Falcon Oil & Gas Ltd. - Operational Update - Shenandoah South 1H
30 August 2023 - 4:00PM
Falcon Oil & Gas Ltd. - Operational Update - Shenandoah South
1H
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® 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
LimitedTamboran (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 CO2 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
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”,
“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.
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