TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Successful Completion of SS1H Stimulation Program
7 December 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
is pleased to announce the completion of the 10-stage stimulation
program over a 500 metre horizontal section of the Amungee Member
B-Shale within the Shenandoah South 1H ("SS1H") well in EP117 which
is operated by Falcon Oil & Gas Australia Limited's joint
venture partner, Tamboran B2 Pty Limited ("Tamboran").
Details are as follows:
-- The stimulation program at SS1H delivered a proppant intensity of 2,212
pounds per foot (lb/ft) and average proppant injection per stage was
356,000 pounds.
-- The stimulation program achieved rates of 100 barrels per minute (bpm)
using slickwater, a first in the Amungee Member B-Shale and in-line with
current US shale basin stimulation designs.
-- Tamboran now plans to install production tubing ahead of the SS1H well
commencing flow back of stimulation fluid.
-- Commencement of 30-day initial production (IP30) testing in mid-December
2023, subject to timing of gas breakthrough.
-- Current expectations are to release IP30 flow rates in Q1 2024, subject
to timing of flow back stimulation fluid and weather conditions.
-- Proof of commercial flow rates as measured over the IP30 day period and
which Falcon estimates to be 1.5 million cubic feet per day (MMcf/d) over
the 500 metre horizontal section (3.0 MMcf/d normalised over 1,000
metres) or greater will allow us to progress the sanctioning of the
proposed 40 MMcf/d pilot project at Shenandoah South during the first
half of 2024.
Philip O'Quigley, CEO of Falcon commented:
"The stimulation program went extremely well with Tamboran's
operations team achieving injection rates up to 100 bpm, a Beetaloo
Sub-Basin rate record, and average proppant injection per stage of
356,000 pounds, in line with the initial design. We look forward to
this next phase of operations in the Beetaloo with the installation
of production tubing ahead of flow back of stimulation fluid and
the commencement of the IP30. 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 Capital Markets Limited (NOMAD & Joint Broker)
Neil McDonald / Adam Rae +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 Beetaloo Joint Venture ("BJV") (EP 76, 98 and 117)
Company Interest
Falcon Oil & Gas Australia Limited 22.5%
Tamboran B2 Pty Limited 77.5%
Total 100.0%
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 10 stage stimulation program; commencement of 30-day initial
production (IP30) testing in mid-December 2023 subject to timing of
gas breakthrough, expectations to release IP30 flow rates in Q1
2024; proof of commercial flow rates as measured over the IP30 day
period and which Falcon estimates to be 1.5 MMcf/d over the 500
metre horizontal section (3.0 MMcf/d normalised over 1,000 metres)
or greater will allow us to progress the sanctioning of the
proposed 40 MMcf/d pilot project at Shenandoah South during the
first half of 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
December 07, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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