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Falcon Oil & Gas Ltd. – Granting of stock options

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Falcon Oil & Gas Ltd.

(“Falcon”, “Company”)

Granting of stock options

19 February 2021 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that on 18 February 2021 it granted incentive stock options (“Options”) to purchase an aggregate of 38,000,000 common shares of Falcon to a number of recipients, including directors and officers under the stock option plan approved at Falcon’s annual shareholders meeting held on 10 December 2020.

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

Name

Number of
Options granted at GBP£0.08

Number of
Options granted at GBP£0.12

Total number of Options
held after grant

JoAchim Conrad – Non – Executive Chairman

1,000,000

1,000,000

2,000,000

Philip O’Quigley – CEO

10,000,000

10,000,000

20,000,000

Anne Flynn – CFO

5,000,000

11,000,000

Daryl Gilbert – Non – Executive Director

1,000,000

1,000,000

2,000,000

Gregory Smith – Non – Executive Director

1,000,000

1,000,000

2,000,000

Maxim Mayorets – Non – Executive Director

1,000,000

1,000,000

2,000,000

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

All of the Options granted have a vesting schedule allowing for 1/3 of the Options to vest immediately with an additional 1/3 vesting on each subsequent anniversary until the Options are fully vested on 18 February 2023. The Options have an expiry date of 17 February 2026.

After 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, CFO

+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 & 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…



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