TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon" or "Company")
Operational Update - Shenandoah South 1H
30 August 2023 -- Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
is pleased to announce the Shenandoah South 1H ("SS1H") pilot hole
in exploration permit 117 has reached a total vertical depth
("TVD") of 3,300 metres, intersecting approximately 90 metres of
the Amungee Member B-shale with strong dry gas shows.
Points to note:
-- The 90 metres of the Amungee Member B-shale intersected represents the
thickest section seen in the Beetaloo Sub-basin depocenter to date.
-- The Helmerich & Payne (NYSE: HP) super spec FlexRig(R) Flex 3 rig reached
TVD in 21.5 days, drilling at 153 metres per day. This is a new record
for wells drilled below 3,000 metres in the Beetaloo Sub-basin.
-- Logging of the Amungee Member B-shale formation indicates potentially
higher porosity and gas saturation relative to offset wells.
-- Initial evaluation confirms reservoir continuity of the Amungee Member
B-shale over 150 kilometres between Amungee NW-2H and Beetaloo W-1 wells.
This includes a target development area of approximately 1 million acres
where the shale depth exceeds 2,700 metres.
-- Falcon Oil & Gas Australia Limited's joint venture partner, Tamboran (B2)
Pty Limited will commence a 1,000-metre horizontal section within the
shale formation ahead of a stimulation program of up to 10 stages over a
500-metre section, which is planned for Q4 2023.
Philip O'Quigley, Falcon's CEO, commented:
"Reaching TVD of 3,300 metres on the SS1H well in just 21.5 days
is a great first step in the current year work programme. The
preliminary results to date are all very promising as we commence
the horizontal section before moving to the stimulation programme
in Q4 2023. We will continue to update the market on progress
made."
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 (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 TVD 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 offset
wells; initial evaluation confirming reservoir continuity of the
Amungee Member B-shale over 150 kilometres between Amungee NW-2H
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 1,000-metre horizontal section within the
shale formation ahead of a stimulation program of up to 10 stages
over a 500-metre section, which is planned for Q4 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.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
August 30, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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