REG-Falcon Oil & Gas Ltd. - Another Stellar IP30 Flow Test Result in the Beetaloo

Falcon Oil & GasAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250616:nGNE8kMKMC&default-theme=true


Falcon Oil & Gas Ltd (“Falcon”).

Another Stellar IP30 Flow Test Result in the Beetaloo

16 June 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
announce that Shenandoah S2-2H ST1 (“SS-2H ST1”) achieved an average
30-day initial production (“IP30”) flow rate of 7.2 million cubic feet per
day (“MMcf/d”) over 1,671-metres (5,483-foot) across a 35 stage stimulated
length within the Amungee Member B-Shale in the Beetaloo Sub-basin, Northern
Territory, Australia, making it the highest IP30 result in the Beetaloo to
date.

Points to note:
* The normalized flow rate of 13.2 MMcf/d over an extrapolated 10,000-foot
horizontal section is in-line with the average of more than 11,000 wells in
the Marcellus Shale dry gas area on production over a 12-month period. The
results demonstrate the commercial deliverability of gas from the Amungee
Member B-Shale in the Australian East Coast gas market that typically sells at
a premium to Henry Hub in the United States and under long term CPI-linked
contracts.


* The exit rate trajectory continues a steady, low-declining curve at 6.7
MMcf/d (normalized at 12.2 MMcf/d per 10,000-feet) with a flowing wellhead
pressure of ~910 psi. The steady state decline curve on SS-2H ST1 is
consistent with that achieved from the Shenandoah South 1H well (“SS-1H”).


* For further details on the SS-2H ST1 flow test including a table, and charts
please refer to Appendix A.
Development activity
* The Shenandoah South drilling campaign is planned to commence in July 2025,
targeting up to three 10,000-foot horizontal wells and completed with up to 60
stimulation stages from the SS2 well pad. As previously announced, Falcon Oil
& Gas Australia Limited (“Falcon Australia”) has opted to reduce its
participating interest in the three wells to 0%. 


* Once completed, the five wells on the SS2 pad are planned to be tied into
the Sturt Plateau Compression Facility (“SPCF”) to feed into a 40 MMcf/d
take-or-pay Gas Sales Agreement (“GSA”) with the Northern Territory
Government. Production remains on track to commence in mid-2026, subject to
standard regulatory and stakeholder approvals and favourable weather
conditions.


* The Shenandoah South 4H (“SS-4H”) well is planned to be completed and
flow tested by the end of 2025, with the remaining wells drilled in the 2025
campaign to be completed during 1H 2026. 


* Completion of the remaining four wells will incorporate lessons from the
SS-1H and SS-2H ST1 wells. 


* The five wells are expected to deliver the required 40 MMcf/d volume under a
binding take-or-pay agreement with the Northern Territory Government.
Philip O’Quigley, CEO of Falcon commented:

“The IP30 flow rate results announced today of 7.2 MMcf/d, are truly stellar
and marks another major data point in the Beetaloo Sub-basin again
demonstrating that it compares to the best shale wells in the United States.
Not only did the results exceed Falcon’s pre-drill commercial threshold of a
normalised flow rate of 3 MMcf/d per 1,000 metres but had similar flow rates
and pressures to SS-1H and SS-2H ST1, which all point towards the significant
resource potential of the Beetaloo.

Falcon looks forward to the planned completion and testing of SS-4H by the end
of 2025 and also to observing the results from the next three wells of the
Shenandoah South drilling program and the additional milestones they will
establish.

As further results become available, we look forward to updating the market
further”

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 (“ Tamboran ”)               77.5%     
 Total                                                  100.0%    

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres(1)

 Company                                                Interest  
 Falcon Oil & Gas Australia Limited (Falcon Australia)  5.0%      
 Tamboran (B2) Pty Limited                              95.0%     
 Total                                                  100.0%    

(1)Subject to the completion of SS-4H 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 Corporation and Daly Waters Energy, LP.

Tamboran Resources Corporation is a natural gas company listed on the NYSE
(TBN) and ASX (TBN). 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 Sub-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.

Appendix A - SS-2H ST1 Flow Test Details

Note to reader: Please refer to the PDF attachment included at the end of this
press release for further details including a table and charts related to the
SS-2H ST1 flow test results

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”, “anticipated”, “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, details on the IP30 flow test results of SS-2H ST1 including
assumptions that the results are in line with average of more than 11,000
wells in the Marcellus Shale dry gas area on production over a 12-month period
and that they demonstrate the commercial deliverability of gas from the
Amungee Member B-Shale in the Australian East Coast gas market that typically
sells at a premium to Henry Hub in the United States and under long term
CPI-linked contracts; consistency of the results of SS-2H ST1 with SS-1H;
details on the planned three well drilling campaign including the plan to
commence in July 2025 and to continue into 1H 2026; the plan to tie the wells
to the SPCF under a GSA with the Northern Territory Government in mid-2026;
the plan that SS-4H will be completed and flow tested by the end of 2025; the
five wells drilled are expected to deliver the required 40 MMcf/d under a GSA
with the Northern Territory Government;

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/or
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.

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon publication of this announcement, this inside information is
now considered to be in the public domain.

Attachment
*     061625 Final Falcon Press Release - SS-2H ST1 IP30 v2
(https://ml-eu.globenewswire.com/Resource/Download/73327fd4-4364-4970-b671-f85c15bcfafc)