Successful Drilling of Shenandoah South 1H Horizontal Well
18/09/2023 07:00
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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® 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
C avendish 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