TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Operational Update including the Successful Drilling of Amungee
NW 3H Horizontal Well
16 October 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
is pleased to announce that drilling operations on the Amungee NW
3H ("A3H") well in EP98 have been successfully completed with
Falcon Oil & Gas Australia Limited's joint venture partner,
Tamboran (B2) Pty Limited.
Details of operations are as follows:
-- The A3H well was drilled, cased and cemented to a total measured depth
("TD") of 3,837 metres, including a horizontal section of 1,100 metres in
the Amungee Member B-shale.
-- The well intersected the Amungee Member B-shale at a total vertical depth
("TVD") of 2,272 metres and encountered significant gas shows, in line
with pre-drill expectations.
-- Drilling took 17.9 days, at an average rate of 214 metres per day, and at
20 days faster than the Amungee 2H ("A2H") well, the Helmerich & Payne,
Inc. (H&P), (NYSE: HP), super-spec FlexRig(R) Flex 3 Rig delivered the
anticipated drilling efficiencies.
-- A stimulation program is planned for the second quarter of 2024,
following the Northern Territory wet season.
-- Total costs for the drilling and cementing of the A3H well was A$12.6
million. Cost reductions of A$1.8 million compared to A2H, demonstrates
the application of learnings from previously drilled wells and the
improvement in drilling technology with the H&P super-spec FlexRig(R)
Flex 3 Rig.
Shenandoah South 1H ("SS1H") Update
Stimulation activities for the SS1H well in EP117 are on track
to commence in November 2023 with IP30 flow rates anticipated in
early 2024.
Appointment of Tennyson Securities
Falcon is pleased to announce the appointment of Tennyson
Securities as joint broker, alongside Cavendish Securities Plc
("Cavendish") Falcon's current broker. Cavendish will continue as
Falcon's nominated advisor.
Philip O'Quigley, CEO of Falcon commented:
"We are delighted to have successfully completed the A3H
horizontal well section and are very encouraged by the drilling
days achieved by H&P in reaching TD at A3H and the cost
reductions recorded relative to A2H. We now look forward to the
next phase of operations in the Beetaloo with the stimulation and
extended production testing of SS1H commencing in November. We will
continue to update the market as results become available."
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 Securities plc (NOMAD
& Joint Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
Tennyson Securities (Joint Broker)
Peter Krens +44 20 7186 9033
This announcement has been reviewed by Dr. Gábor Bada, Falcon
Oil & Gas Ltd's Head of Technical Operations. 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, 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 ("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 CO(2) 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 TD and TVD reached; the stimulation program planned for the A3H
well for the second quarter of 2024 and stimulation activities for
the SS1H well expected to commence in November 2023 with flow rates
anticipated for early 2024. 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.
(END) Dow Jones Newswires
October 16, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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