Falcon Oil & Gas : FOG Presentation May 2020

May 2020

TSXVFO.V AIMFOG.L

Source: Origin

Important Notice & Disclaimer

This presentation ("Presentation") has been prepared by Falcon Oil & Gas Ltd. (the "Company" or "Falcon") solely for informational meetings relating to it and is being delivered for information purposes only to a limited number of persons. By attending the meeting where this Presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations.

This Presentation is being supplied to you solely for your information. The Presentation does not purport to contain all information that a prospective investor may require. While the information contained herein has been prepared in good faith neither the Company nor its respective shareholders, directors, officers, agents, employees, or advisors give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. The information contained in this Presentation is not to be relied upon for any purpose whatsoever. In furnishing this Presentation, neither the Company or its respective shareholders, directors, officers, agents, employees or advisers undertakes or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

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The information contained herein is intended for information purposes only and is neither an offering document nor for public distribution and are not intended to be, nor should they be construed to be, investment advice or a recommendation by Falcon or any of their respective shareholders, directors, officers, agents, employees or advisors. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumption and each recipient should satisfy itself in relation to such matters. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Presentation. Any recommendations, forecasts, projections or other forward-looking statements regarding the purchase or sale of Falcon's securities may change without notice.

All statements contained herein that are not clearly historical in nature are forward-looking.Forward-looking statements may be identified by use of forward-looking words, such as "expects", "estimates", "plans", "assumes", "anticipates", "believes", "opinions", "forecasts", "projections", "guidance", "may", "could", "will", "potential", "intend", "should", "predict" (or the negative thereof) or other statements that are not statements of fact. Similarly, forward-looking statements in this Presentation include, but are not limited to, anticipated developments of Falcon's drilling projects and the timing thereof, capital investment levels and the allocation thereof, pipeline capacity, government royalty rates, reserve and resources estimates, the level of expenditures for compliance with environmental regulations, site restoration costs including abandonment and reclamation costs, exploration plans, acquisition and disposition plans including farm out plans, net cash flows, geographic expansion and plans for seismic surveys. Drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries. In addition, please note that statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described can be profitably produced in the future. Falcon's discovered resources are not reserves. Such statements represent Falcon's internal projections, estimates or beliefs concerning, among other things, an outlook on the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenues or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.

These statements are only predictions. Actual events or results may differ materially. Although Falcon believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will be realized. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. New factors emerge from time to time and Falcon cannot assess the potential impact of any such factor on its activities or the extent to which any factor, or combination of factors, may cause actual future results to differ materially from those contained in any forward-looking statement.

Statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. These forward-looking statements are made as of the date hereof. Each of Falcon and its respective shareholders, directors, officers, agents, employees or advisers disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law or by any appropriate regulatory authority. Nothing in this Presentation or in documents referred to in it should be considered as a profit forecast and Falcon's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Past performance of the Company or its securities cannot be relied on as a guide to future performance. This Presentation does not constitute, or form part of or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any securities in the Company or advise persons to do so in any jurisdiction, nor shall it, or any part of it, form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment therefore. This Presentation does not constitute a recommendation regarding the securities of the Company. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this Presentation or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this Presentation or its contents or otherwise in connection therewith. The Company, the Bookrunners and their respective directors, officers, employees, agents, representatives and/ or advisers shall not be responsible for any costs or expenses incurred by any recipient of this Presentation in connection with the appraisal or investigation of any information contained herein and/ or for any other costs and expenses incurred by such recipient.

The delivery or distribution of this Presentation in or to persons in certain jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. The securities of the Company have not been and will not be registered under the securities laws of Australia, Canada, Japan, the Republic of Ireland or South Africa and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan, the Republic of Ireland or South Africa. This Presentation is for information purposes only and shall not constitute an offer to buy, sell, issue or acquire, or the solicitation of an offer to buy, sell, issue or acquire, any securities. By attending this Presentation (or by accepting a copy of this Presentation and not immediately returning it), the recipient represents and warrants that it is a person to whom this Presentation may be delivered or distributed without a violation of the laws of any relevant jurisdiction. This Presentation is not to be disclosed to any other person or used for any other purpose and any other person who receives this Presentation should not rely or act upon it.

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Important Notice & Disclaimer

This Presentation is not for publication, distribution or release, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia) or any other state or jurisdiction in which the same would be restricted, unlawful or unauthorised. Accordingly, this Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations.

This Presentation and the information contained herein do not constitute an offer of securities for sale in the United States. The Company's securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States except in reliance on a exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Any sale in the United States of the Company's securities will be made solely to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) ("QIBs"), in transactions exempt from the registration requirements of the Securities Act. By attending this Presentation (or by accepting a copy of this Presentation and not immediately returning it), the recipient represents and agrees that, if it is located in the United States, it is a QIB. Neither this Presentation nor the information contained herein constitutes or forms part of an offer to sell or the solicitation of an offer to buy securities in the United States. There will be no public offer of any securities in the United States or in any other jurisdiction.

This Presentation has not been approved by an authorised person pursuant to Section 21 of the Financial Services and Markets Act 2000 ("FSMA") and accordingly it is being delivered in the United Kingdom only to persons to whom this Presentation may be delivered without contravening the financial promotion prohibition in Section 21 of the FSMA. Those persons are described in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("Order") and include persons who have professional experience in matters relating to investments and who fall within the category of person set out in the Article 19 (investment professionals) of the Order or high net worth bodies corporate, unincorporated associations or partnerships and trustees of high net worth trusts as described in Article 49 of the Order. Any investment activity to which this Presentation relates in the United Kingdom is available to, and will only be engaged with such persons and this Presentation should not be acted or relied upon in the United Kingdom by persons of any other description. This Presentation has not been approved as a prospectus by the UK Financial Services Authority ("FSA") under Section 87A of FSMA and has not been filed with the FSA pursuant to the United Kingdom Prospectus Rules. No offer of securities in the Company is being or will be made in the United Kingdom in circumstances which would require such a prospectus to be prepared.

The Company is not a collective investment scheme within the meaning of the Swiss Act on Collective Investment Schemes of 23 June 2006 and its implementing regulations and has not been approved by the Swiss Financial Market Supervisory Authority ("FINMA"). The Company's securities or any related marketing materials may not and will not be publicly offered, sold, advertised, distributed or re-distributed, directly or indirectly in or from Switzerland. No solicitation for investments in the Company's securities may be extended, distributed or otherwise made available in Switzerland in any way that could constitute a public offering pursuant to articles 1156 or 652a of the Swiss Code of Obligations ("CO2"). This Presentation and any other offering or marketing materials relating to the Company's securities does not constitute an offering prospectus pursuant to articles 652a and 1156CO and may not comply with the information standards required thereunder. The Company has not applied and will not apply for a listing of its securities on the SIX Swiss Exchange or any other regulated securities market in Switzerland, and consequently, the information presented in this Presentation does not necessary comply with the information standards set out in the listing rules of the SIX Swiss Exchange. This Presentation is addressed to a specifically named recipient and may not be copied, reproduced, distributed or passed on to third parties.

This Presentation is not a prospectus, product disclosure statement or disclosure document for the purposes of the Corporations Act 2001 (Cth) and has not been lodged with the Australian Securities and Investments Commission ("ASIC"). Accordingly, this Presentation does not contain the information which would be contained in a prospectus and does not purport to contain all of the information that may be necessary or desirable to enable a potential investor to properly evaluate and consider an investment in the Company. This Presentation does not purport to be complete, nor does it contain all the information which may be material to a recipient of this Presentation. It should be read in conjunction with the Company's other public filings which can be found at www.sedar.com. No offer of securities in the Company is being or will be made in Australia in circumstances which would require such a prospectus to be prepared. The Presentation is for information purposes only, and is not and should not be considered an offer or an invitation to acquire entitlements, or shares or any other financial products under Australian law or under any other law.

This Presentation has been prepared in compliance with English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this Presentation.

For Falcon's most up to date public information please visit its profile on www.sedar.com. Viewers of this Presentation considering investing in Falcon should consult their own investment advisors for advice and should carefully consider all of the information contained in Falcon's public filings, which can be found online at www.sedar.com, including the information contained under the heading "Risk Factors" in Falcon's most recent annual information form / any recent prospectus and any admission document to be published by Falcon. The information in this Presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. It is an overview only and does not contain all information necessary for investment decisions. It also includes information prepared by Origin, the operator of the Beetaloo JV Permits (EP76, EP98 and EP117), which has been provided to, and which has not been independently verified by, the Company.

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Company Overview and Strategy

• International oil and gas company focused on the exploration and appraisal of unconventional oil and gas assets

Corporate strategy is to:
-	Explore unconventional
	oil and gas basins
-	Following successful
	exploration, continue
Australia	with appraisal programs
Beetaloo Sub-	to determine
basin
	commercialisation
	options
-Monetise assets prior to

Australia	production

• 4.6 million gross acres
• Successful Stage 1 drilling program in 2015- 2016
• 6.6 TCF 2C gross contingent resource estimate discovered so far

Explore

Appraise

Monetise

4

Beetaloo Sub-basin

• Asset Overview
• Falcon Australia(1)owns 22.5% of three exploration permits in the Beetaloo Sub-basin (EP76, EP98, EP117)
• Total gross acres 4.6 million, net 1 million acres to
  Falcon Australia's 22.5% participating interest
• In 2014 Falcon Australia farmed out 70% of the Beetaloo exploration permits to Origin(2)(who became Operator) in a deal worth A$200(3)million
• In 2020 Falcon Australia farmed out a further 7.5% to Origin, increasing the carry by A$150.5 million.
• Falcon is carried up to A$263.8 million for the costs for Stage 2 and Stage 3 in accordance with the terms of thefarm-out deal
• The joint venture drilled four wells in the Stage 1 work program
• Stage 2 drilling commenced in Q4 2019, however due toCOVID-19 the JV has paused operations

(1)Falcon Oil & Gas Australia Limited (c. 98% subsidiary of Falcon Oil & Gas Ltd.)

(2)Subsidiary of Origin Energy Limited.

(3)Included cash consideration, contributions to Stages 1, 2 and 3 and reduction of

Darwin

Beetaloo Sub-Basin

NORTHERN

TERRITORY

Source: Close et al. 2016 AAPG, "Unconventional Gas Potential in the Northern

Territory, Australia: Exploring the Beetaloo Sub-Basin"

ORRIs

5

Beetaloo Sub-basin

- Petroleum Geology

• Identified plays in the BeetalooSub-basin include:
• • Velkerri shale dry gas play
  • Kyalla shale and hybrid liquids rich gas plays
  • Velkerri shale liquids rich gas play

~85km

Source: Côté et al. 2018 APPEA, "Australia's premier shale basin: five plays, 1,000,000,000 years in the making"	6

Beetaloo Sub-basin

- JV Work Program Strategy

From Exploration -> Appraisal -> Commerciality

Stage 1Prove the presence, quality and continuity of the Velkerri shale play

Stage 2Evaluate the potential of liquids rich gas fairways in the Kyalla and Velkerri shale plays

Stage 3Prove flow rates of gas/liquids that provide a range of commercialisation options

Source: Origin	7

Stage 1 - Successful Initial Drilling Program

Kalala S-1 (2015)

• TD 2,622m MD (measured depth)
• Confirmed the presence of 3 organic rich intervals in the Middle Velkerri target (A, B & C shales)
• Full log suite
• Core vault, sidewallcores
• DFIT

Beetaloo W-1 (2016)

• TD 3,172m MD
• Confirmed the presence and continuity of A, B & C Velkerri shales to the south
• Confirmed the presenceand continuity of theKyalla SRRs
• Full log suite
• Full-diameter(Kyalla) and sidewall cores

Kalala S-1

Amungee NW-1H

EP98

EP117

EP76

Beetaloo W-1

Source: Company

top Velkerri B shale depth map (meters)

Amungee NW-1 (2015)

• TD 2,609m MD
• Confirmed the presence and continuity of A, B & C Velkerri shales
• Full log suite
• Full-diameter(C shale) and sidewall cores
• DST in Hayfield Sandstone

Amungee NW-1

Horizontal (2015)

•Amungee NW-1 sidetrack

•Landed in the B shale, 100% in zone

•TD 3,808m MD

•Successful extended production test (57 days)

•Notice of discovery, basis of contingent

resource estimate

8

Stage 1 - Amungee NW-1 Horizontal

Test Results

• Extended well test duration: 57 days, with cumulative production of 63 MMscf
• Variable gas rates through2-3/8" production tubing ranged between 0.8-1.2 MMscf/d
• Proved up discovery of shale gas accumulation

Source: Close et al. 2017 AGES presentation, "Proterozoic shale gas plays in the Beetaloo Basin and the Amungee NW-1H discovery"

9

Stage 1 - Middle Velkerri B Shale Gas Volumetrics

Middle Velkerri B Shale P50 Volumetric Estimates as of 15 February 2017*(1)

	Gross	Net Attributable
	Best Estimate	Best Estimate(2)
Area km2(3)	16,145	4,751
Original Gas In Place ("OGIP") (TCF)	496	146
Combined Recovery / Utilisation Factor (4)	16%	16%
Technically Recoverable Resource (TCF)	85	19
OGIP Concentration (BCF/km2)	31	31

Middle Velkerri B Shale Pool 2C Contingent Gas Resource Estimates within EP76, EP98 and EP117 as of 15 February

2017*(5)

Measured and Estimated Parameters	Units	Best Estimate
Area(6)	km2	1,968
OGIP(7)	TCF	61.0
Gross Contingent Resource(8)	TCF	6.6
Net Contingent Resource(2,8)	TCF	1.46

Notes:

1. The estimates included in the table above were not prepared in accordance with the Canadian Oil and Gas Evaluation Handbook ("COGEH")
2. Falcon's working interest is 22.07% (as of 7 April 2020, previously 29.43%), net attributable numbers do not incorporate royalties over the Beetaloo JV Permits (EP76, EP98, EP117)
3. Area defined by a depth range at a maturitycut-off consistent with the dry gas window within the Beetaloo JV Permits (EP76, EP98, EP117)
4. The factor range was applied stochastically to the OGIP range to calculate the range of technically recoverable resource within the Beetaloo JV Permits
5. Contingent resource estimates have been prepared on a statistical aggregation basis and in accordance with the Society of Petroleum Engineers Petroleum Management System(SPE-PRMS). Contingent resource estimates are those quantities of gas (produced gas minus carbon dioxide and inert gasses) that are potentially recoverable from known accumulations but which are not yet considered commercially recoverable due to the need for additional delineation drilling, further validation of deliverability and original gas in place, and confirmation of prices and development costs. If the estimates were to be prepared in accordance with COGEH, Falcon is highly confident that there would be no change to the contingent resource estimates above
6. P50 area from the contingent resource area distribution
7. OGIP presented is the product of the P50 Area by the P50 OGIP per km2
8. Estimated contingent gas resource category of 2C. There is no certainty that it will be commercially viable to produce any portion of the resources

*Reference should be made to the Company's most recent Annual Information Form for further particulars regarding the resource estimates, details found at the following link	10
https://falconoilandgas.com/reports-and-filings-new/

Stage 2 - Work Program Overview

Drilling operations include the drilling and hydraulic fracture stimulation of two horizontal wells

1. Kyalla shale and hybrid liquids rich gas plays
2. • Three source rock and two hybrid target intervals in Kyalla formation
   • Estimated liquid yields in the range of15-60 bbl/MMscf
   • Kyalla formation prospective areas confined to the JV permits
   • Expected cost advantage over the Velkerri given it is shallower
   • Likely to be liquids rich gas that could also improve economics considerably
3. Velkerri shale liquids rich gas play
4. • Liquids rich gas play fairway along the northern andsouth-eastern flanks at 1,200-2,000m TVD
   • Regional gas composition and maturity data indicate CGR at an estimated5-40 bbl/MMscf1
   • Indications that porosity and permeability are higher in these areas
   • Increased potential for a stacked liquids rich targets
   • Drilling expected to commence in H1 2021

1:Côté et al. 2018 APPEA, "Australia's premier shale basin: five plays, 1 000 000 000 years in the making"

Source: Côté et al. 2018 APPEA, "Australia's premier shale basin: five plays,	11
1 000 000 000 years in the making"

Diagnostic fracture injection tests ("DFITs") were performed on each SRR.

•

Gross thickness of each SRR interval is between 75 and 125 metres.

•

Thickness of entire Kyalla Shale Formation measured almost 900 metres.

•

Three source rock reservoir ("SRR") sections were identified within the Kyalla Shale Formation, characterised as the Lower, Middle and Upper Kyalla.

•

Elevated gas show with relatively high C3, C4and C5components, which were observed across the carbonaceous shales.

•

45 metres of conventional coring was acquired in each of the Upper and Lower Kyalla reservoir sections.

•

Kyalla 117N2-1- Vertical Well Evaluation

Evaluation of the Kyalla 117N2-1vertical well advances

•Confirmed the continuation of the regionally pervasive Kyalla formation between the BeetalooW-1and AmungeeNW-1Hwells.

Source: Company

12

Kyalla 117 N2-1H ST2 - Horizontal Drilling Completed

Drilling of the Kyalla 117 N2-1H horizontal well completed

• Drilled to a total measured dept of 3,809 metres, including a 1,579 metre lateral section (from 90 degrees), in the Lower Kyalla Formation.
• Ongoing analysis of conventional cores acquired in each of the Upper and Lower Kyalla reservoir sections, along with sidewall cores, DFITs and extensive wireline logging, will enable a full- scale evaluation of the prospectivity of the Kyalla Formation in the central part of the BeetalooSub-Basin.
• In light ofCOVID-19, the JV has paused operations with plans for DFITs and a stimulation and extended production test to occur in H2 2020.

Source: Company, Origin

13

Kyalla 117 N2-1H ST2 Well - Vertical Section

Kyalla Fm.

Undif. Cretaceous

Anthony Lagoon

Gum Ridge

Antrim Plateau

Hayfield Sandstone

Jamison Sandstone

Upper Kyalla SRR

Middle Kyalla SRR

Kyalla Sandstone

Lower Kyalla SRR

mainly sandstone aquifer

basalt mainly shale

Kyalla 117 N2-1/1H

18 5/8" conductor casing & cement

193.7 mRT

13 3/8" surface casing & cement

535.94 mRT

Gas shows

45m core

DFIT

CP3

DFIT

CP2

45m core

DFIT

CP1

12 1/4" vertical well

TD: 1865.2 mRT

Source Rock

Reservoir (SRR)

not to scale

Source: Company

14

Kyalla 117 N2-1H ST2 Well - Horizontal Section

Kyalla Fm.

Undif. Cretaceous

Anthony Lagoon

Gum Ridge

Antrim Plateau

Hayfield Sandstone

Jamison Sandstone

Upper Kyalla SRR

Middle Kyalla SRR

Kyalla Sandstone

Lower Kyalla SRR

mainly sandstone

Kyalla 117 N2-1/1H

18 5/8" conductor casing & cement

193.7 mRT

13 3/8" surface casing & cement

535.94 mRT

0

kickoff point (KOP) of horizontal

~1,200 mRT

5 1/2" production casing & cement

TD: 3,809 mMD

12 1/4" vertical pilot	lateral heel		lateral toe
TD: 1865.2 mRT	lateral section 1,579 m

aquifer basalt

Source Rock

(from 90 degrees incl.)

mainly shale

Reservoir (SRR)

not to scale

Source: Company

15

Stage 3 - Work Program Overview

• Stage 3 objective is to achieve commercial production flow rates
• Drilling operations include the drilling and hydraulic fracture stimulation of two horizontal wells targeting one or more of the three plays:
• • Velkerri B shale gas play
  • Kyalla shale and hybrid liquids rich gas plays
  • Velkerri shale liquids rich gas play

Source: Origin

16

Market Overview - Gas Infrastructure

Darwin

Darwin LNG

Ichthys LNG

Key LNG Projects

Ichthys LNG

Major partners: Inpex, Total

Start date: 2018

Annual capacity: 8.9 MT (~427BCF)

Cost estimate: US$45bn

Darwin LNG

Major partners: ConocoPhilips, Santos, Inpex,

ENI

Start date: 2006

Annual capacity: 3.7 MT (~178BCF)

Cost estimate: US$1.5bn

New Pipeline Infrastructure

Northern Gas Pipeline (NGP)

The A$800m, 622km Northern Gas Pipeline, commenced operations in January 2019

Potential to invest a further A$3-4bn increasing the capacity of the pipeline on the back of a Northern Territory commercial discovery

Other Beetaloo Explorers

Source: Company	17

Appendices

Appendix A Corporate Information

Share Capital & Cash

Common shares in issue	981,847,425
Share options outstanding	35,333,334
Warrants outstanding	-
Fully diluted share capital	1,017,180,759
Cash as at 31 December 2019	US$13.1 m

Trading Details

Toronto: TSXV	Ticker: FO.V
London: AIM	Ticker: FOG.L

Major Shareholders

Lamesa Holding S.A.	16.00 %
Sweetpea / PetroHunter	6.28 %
Nicolas Mathys	5.15 %
Burlingame Asset Management	4.97%

Contact Details

Falcon Oil & Gas Ltd.

68 Merrion Square South

Dublin 2, Ireland.

Tel: [phone] / www.falconoilandgas.com

Source: Company as at 18 May 2020

19

Appendix B Middle Velkerri Characterisation - Comparision with US basins

	Marcellus Shale1	Barnett	Middle Velkerri
	Shale1	Shale
Estimated Basin Area (km2)	246,050	12,950	17,0704
Typical Depth (m)	1,220-2,590	1,980-2,590	1,000-2,500
Gross Thickness (m)	60	60-305	45- >420
Net Thickness (m)	15-105 (45)	30-215 (90)	60-86 (73)2
Reported Gas Contents (scf/ton)	60-150	300-350	1002
Porosity (%)	4-12 (6.2)	4-6 (5)	2-8
Gas-filled Porosity (%)	4	5	2.52
Water Saturation (%)	43	38	582
Permeability Range (average) (nD)	0-70 (20)	0-100 (50)	10-100 (50)
Reported Silica Content (%)	37	45	49 (1-77)
% Ro (average range)	1.5 (0.9-5)	1.6(0.85-2.1)	1.5->2.53
TOC present-day (average in wt%)	4.01 (2-13)	3.74 (3-12)	3.74 (1-10)

Source: Close et al. 2016 AGES, "Unconventional gas potential in Proterozoic source rocks: Exploring the Beetaloo Sub-basin"

1Jarvie DM, 2012. Shale Resource Systems for Oil and Gas: Part 1-Shale-gas Resource Systems: in Breyer JA (editor). 'Shale Reservoirs: Giant Resources for the 21st Century'. AAPG Memoir 97, 69-87

2Origin Energy Ltd estimated average values from C, B, and A shale in Kalala S-1 and Amungee NW-1

3Value represent Equiv. %Ro estimated from alginite reflectance

20

4Based on Beetaloo JV permit area