Falcon Oil & Gas Ltd. has filed its results for the three and nine months ended 30 September 2014 and provides the following operational update for its operations in Australia, South Africa and Hungary.

Operational highlights

-- Preparations for initial three wells in 2015 in the Beetaloo Basin, Australia, at an advanced stage. -- Drilling locations identified following technical evaluation undertaken by Origin, Sasol and Falcon. -- Well locations to penetrate oil mature through to dry gas mature sections of the Middle Velkerri shale. -- Civil construction works expected to start early 2015 - tendering and contracting for rig and key well services ongoing. -- Company's Exploration License application in South Africa's Karoo Basin being processed. -- South African Department of Mineral Resources ("DMR") expected to issue licences in 2015. -- The Group's Karoo Environmental Management Programme is being updated.

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