expense) 279(360)15(286) Loss and comprehensive loss for the period (146)(764)(1,387)(1,680) Loss and comprehensive loss attributable to: Equity holders of the company (150)(758)(1,388)(1,675) Non-controlling interests 4(6)1(5) Loss and comprehensive loss for the period (146)(764)(1,387)(1,680) Loss per share attributable to equity holders of the company: Basic and diluted (0.000 cent)(0.001 cent)(0.001 cent)(0.002 cent) Interim Condensed Consolidated Statement of Financial Position(Unaudited) At 30 September2020$’000At 31 December 2019$’000 Assets Non-current assets Exploration and evaluation assets 40,29440,246Property, plant and equipment 11Trade and other receivables 2130Restricted cash 2,3172,241 42,63342,518 Current assets Cash and cash on equivalents 11,48513,066Trade and other receivables 162141 11,64713,207 Total assets 54,28055,725 Equity and liabilities Equity attributable to owners of the parent Share capital 392,170392,170Contributed surplus 45,07545,075Retained deficit (394,731)(393,343) 42,51443,902Non-controlling interests 701700Total equity 43,21544,602 Liabilities Non-current liabilities Decommissioning provision 10,50310,331 10,50310,331 Current liabilities Accounts payable and accrued expenses 562682Derivative financial liabilities -110 562792Total liabilities 11,06511,123 Total equity and liabilities 54,28055,725 Interim Condensed Consolidated Statement of Cash Flows Nine months ended 30 September(Unaudited) 2020$’0002019 $’000 Cash flows from operating activities Net loss for the period (1,387)(1,680)Adjustments for: Share based compensation -12Depreciation -1Fair value gain - outstanding warrant (110)(230)Net finance (income) / expenses (15)286Effect of exchange rates on operating activities (18)116Change in non-cash working capital: Increase in trade and other receivables (12)(29)(Decrease) / increase in accounts payable and accrued expenses (134)23Net cash used in operating activities (1,676)(1,501) Cash flows from investing activities Interest received 1695Exploration and evaluation assets (48)(515)Net cash used in investing activities (32)(420) Cash flows from financing activities Net proceeds from private placement -8,433Net cash generated from financing activities -8,433 Change in cash and cash equivalents (1,708)6,512Effect of exchange rates on cash & cash equivalents 127(300)Cash and cash equivalents at beginning of period 13,0666,967 Cash and cash equivalents at end of period 11,48513,179 All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated. About Falcon Oil & Gas Ltd.Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of 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. Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd. For further 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 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. 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.