TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Successful Drilling of Shenandoah South 1H Horizontal Well
18 September 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM:
FOG) is pleased to announce that drilling operations on the
Shenandoah South 1H ("SS1H") well have been successfully completed
with Falcon Oil & Gas Australia Limited's joint venture
partner, Tamboran (B2) Pty Limited.
The well has been drilled to a total measured depth ("TD") of
4,300 metres, including a horizontal section over 1,074m in length
in the Amungee Member B-shale, with casing and cementing also
complete.
As noted previously for SS1H:
-- Logging of the Amungee Member B-shale formation indicates potentially
higher porosity and gas saturation relative to other wells drilled
targeting the same formation.
-- Initial evaluation confirms reservoir continuity of the Amungee Member
B-shale over 150 kilometres between Amungee NW-2H ("A2H") and Beetaloo
W-1 wells. This includes a target development area of approximately 1
million acres where the shale depth exceeds 2,700 metres.
-- A stimulation program of up to 10 stages over a 500-metre section is
planned to commence in the fourth quarter of 2023.
The Helmerich & Payne (NYSE: HP) super spec FlexRig(R) Flex
3 rig will now be mobilised to the Amungee NW-3H ("A3H") well site
which will be drilled from the same pad as A2H. The A3H well is the
second of the two well programme in 2023 and will target the
Amungee Member B-Shale at an estimated depth of 2,450 metres TVD
(total vertical depth), with spudding of the well expected by the
end of September 2023. Falcon Australia will participate at its
full 22.5% interest.
Philip O'Quigley, CEO of Falcon commented:
"We are delighted to have successfully completed the SS1H
horizontal well section and we now look forward to the next phase
of operations with the stimulation and extended production testing
of the well. We will continue to update the market as results
become available."
NOMAD Name Change
The Company announces that its nominated adviser (NOMAD) and
broker has changed its name from Cenkos Securities plc to Cavendish
Securities plc following completion of its own corporate
merger.
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
& Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
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 reached; intersecting approximately 90 metres of the Amungee
Member B shale represents the thickest section seen in the Beetaloo
Sub-basin to date; logging of the formation indicates potentially
higher porosity and gas saturation relative to other wells drilled
targeting the same formation; initial evaluation confirming
reservoir continuity of the Amungee Member B-shale over 150
kilometres between A2H and Beetaloo W-1 wells including a target
development area of approximately 1 million acres where the shale
depth exceeds 2,700 metres; and commencing a stimulation program of
up to 10 stages over a 500-metre section, which is planned for Q4
2023; A3H well will target the Amungee Member B-Shale at an
estimated target depth of 2,450 metres, with spudding of the well
expected in September 2023. 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
September 18, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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