Falcon Oil & Gas Ltd. - Beetaloo Operations Update
Falcon Oil & Gas Ltd.
(“Falcon” or “Company”)
Beetaloo Operations Update
18 November 2024 –
Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
announce that the Shenandoah South 2H sidetrack (“SS2H
ST1”) well has been cased and suspended at a total
measured depth of 16,182 feet (4,932 metres) in the Beetaloo
Sub-basin, Northern Territory, Australia. This includes a
5,906-foot (1,800-metre) horizontal section within the Amungee
Member B-Shale, of which ~5,577 feet (1,700 metres) is planned to
be stimulated with Falcon Oil & Gas Australia Limited’s
(“Falcon Australia”) joint venture partner,
Tamboran (B2) Pty Limited (“Tamboran B2”).
The decision to case
and suspend SS2H ST1 comes following consultation with Tamboran B2
on the failure of a directional drilling tool while drilling the
horizontal section. This decision avoids additional rig costs and
will enable the immediate drilling of the Shenandoah South 3H
(“SS3H”) well from the same well pad, which is
planned to be drilled with a 10,000-foot (3,000 metre) horizontal
section in the Amungee member B-Shale.
Following the drilling
of the SS3H well, Liberty Energy will complete the stimulation of
the SS2H ST1 and SS3H wells with 34 and 60 stages planned at the
respective wells. Stimulation of both wells is expected to commence
in Q1 2025 with 30 day initial production flow rates expected in
the same period.
The successful stimulation of SS2H ST1 will
create a drilling spacing unit of 20,480 acres.
Falcon Australia will continue its participation
in both wells in the Shenandoah South Pilot Project at its elected
participating interest of 5%.
Philip O’Quigley, CEO of Falcon
commented:
“We look forward to updating the market over the coming weeks
as we continue with these drilling operations in the Beetaloo
”
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 |
Cavendish Capital Markets Limited (NOMAD
& Broker) |
Neil McDonald / Adam Rae |
+44 131 220 9771 |
This announcement has been reviewed by Dr. Gábor
Bada, Falcon Oil & Gas Ltd’s Technical Advisor. Dr. Bada
obtained his geology degree at the Eötvös L. University in
Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam,
the Netherlands. He is a member of AAPG.
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.
Falcon Oil & Gas Ltd is incorporated in British Columbia,
Canada and headquartered in Dublin, Ireland.
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 Beetaloo Joint Venture (EP 76, 98
and 117)
Company |
Interest |
Falcon Oil & Gas Australia Limited (Falcon Australia) |
22.5% |
Tamboran (B2) Pty Limited |
77.5% |
Total |
100.0% |
Shenandoah South Pilot Project -2
Drilling Space Units – 46,080
acres1
Company |
Interest |
Falcon Oil & Gas Australia Limited (Falcon Australia) |
5.0% |
Tamboran (B2) Pty Limited |
95.0% |
Total |
100.0% |
1Subject to the completion of the SS2H
and SS3H wells on the Shenandoah South pad 2.
About Tamboran (B2) Pty
Limited
Tamboran (B1) Pty Limited (“Tamboran B1”) is the
100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a
50:50 joint venture between 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$60
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 casing and suspension of the SS2H ST1 well, the decision to
case and suspend SS2H ST1; avoidance of additional rig costs,
ability to immediate drill the SS3H well from the same well pad;
Liberty Energy’s ability to complete the stimulation of the SS2H
ST1 and SS3H wells of 34 and 60 stages planned at the respective
wells; stimulation expected to commence in Q1 2025 with 30 day
initial production flow rates expected in the same period and the
creation of a DSU of 20,480 acres.
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.
Any references in this news release to
initial production rates are useful in confirming the presence of
hydrocarbons; however, such rates are not determinative of the
rates at which such wells will continue production and decline
thereafter and are not necessarily indicative of long-term
performance or ultimate recovery. While encouraging, readers are
cautioned not to place reliance on such rates in calculating the
aggregate production for Falcon. Such rates are based on field
estimates and may be based on limited data available at this
time.
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.
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