Falcon Oil and Gas Ltd.
(“Falcon”)
Successful drilling of South Shenandoah 1H Horizontal well
September 18, 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that drilling operations on Shenandoah South 1H (“SS1H”) were successfully completed with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.
The well was drilled to a measured total depth (“T.D.”) of 4,300 meters, including a horizontal section of more than 1,074 m in length in the Amungee Member B shales, with casing and cementing also completed.
As stated previously for SS1H:
- Logging of the B Amungee Member shale formation indicates potentially higher porosity and gas saturation compared to other wells drilled targeting the same formation.
- The initial assessment confirms the continuity of the B Shale reservoir of the Amungee Member over 150 kilometers between Amungee NW-2H (“A2H“) and the Beetaloo W-1 wells. This includes a target development area of approximately 1 million acres where shale depth exceeds 2,700 meters.
- A stimulation program comprising up to 10 stages over a 500 meter section is expected to start in the fourth quarter of 2023.
The super spec FlexRig® Flex 3 platform from Helmerich & Payne (NYSE: HP) will now be used on the Amungee NW-3H (“A3H“) well site which will be drilled from the same platform as A2H. The A3H well is the second of two well programs in 2023 and will target the B shales of the Amungee Member at an estimated depth of 2,450 meters TVD (total vertical depth), with well placement expected by the end of September 2023. Falcon Australia will participate up to its total stake of 22.5%.
Philip O’Quigley, CEO of Falcon, commented:
“We are delighted to have successfully completed the SS1H horizontal well section and now look forward to the next phase of operation with extensive stimulation and production testing of the well. We will continue to update the market as results become available.
Name change NOMADE
The Company announces that its Appointed Advisor (NOMAD) and Broker has changed its name from Cenkos Securities plc to Cavendish Securities plc following the completion of its own corporate merger.
Ends.
CONTACT DETAILS:
| Falcon Oil and Gas Ltd. | +353 1 676 8702 |
| Philip O’Quigley, CEO | +353 87 814 7042 |
| Anne Flynn, financial director | +353 1 676 9162 |
| VSfor sale Securities plc (NOMAD & Broker) | |
| Neil McDonald/Derrick Lee | +44 131 220 9771 |
This announcement was reviewed by Dr. Gábor Bada, Head of Technical Operations at Falcon Oil & Gas Ltd. Dr. Bada received his degree in geology from Eötvös L. University in Budapest, Hungary, and his doctorate from Vrije Universiteit Amsterdam, Netherlands. He is a member of the AAPG.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, with its current portfolio concentrated in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and is 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 more information about Falcon Oil & Gas Ltd., please visit www.falconoilandgas.com.
About Tamboran (B2) Pty Limited
Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% owner of Tamboran (B2) Pty Limited, 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 American OTC (TBNNY) markets. Tamboran strives to play a constructive role in the global energy transition to a low-carbon future, by developing low-CO2 technology.2 gas resources in the Beetaloo Basin through cutting-edge drilling design and completion technology as well as management’s experience in successfully commercializing unconventional shale in North America.
Bryan Sheffield of Daly Waters Energy, LP is a very successful investor and has achieved significant returns in the US unconventional energy sector in the past. He was founder of Parsley Energy Inc. (“PE), an independent producer of unconventional oil and gas in the Permian Basin, Texas, and who previously served as its president and chief executive officer. 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 acquisition of PE, has become a pure play Permian company. Pioneer has a current market capitalization of approx. US$60 billion.
Notice Regarding Forward-Looking Statements
Certain information contained in this press release may constitute forward-looking information. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information generally contains statements containing words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe” , “estimate”, “projects”. , “dependent”, “consider” “potential”, “planned”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of these terms or similar words suggesting future results. In particular, forward-looking information contained in this press release includes, without limitation, information relating to the TD achieved; the approximately 90 meter intersection of the Amungee Member B shale represents the thickest section seen in the Beetaloo sub-basin to date; formation logging indicates potentially higher porosity and gas saturation compared to other wells drilled targeting the same formation; initial assessment confirming Amungee Member Shale B reservoir continuity for 150 kilometers between the A2H and Beetaloo W-1 wells, including a target development area of approximately 1 million acres where shale depth exceeds 2,700 meters ; and the launch of a stimulation program comprising up to 10 stages over a 500 meter section, planned for the fourth quarter of 2023; The A3H well will target the B shales of the Amungee Member at an estimated target depth of 2,450 meters, with the well expected in September 2023. This information is based on current expectations which are subject to significant risks and uncertainties and are difficult to predict . Risks, assumptions and other factors that could affect actual results include risks associated with fluctuations in shale gas market prices; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; the uncertainties inherent in estimating quantities of reserves and resources; the extent 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 begins; environmental risks and hazards and the cost of compliance with environmental regulations; indigenous claims; risks and hazards inherent in operations such as mechanical or pipeline failure, cratering and other hazardous conditions; potential cost overruns, well drilling is speculative, often involving significant costs which may be higher than estimated and may not result in any discoveries; variations in exchange rates; competition for capital, equipment, new leases, pipeline capacity and qualified personnel; the failure of the holder of licenses, leases and permits to meet the requirements thereof; changes in royalty regimes; inability to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; potential lack of available drilling equipment; inability to obtain or retain key personnel; title deficiencies; geopolitical risks; and risk of litigation.
Readers are cautioned that the foregoing list of important factors is not exhaustive and that such factors and risks are difficult to predict. Actual results may differ materially from the results suggested in the forward-looking statements. Falcon undertakes no obligation to update any forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until applicable securities laws to Falcon require it. Additional information identifying risks and uncertainties is contained in documents filed by Falcon with Canadian securities regulatory authorities, which documents are available at www.sedarplus.com, including under the heading “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.
