REG-Falcon Oil & Gas Ltd (“Falcon”) - Another Stellar IP60 Flow Test Result in the Beetaloo and 2025 Drilling Campaign Commences

Falcon Oil & GasAnnouncement

14/07/2025 07:00

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Falcon Oil & Gas Ltd (“Falcon”)

Another Stellar IP60 Flow Test Result in the Beetaloo

And

2025 Drilling Campaign Commences

14 July 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
announce that Shenandoah S2-2H ST1 (“SS-2H ST1”) achieved an average
60-day initial production (“IP60”) flow rate of 6.8 million cubic feet per
day (“MMcf/d”) over 1,671-metres (5,483-foot) across a 35 stage stimulated
horizontal within the Amungee Member B-Shale in the Beetaloo Sub-basin,
Northern Territory, Australia, making it the highest IP60 result in the
Beetaloo to date.

Points to note:
* The average flow rate of 12.4 MMcf/d over a normalized 10,000-foot
horizontal section remains in-line with an 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 Beetaloo
Sub-basin to the Australian domestic East Coast gas market that typically
sells at a premium to Henry Hub in the United States. 


* The exit rate maintains a steady, low-declining curve at 6.4 MMcf/d with a
flowing wellhead pressure of ~720 psi and has exhibited less decline than that
of the Shenandoah South 1H well (“SS-1H”) over the last 30 days of
testing.


* For further details on the SS-2H ST1 flow test including a table, and charts
please refer to Appendix A.
Drilling Campaign Gets Underway
* The 2025 drilling campaign has now commenced targeting up to three
10,000-foot horizontal wells to be drilled back-to-back over the next few
months. This will complete the drilling phase of the five well Shenandoah
South pilot program. 


* As previously announced, Falcon Oil & Gas Australia Limited (“Falcon
Australia”) has no cost exposure to the drilling of these three wells as it
opted to reduce its participating interest in the three wells to 0%.
Philip O’Quigley, CEO of Falcon commented:

“The IP60 flow rate results announced today of 6.8 MMcf/d are truly stellar
and mark another major data point in the Beetaloo Sub-basin, again
demonstrating that it compares to the best shale wells in the United States.
These results, coupled with the average 30-day initial production exceeding
Falcon’s pre-drill commercial threshold of a normalised flow rate of 3
MMcf/d per 1,000 metres, all point towards the significant resource potential
of the Beetaloo.

The commencement of the 2025 three well drilling campaign, which is the
largest drilling campaign in the Beetaloo to date, will hopefully provide
further evidence of the real commercial potential of the Beetaloo.

We look forward to updating the market as soon as these drilling 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 & 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 IP60 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
Beetaloo Sub-basin in the Australian Domestic East Coast gas market that
typically sells at a premium to Henry Hub in the United States; consistency of
the results of SS-2H ST1 with SS-1H; belief the average 30-day initial
production of a normalised flow rate of 3 MMcf/d per 1,000 metres is a
commercial threshold and coupled with the IP60 flow rate points towards the
significant resource potential of the Beetaloo; and details on the 2025 three
well drilling campaign which has commenced.

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.

Attachment
*     061425 Final Falcon Press Release - SS-2H ST1 IP60 v2
(https://ml-eu.globenewswire.com/Resource/Download/3c2644b8-1c43-49cc-a4f8-c408f25b88b2)