Falcon Oil & Gas Ltd. - Falcon Optimises its Interest in the Beetaloo
25 Marzo 2024 - 8:00AM
UK Regulatory
Falcon Oil & Gas Ltd. - Falcon Optimises its Interest in the
Beetaloo
Falcon Oil & Gas Ltd.
(“Falcon”)
Falcon Optimises its Interest in the
Beetaloo
25 March 2024 - Falcon Oil & Gas Ltd. (TSXV:
FO, AIM: FOG) announces that it has elected to reduce its working
interest in the proposed Shenandoah South Pilot Project (“Pilot)
from 22.5% to 5%. This optimises Falcon’s interest in the Beetaloo,
since Falcon will only have to pay for 5% of the costs of the two
wells to be drilled in 2024 as part of the Pilot but will still
retain a 10% working interest in the enlarged area of circa 72,000
acres around the Pilot and a 22.5% working interest in the
remaining 4.52 million acres.
Key Highlights
- The election by Falcon to reduce
its working interest to 5% will significantly reduce Falcon’s cost
to participate in the Pilot.
- Falcon also retains the benefit of
a further A$16.67m (US$11m) of gross carry that will be used to
offset against the costs of the Pilot in 2024, thereby further
reducing Falcon’s cost to participate.
- Falcon participated in the SS1-H
well in 2023 at its 22.5% working interest which created a Drill
Spacing Unit (“DSU”) of 20,480 acres.
- The two wells in the 2024 drilling
program will create two new DSU’s totalling 51,200 acres in which
Falcon will participate and retain a working interest at 5%.
- Falcon’s combined weighted average
ownership and future participation entitlement of this enlarged
area of 72,000 acres post the Pilot will be 10%.
- Falcon retains its full 22.5%
participation interest in the remaining 4.52 million acres in the
Beetaloo, net 1 million acres to Falcon.
Philip O’Quigley, CEO of Falcon
commented:
“Falcon’s election to reduce its participating interest to 5% in
the Pilot is a prudent use of our capital resources as it
significantly reduces our cost exposure. Post a successful Pilot,
Falcon will own a weighted average interest of 10% in the enlarged
area of around 72,000 acres around the Pilot and will be able to
participate in any future development of this area, whilst still
retaining 22.5% interest in the remaining 4.52 million acres. This
election by Falcon demonstrates our ability to optimise our
interest in the Beetaloo for the benefit of shareholders.
Ends.
EP 98/117 interests
Company |
Interest |
Tamboran (B2) Pty Limited |
77.5% |
Falcon Oil and Gas Australia Limited (Falcon) |
22.5% |
Total |
100.0% |
Shenandoah South-1 DSU – 20,480
acres
Company |
Interest |
Tamboran (B2) Pty Limited |
77.5% |
Falcon Oil and Gas Australia Limited (Falcon) |
22.5% |
Total |
100.0% |
Shenandoah South-2 DSU – 51,200
acres
Company |
Interest |
Tamboran (B2) Pty Limited |
95.0% |
Falcon Oil and Gas Australia Limited (Falcon) |
5.0% |
Total |
100.0% |
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 |
|
Cavendish Capital Markets Limited (NOMAD
& Joint Broker) |
Neil McDonald / Adam Rae |
+44 131 220 9771 |
|
|
Tennyson Securities (Joint Broker) |
|
Peter Krens |
+44 20 7186 9033 |
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.
About Tamboran B2 Pty
Limited
Tamboran (B1) Pty Limited is the 100% holder of Tamboran (B2) Pty
Limited, with Tamboran B1 being a 50:50 joint venture between a
subsidiary of Tamboran Resources Limited and Daly Waters Energy,
LP.
Tamboran Resources Limited, is a natural gas
company listed on the ASX (TBN) and U.S. OTC markets (TBNNY).
Tamboran is focused on playing a constructive role in the global
energy transition towards a lower carbon future, by developing the
significant low CO2 gas resource within the Beetaloo
Basin through cutting-edge drilling and completion design
technology as well as management’s experience in successfully
commercialising unconventional shale in North America.
Bryan Sheffield of Daly Waters Energy, LP is a
highly successful investor and has made significant returns in the
US unconventional energy sector in the past. He was Founder of
Parsley Energy Inc. (“PE”), an independent
unconventional oil and gas producer in the Permian Basin, Texas and
previously served as its Chairman and CEO. PE was acquired for over
US$7 billion by Pioneer Natural Resources Company
(“Pioneer”), itself a leading independent oil and
gas company and with the PE acquisition became a Permian pure play
company. Pioneer has a current market capitalisation of c. US$53
billion.
Advisory regarding forward looking
statements
Certain information in this press release may constitute
forward-looking information. Any statements that are contained in
this news release that are not statements of historical fact may be
deemed to be forward-looking information. Forward-looking
information typically contains statements with words such as “may”,
“will”, “should”, “expect”, “intend”, “plan”, “anticipate”,
“believe”, “estimate”, “projects”, “dependent”, “consider”
“potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”,
“suggest”, “support” “planned”, “approximately”, “potential” or the
negative of those terms or similar words suggesting future
outcomes. In particular, forward-looking information in this press
release includes, but is not limited to, information relating to
the 2024 drilling program, the cost of the wells to be drilled as
part of the Pilot and Falcon’s working interest in the Pilot and
the enlarged area around the Pilot. This information is based on
current expectations that are subject to significant risks and
uncertainties that are difficult to predict. The risks, assumptions
and other factors that could influence actual results include risks
associated with fluctuations in market prices for shale gas; risks
related to the exploration, development and production of shale gas
reserves; general economic, market and business conditions;
substantial capital requirements; uncertainties inherent in
estimating quantities of reserves and resources; extent of, and
cost of compliance with, government laws and regulations and the
effect of changes in such laws and regulations; the need to obtain
regulatory approvals before development commences; environmental
risks and hazards and the cost of compliance with environmental
regulations; aboriginal claims; inherent risks and hazards with
operations such as mechanical or pipe failure, cratering and other
dangerous conditions; potential cost overruns, drilling wells is
speculative, often involving significant costs that may be more
than estimated and may not result in any discoveries; variations in
foreign exchange rates; competition for capital, equipment, new
leases, pipeline capacity and skilled personnel; the failure of the
holder of licenses, leases and permits to meet requirements of
such; changes in royalty regimes; failure to accurately estimate
abandonment and reclamation costs; inaccurate estimates and
assumptions by management and their joint venture partners;
effectiveness of internal controls; the potential lack of available
drilling equipment; failure to obtain or keep key personnel; title
deficiencies; geo-political risks; and risk of litigation.
Readers are cautioned that the foregoing list of
important factors is not exhaustive and that these factors and
risks 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.sedarplus.com, including under "Risk Factors" in the Annual
Information Form.
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.
The information communicated within this
announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No 596/2014
which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. Upon publication of this announcement, this
inside information is now considered to be in the public
domain.
Grafico Azioni Falcon Oil & Gas (LSE:FOG)
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