Falcon Oil & Gas Ltd.- Commencement of the Amungee NW-2H Well
Stimulation Programme
Falcon Oil & Gas
Ltd.(“Falcon” or
“Company”)
Commencement of the
Amungee NW-2H Well
Stimulation Programme
16 February 2023 – Falcon Oil & Gas Ltd.
(TSXV: FO, AIM: FOG) is pleased to announce the commencement of the
well stimulation programme at the Amungee NW-2H
(“A2H”) well.
The A2H well was drilled to a total depth (TD)
of 3,883 metres, including a 1,275-metre horizontal section within
the Amungee Member B Shale (formerly known as the Middle Velkerri
B-shale), in the Beetaloo Sub-Basin, Northern Territory,
Australia with Falcon Oil & Gas Australia Limited’s joint
venture partner, Tamboran (B1) Pty Limited
(“Tamboran”) in December 2022.
Stimulation Programme
Details:
- The programme will include up to 24
stimulation stages over a 1,200-metre horizontal section within the
Amungee Member B Shale, with operations expected to be completed
within 2-3 weeks.
- The A2H stimulation programme will
be executed utilising proven US-style shale stimulation designs and
techniques, including the use of 5-½-inch casing, by Condor Energy
Services, a respected Australian energy services provider.
- 5-½-inch casing will allow the
optimal placement of sand and fluid at an increased rate to the
perforations during stimulation and has been proven to deliver
significantly higher production rates.
- Following stimulation, up to
four-weeks of fluid flow back is expected to take place prior to
the installation of production tubing.
- The 30-day initial production rates
are expected early in the second quarter of 2023.
Philip
O’Quigley,
Falcon’s CEO,
commented: “We are delighted to
announce the commencement of stimulation operations with our joint
venture operator, Tamboran Resources Limited. This is an exciting
phase of operations in the Beetaloo with the potential for
obtaining production rates that would support the joint venture
moving to a multi-well pilot development program in 2023/2024. We
look forward to updating the market on these very important flow
rates as soon as they 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 |
|
Cenkos 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 (B1) Pty
LimitedTamboran (B1) Pty Limited is a 50:50 joint venture
between Tamboran Resources Limited and Daly Waters Energy, LP
(Sheffield).
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 CO2 gas resource within the Beetaloo Basin through
cutting-edge drilling and completion design technology as well as
management’s experience that 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
statementsCertain 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”,
“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 commencement of the stimulation programme and progress to date
at A2H, the execution of the fracture stimulation of the A2H well,
utilisation of proven US-style shale stimulation designs and
techniques, including the use of 5-½-inch casing, the prospectivity
of the Amungee Member/Middle Velkerri play and the prospect of the
exploration programme being brought to commerciality and a pilot
production in 2023/2024. 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.sedar.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.
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