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Falcon Oil & Gas Ltd.

(Falcon, Company)

Grant of stock options

February 19, 2021 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that on February 18, 2021, it granted incentive stock options (Options) to purchase a total of 38 million common shares of Falcon from a number of beneficiaries, including directors and officers under the stock option plan approved at the annual meeting of shareholders of Falcons held on December 10, 2020.

The options were granted at an exercise price of 0.08 GBP (equivalent to 0.14 USD) and 0.12 GBP (equivalent to 0.21 USD) respectively, details are included in the table below:

Last nameNumber of
Options granted at 0.08 GBP
Number of
Options granted at 0.12 GBP
Total number of options
detained after grant
JoAchim Conrad Non-Executive Chairman1,000,0001,000,0002,000,000
Philip OQuigley CEO10,000,00010,000,00020,000,000
Anne Flynn CFO5,000,00011,000,000
Daryl Gilbert Non-Executive Director1,000,0001,000,0002,000,000
Gregory Smith Non-Executive Director1,000,0001,000,0002,000,000
Maxim Mayorets Non-Executive Director1,000,0001,000,0002,000,000

The remaining 5,000,000 options were granted to a Falcon consultant and a non-executive director of Falcon Oil & Gas Australia Limited, 2,500,000 at an exercise price of £ 0.08 and an additional 2,500,000 at a price exercise of 0.12 GBP.

All options granted have a vesting schedule allowing the immediate vesting of one third of the options with an additional vesting third on each subsequent anniversary until the options are fully vested on February 18, 2023. The options have an expiration date of February 17, 2026.

Following this grant, there are 44,000,000 options outstanding, representing 4.48% 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 a company 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 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 subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from results suggested in forward-looking statements. Falcon assumes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in forward-looking statements unless and until applicable securities laws. Falcon demand it. Additional information identifying the risks and uncertainties is contained in documents filed by Falcons with the Canadian securities regulatory authorities, which documents are available at www.sedar.com.

Administrator / PDMR Shareholding

1Details of the person with managerial responsibilities / person closely associated
a)Last nameJoAchim Conrad
2Reason for notification
a)Position / StatusNon-executive chairman
b)Initial notification / modificationInitial notification
3Contact details of the issuer, emission allowance market participant, auction platform, auctioneer or auction controller
a)Last nameFalcon Oil & Gas Ltd.
b)LEI213800KQY87Z1KNPIM76
4Details 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 place where transactions have been carried out
a)Description of the financial instrument, type of instrument
Identification code

Options relating to the Company’s common shares

OBJECTIVE: FOG

b)Nature of the transactionGrant of options
vs)Price (s) and volume (s)Prices)Volume (s)
0.08 GBPOptions relating to the purchase of a total of 1,000,000 common shares of the Company
0.12 GBPOptions relating to the purchase of a total of 1,000,000 common shares of the Company
re)Aggregate informationN / A
e)Date of transactionFebruary 18, 2021
F)Place of transactionOutside of an exchange
1Details of the person with managerial responsibilities / person closely associated
a)Last namePhilip OQuigley
2Reason for notification
a)Position / StatusCEO
b)Initial notification / modificationInitial notification
3Contact details of the issuer, emission allowance market participant, auction platform, auctioneer or auction controller
a)Last nameFalcon Oil & Gas Ltd.
b)LEI213800KQY87Z1KNPIM76
4Details 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 place where transactions have been carried out
a)Description of the financial instrument, type of instrument
Identification code

Options relating to the Company’s common shares

OBJECTIVE: FOG

b)Nature of the transactionGrant of options
vs)Price (s) and volume (s)Prices)Volume (s)
0.08 GBPOptions to purchase a total of 10,000,000 common shares of the company
0.12 GBPOptions to purchase a total of 10,000,000 common shares of the company
re)Aggregate informationN / A
e)Date of transactionFebruary 18, 2021
F)Place of transactionOutside of an exchange
1Details of the person with managerial responsibilities / person closely associated
a)Last nameAnne Flynn
2Reason for notification
a)Position / StatusCFO
b)Initial notification / modificationInitial notification
3Contact details of the issuer, emission allowance market participant, auction platform, auctioneer or auction controller
a)Last nameFalcon Oil & Gas Ltd.
b)LEI213800KQY87Z1KNPIM76
4Details 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 place where transactions have been carried out
a)Description of the financial instrument, type of instrument
Identification code

Options relating to the Company’s common shares

OBJECTIVE: FOG

b)Nature of the transactionGrant of options
vs)Price (s) and volume (s)Prices)Volume (s)
0.08 GBPOptions to purchase a total of 5,000,000 common shares of the Company
re)Aggregate informationN / A
e)Date of transactionFebruary 18, 2021
F)Place of transactionOutside of an exchange
1Details of the person with managerial responsibilities / person closely associated
a)Last nameDaryl gilbert
2Reason for notification
a)Position / StatusNon-executive director
b)Initial notification / modificationInitial notification
3Contact details of the issuer, emission allowance market participant, auction platform, auctioneer or auction controller
a)Last nameFalcon Oil & Gas Ltd.
b)LEI213800KQY87Z1KNPIM76
4Details 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 place where transactions have been carried out
a)Description of the financial instrument, type of instrument
Identification code

Options relating to the Company’s common shares

OBJECTIVE: FOG

b)Nature of the transactionGrant of options
vs)Price (s) and volume (s)Prices)Volume (s)
0.08 GBPOptions relating to the purchase of a total of 1,000,000 common shares of the Company
0.12 GBPOptions relating to the purchase of a total of 1,000,000 common shares of the Company
re)Aggregate informationN / A
e)Date of transactionFebruary 18, 2021
F)Place of transactionOutside of an exchange
1Details of the person with managerial responsibilities / person closely associated
a)Last nameGregory smith
2Reason for notification
a)Position / StatusNon-executive director
b)Initial notification / modificationInitial notification
3Contact details of the issuer, emission allowance market participant, auction platform, auctioneer or auction controller
a)Last nameFalcon Oil & Gas Ltd.
b)LEI213800KQY87Z1KNPIM76
4Details 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 place where transactions have been carried out
a)Description of the financial instrument, type of instrument
Identification code

Options relating to the Company’s common shares

OBJECTIVE: FOG

b)Nature of the transactionGrant of options
vs)Price (s) and volume (s)Prices)Volume (s)
0.08 GBPOptions relating to the purchase of a total of 1,000,000 common shares of the Company
0.12 GBPOptions relating to the purchase of a total of 1,000,000 common shares of the Company
re)Aggregate informationN / A
e)Date of transactionFebruary 18, 2021
F)Place of transactionOutside of an exchange
1Details of the person with managerial responsibilities / person closely associated
a)Last nameMaxim Mayorets
2Reason for notification
a)Position / StatusNon-executive director
b)Initial notification / modificationInitial notification
3Contact details of the issuer, emission allowance market participant, auction platform, auctioneer or auction controller
a)Last nameFalcon Oil & Gas Ltd.
b)LEI213800KQY87Z1KNPIM76
4Details 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 place where transactions have been carried out
a)Description of the financial instrument, type of instrument
Identification code

Options relating to the Company’s common shares

OBJECTIVE: FOG

b)Nature of the transactionGrant of options
vs)Price (s) and volume (s)Prices)Volume (s)
0.08 GBPOptions relating to the purchase of a total of 1,000,000 common shares of the Company
0.12 GBPOptions relating to the purchase of a total of 1,000,000 common shares of the Company
re)Aggregate informationN / A
e)Date of transactionFebruary 18, 2021
F)Place of transactionOutside of an exchange

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