TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon" or "Company")
Successful Completion of the Amungee NW-2H Well 25-Stage
Stimulation Programme
22 March 2023 -- Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
is pleased to announce the successful completion of a 25-stage
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 with stimulation
commencing in February 2023.
Stimulation Programme Details:
-- 25 stages were successfully stimulated across a 1,020-metre horizontal
section within the Amungee Member B Shale, with approximately 2,125 pound
per foot of proppant placed along the completed horizontal section.
-- Proppant was placed using 5- 1/2 -inch casing and was based on modern US
shale design, the design is anticipated to result in improved flow rates
during the extended production test.
-- Stimulation fluid flow back will commence imminently and is estimated to
take several weeks before the well is shut-in for installation of
production tubing.
-- 30-day initial production (IP30) flow rates are expected during the
second quarter of 2023.
Philip O'Quigley, Falcon's CEO, commented:
"We are delighted to announce the completion of stimulation
operations at the A2H well with our joint venture operator,
Tamboran Resources Limited. The programme was successfully executed
during the Northern Territory wet season and we are now entering
the very important phase of flow back operations, which have the
potential to confirm production rates to support the joint venture
moving to a multi-well pilot development programme in 2023/2024. We
look forward to updating the market when these flow rates are
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 Limited
Tamboran (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 CO(2) 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 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", "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
completion 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- 1/2 -inch casing expected to
result in improved flow rates, 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.
(END) Dow Jones Newswires
March 22, 2023 03:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Jul 2023 to Jul 2024