Falcon Oil & Gas Ltd. - Successful Completion of the Amungee
NW-2H Well 25-Stage Stimulation Programme
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 5-½-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
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 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 5-½-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.
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