Ebenezer3
7 months ago
https://www.hartenergy.com/exclusives/us-shale-catters-ipo-australian-shale-explorer-nyse-209061
IPO
SHALE PLAYS
EXPLORATION & PRODUCTION
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
Nissa Darbonne
Oil and Gas Investor
Sat, 05/04/2024 - 02:08 PM
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner. (Source: Shutterstock.com, Tamboran)
U.S. shale-catters, chaired by the Haynesville and Eagle Ford shale discoveries’ co-leader Dick Stoneburner, have filed an S-1 for an IPO of Australian shale-gas explorer Tamboran Resources Corp.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Dick Stoneburner (Source: Tamboran)
The group plans to trade on the New York Stock Exchange as TBN, according to a Securities and Exchange Commission filing. The S-1 did not include an estimate of the total funds to be raised or the price-per-share range.
Australia-listed Tamboran’s (ASX: TBN) largest shareholder is Bryan Sheffield, founder of Permian shale developer Parsley Energy Inc., which he sold to Pioneer Natural Resources in 2021 for $7.6 billion.
Pioneer was bought by Exxon Mobil Corp. last week for $59.5 billion in stock.
Stoneburner, a career geologist, co-led Petrohawk Energy Corp. in the early days of leasehold capture and delineating the shale-gas Haynesville play in northwestern Louisiana, beginning in late 2007.
In 2008, Petrohawk made the liquids-rich Eagle Ford discovery well.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Bryan Sheffield (Source: Hart Energy)
Upon selling Petrohawk to BHP Billiton in 2012 for $15.1 billion, Stoneburner was president of BHP’s new North American shale division.
In addition to Sheffield, Tamboran investors include leading U.S. shale pressure-pumper Liberty Energy Inc., which sent one of its frac spreads to complete the most recent well, Shenandoah South #1H, in December.
The well had a 30-day IP of 3.2 MMcf/d from a 1,644-foot section of lateral that was completed with 10 stages. The 60-day flow was 3.0 MMcf/d; the 90-day flow, 2.9 MMcf/d, according to the S-1.
Normalized for a 10,000-foot lateral, the 30-day flow is equivalent to 19.5 MMcf/d, Tamboran reported in the S-1.
Another investor, Helmerich & Payne Inc., a leading U.S. shale driller, drilled the well with one of its newest FlexRigs, which are operated onsite as well as remotely from H&P’s Tulsa, Okla., headquarters.
Resembles Marcellus
Sydney-based Tamboran holds 4.7 million contiguous gross acres in the targeted Beetaloo Basin; net, 1.9 million acres, according to the S-1.
The Beetaloo is in north-central Australia and underlies some 7 million acres of outback flanked on its northwestern corner by Daly Waters, a town on Australia’s 1,900-mile Highway 1 that stretches from Darwin to Adelaide.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Tamboran Resources’ Beetaloo Basin leasehold includes its and prior explorers’ appraisal wells. (Source: Tamboran Resources)
In several decades of exploration, including in 2015 by the late Chesapeake Energy Corp. co-founder Aubrey McClendon, explorers have invested more than $600 million in testing the Beetaloo’s Middle Velkerri B Formation that Tamboran has found to resemble the Marcellus Shale in its geophysical properties, according to the S-1.
The target is at more than 6,000 feet.
Tamboran has drilled six appraisal wells in the leasehold, including two early wells with a partner at the time, Santos Ltd.
Tamboran currently owns the six wells. They are shut in, awaiting gathering to connect to big pipe that travels alongside Highway 1, operated by Australia-based pipe and electric power company APA Group (not related to U.S.-based APA Corp., the owner of Apache Corp.).
Tamboran expects takeaway will be up to 2 Bcf/d from its leasehold upon full field development.
Including tests by others, 21 wells have been drilled through the Middle Velkerri Formation, according to the S-1.
In addition to Stoneburner, board members include Fred Barrett, co-founder and former CEO of U.S. tight-rock explorer Bill Barrett Corp.
Tamboran management includes Faron Thibodeaux, COO, who was Australia manager for Apache Corp. before Apache sold its Australian business in 2015.
Its CEO is Joel Riddle, who was previously with offshore explorer Cobalt International Energy.
Joint book-running managers for the IPO are BofA Securities, Citigroup and RBC Capital Markets. Co-managers are Johnson Rice & Co. and Piper Sandler.
Australia United States Marcellus Eagle Ford Haynesville
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In this article
ASX: TBN
Tamboran Resources Ltd.
NYSE: PXD
Pioneer Natural Resources Co.
?269.62 +38.2%
NYSE: XOM
Exxon Mobil Corp.
?116 +10.55%
NYSE: LBRT
Liberty Energy Inc.
?21.64 +80.25%
NYSE: HP
Helmerich & Payne Inc.
?38.47 +25.45%
NASDAQ: CHK
Chesapeake Energy Corp.
?86.67 +14.23%
ASX: APA
APA Group
?29.26?29.26 -9.39%
NYSE: APA
APA Corp.
?29.26?29.26 -9.39%
NYSE: CEI
Cobalt International Energy Inc.
?0.1703 -86.69%
Chart reflects yearly performance.
Nissa Darbonne
Nissa Darbonne is author of The American Shales and has been a journalist since 1984, beginning in the oil and gas fields of South Louisiana. She writes for Oil and Gas Investor and is actively involved in Hart's conference agendas.
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Ebenezer3
2 years ago
South Africa circles back to shale...https://www.zawya.com/en/economy/africa/safrica-circles-back-to-shale-gas-as-power-crisis-drags-rs2w8ut7. Falcon Oil & Gas and Bundu Gas and Oil Exploration, a majority-owned unit of Australia's Challenger Exploration, retained rights to apply for exploration licenses, Sayidini said.
"We believe this is the place to be with the best potential to make it commercially viable," Philip O'Quigley, Falcon's CEO told Reuters of the southern part of the basin, where the company is seeking a license. South Africa will auction at least 10 new onshore blocks for shale gas exploration in the environmentally sensitive Karoo region, a government official told Reuters, as the country eyes alternative energy sources to ease its worst-ever power crisis.
South Africa's first competitive auction for oil and gas resources, expected in 2024 or 2025 once legislation making provision for the bid round is passed, includes acreage once held by Shell.
"We are potentially looking at a minimum of about 10 shale gas blocks in the Karoo that will be released through competitive bidding," Bongani Sayidini, chief operating officer at the Petroleum Agency of South Africa (PASA) said.
PASA estimates the Karoo Basin holds around 209 trillion cubic feet (tcf) of technically recoverable shale gas resources, although a 2017 study by geologists at University of Johannesburg said this was probably 13 tcf, the lower end of estimates ranging between 13 tcf to 390 tcf.
Even 5 tcf would be enough for a 1,000 megawatt (MW) to 2,000 MW gas-fired power plant to supply electricity for up to 30 years, the Academy of Sciences of South Africa said in its Karoo shale gas action plan released last year.
It isn't clear how the cost would compare to existing coal fire power stations or the ever-cheaper wind and solar energies that are gradually replacing them.
Fracking in the Karoo Basin, a vast area covering more than half of South Africa's land surface, has been shelved for a decade because of resistance from environmental activists and farmers, and regulatory uncertainty.
Shell's 90,000 square kms is available after the oil major early last year withdrew an application to explore, Sayidini said.
Confirming the withdrawal, a Shell spokesperson said they are focussing upstream investment on fewer basins that align with global strategy and where Shell has competitive advantages.
New shale blocks offered will be smaller to increase participation, Sayidini said. It could take a decade or longer for the first gas output, if sufficient resources are found.
Ebenezer3
2 years ago
Australia's gas industry will take the lead to a net zero 2050
We are "not a passive observer, or casualty" on path to decarbonisation: APPEA chair
16 May 2023 2:16 GMT UPDATED 16 May 2023 2:16 GMT
By Amanda Battersby in Adelaide
Australia’s oil and gas industry must not become a casualty in the nation’s and the global race to decarbonisation, said APPEA chair Meg O’Neill.
Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
“This week, we double down on our message that the oil and gas industry is not a passive observer, or worse — a casualty — of the global and Australian race towards a net zero economy, O’Neill said in a keynote address to the APPEA 2023 conference.
“We are part of the solution. We are an essential source of energy for every business… every household… every community… every person.
“And we are committed to working together to achieve the Paris targets,” she said.
The Australian Petroleum Production and Exploration Association (APPEA) sees gas as playing an important role on that road to net zero.
“When used to generate electricity, natural gas emits around half the lifecycle emissions of coal. That’s a pretty strong argument for using more gas in my book,” said O’Neill.
But investments in the new gas supply needed both for the domestic market and for export, require a regulatory framework that provides stability and transparency, she told delegates.
“Australia is uniquely placed to succeed in the energy transition — we have plenty of natural resources, the right workforce and a strategic location,” said O’Neill.
“I am confident the Albanese government wants the same outcome, and our industry will continue to work constructively and proactively on charting Australia’s reliable, affordable lower carbon future.”
Gas is crucial for Australia’s energy security, particularly when solar and wind power are compromised by the weather, and is also critical for energy security in nations such as Japan and South Korea that rely on liquefied natural gas imports from Down Under.
“Nations across the Indo-Pacific still rely on Australian gas to ensure their own energy security today and support their clean energy transformations, with higher penetration of renewables. Japan, South Korea, Singapore and China have been our most important LNG trading partners for years,” said Minister for Resources, Madeleine King.
Australia is one of the world’s largest LNG exporters, accounting for about 21% of global exports, with export revenues forecast to reach A$91 billion (US61 billion) in the current financial year.
Australia is by far the largest LNG supplier to Japan, accounting for almost half of its LNG imports in 2022, worth an estimated A$34 billion.
Australia’s gas supplies to South Korea and China last year were worth an estimated A$18 billion and A$19 billion, respectively.
Japanese and South Korean demand, and their significant capital investment, has underpinned development of Australia’s LNG industry, on both its east and west coasts, added King.
O’Neill noted that gas accounts for 42% of the energy used by Australian manufacturers.
“We know… that the Australian Government wants to turbocharge our manufacturing capabilities. Using more gas could do this.”
O’Neill also highlighted that gas can fuel the plants that manufacture batteries for electric vehicles.
Australia’s Prime Minister Anthony Albanese last week said that gas is an important industry for Australia and for its national interest.
“But we know some in the parliament, and many in the community, do not know the central role natural gas plays in the Australian economy and their everyday lives,” said O’Neill.
“Or the vital role natural gas is playing and will continue to play, in reducing Australia’s emissions.
“This is an area where our industry recognises we need to do more.”
APPEA is embarking on an awareness campaign, highlighting that its focus on the industry’s contribution to Australia’s economy and to emissions reductions, is not a policy pivot, or reset.
“Rather, it reflects our strengthened resolve to be more forward leaning about our sector’s strong future and critical role in the net zero economy… in Australia, in our region and globally.
“Many companies have set their own ambitious targets to achieve net zero and plan to invest billions of dollars in the technologies that will deliver the real emissions reductions needed to get us there,” said O’Neill.
“In short, we will lead, we will shape, and we will innovate towards 2050 and a net zero emissions Australia.”
Ebenezer3
2 years ago
Tamboran targets July for HP rig:
Beetaloo developer to begin drilling within weeks as rig arrives
Colin PackhamEnergy and resources reporter
May 5, 2023 – 4.08pm
Tamboran Resources will begin drilling in the Beetaloo Basin in July after a large rig arrived from the United States, accelerating plans to capitalise on the Northern Territory’s approval of fracking, in what its chief executive described as “Australia’s greatest carbon emitting reduction opportunity”.
The NT government this week allowed fracking in the Beetaloo, in a decision the country’s oil and gas industry said would aid Australia’s $2 trillion economy and improve energy security but has ignited a wave of opposition from environmentalists and some Indigenous groups.
The Northern Territory has approved gas development in the Beetaloo Basin. Justin McManus
Tamboran said a large drilling rig from its partner Helmerich & Payne had arrived in Darwin to enable exploration.
“We expect to begin drilling with this rig in July,” Tamboran chief executive Joel Riddle told AFR Weekend.
“This rig will be the most powerful rig in Australia. It will be capable of drilling more than 3000 metre horizontal sections in the main shell plate. This is a big deal because the longer horizontal wells that we can drill with this rig, the more reserves that we can recover per well and it will be a real driver to bring down well costs and also improve the economics of the Beetaloo development.”
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Tamboran’s drilling is the first stage of the company’s plans in the Beetaloo. It expects to begin producing about 20TJ of gas a day in 2024. Should it secure a production licence from the NT government and fresh agreements with the local Indigenous landowners, Tamboran could expand production to about 100TJ a day.
Tamboran and other Beetaloo developers Empire Energy and Santos said developing in the region would improve domestic supplies, much needed amid forecasts for a looming east coast gas shortage.
It is, however, unclear how many volumes would remain in Australia or how shipments could be distributed to the east coast market, with existing export infrastructure located in Darwin.
The development of the industry could be extremely lucrative for the NT through royalties, but drilling is a lightning rod for opponents to any new gas developments in Australia. Opposition to gas among voters has risen steadily, but the fossil fuel industry insists gas can meet environmental and energy security goals.
“Environmentalists are looking to reduce carbon emissions in Australia, and around the world. If we are serious about that goal, then the biggest thing to move the needle on reduction of carbon emissions is Beetaloo,” Mr Riddle said.
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“The gas is 2 per cent to 3 per cent CO2, and this could replace coal generation, which has much higher carbon emissions. It is a no-brainer. The Beetaloo is Australia’s greatest carbon emitting reduction opportunity.”
The comments are likely to be rejected by environmentalists, who highlight methane emissions, and stress Australia has sufficient gas reserves to meet its own energy needs. But with rapid closures of coal power stations occurring, concern is growing about how to ensure sufficient supplies.
Renewable energy proponents insist Australia should focus on developing renewable energy generation and storage projects, which would negate the need for gas projects.
Grid-scale renewable energy projects and transmission lines have been beset by delays and cost blowouts. Smaller projects and rooftop solar generation continue to grow at pace, however.
Ebenezer3
2 years ago
ABC News
SHARE
NT government announces fracking in the Beetaloo Basin can go ahead
By Roxanne Fitzgerald and Sarah Spina-Matthews
Posted 11h ago11 hours ago, updated 3h ago3 hours ago
WATCH
Duration: 1 minute 50 seconds1m 50s
The Northern Territory Government has announced fracking in the Beetaloo Basin will be able to go ahead.
The Northern Territory government will allow a full-scale onshore gas industry to go ahead in the gas-rich Beetaloo Basin, five years after a moratorium on fracking was lifted.
Key points:
The NT Government will allow fracking to go ahead in the Beetaloo Basin
They say they have implemented all 135 recommendations of the Pepper inquiry
Scientists claim they have not met a recommendation to offset gas emissions from the project
The government has been racing to tick off 135 recommendations from the 2018 Pepper inquiry, which found industry risks could be managed if its recommendations were implemented in full.
The government announced today that has been done, and oil and gas companies will be able to make an application for onshore gas production projects, which will be regulated by one of the most robust frameworks in Australia.
It also said it has a new petroleum operations unit to deliver a strong compliance program, which will be funded by a $2 million annual investment.
It comes after the NT government released the findings of a critical, three-year study into fracking in the Beetaloo sub-basin on April 19.
The Strategic Regional Environmental and Baseline Assessment (SREBA), which was a key recommendation from the Pepper inquiry, found no new risks associated with the development of an onshore gas industry.
Nicole Manison and Natasha Fyles stand side-by-side in front of a number of media microphones
Deputy Chief Minister Nicole Manison and Chief Minister Natasha Fyles made the announcement on Wednesday. (ABC News: Hamish Harty)
However, almost 100 scientists published an open letter in national newspapers across Australia on Wednesday, urging the NT government not to allow fracking to go ahead and warning of "the damage it will inflict on our climate".
The scientists claimed one key recommendation of the Pepper inquiry, known as 9.8, had not been addressed.
"[The government] committed to implement all the recommendations of the Scientific Inquiry into Hydraulic Fracturing," the letter stated.
"Including that the NT and Australian governments seek to ensure that there is no net increase in the life cycle greenhouse gas emissions emitted in Australia from any onshore shale gas produced in the NT.
"The Northern Territory government has failed to keep its commitment."
NT denies Beetaloo gas plans in doubt without offsets help
No federal support for Territory Labor's promise to ensure all Beetaloo Basin emissions are offset is on the table, as cabinet prepares to announce whether full-scale fracking will be allowed to go ahead.
NT Health Minister Natasha Fyles stands looking concerned in front of some large flags.
Read more
Chief Minister Natasha Fyles said the government had released the final implementation report from the Pepper inquiry, saying it "absolutely met the recommendation".
The government scrapped a previous policy that only required companies to manage their emissions if they exceed 100,000 tonnes, but will now mandate all operators to submit a Greenhouse Gas Abatement plan outlining their pathway to net zero by 2050, regardless of size.
The government admitted it won't be able to deal with emissions created by the actual burning of gas for energy — commonly referred to as "scope three" emissions — generated outside of the NT, which account for a large portion of the total emissions from a project.
Instead, they are counting on the federal government's safeguard mechanism to capture and regulate these emissions.
An aerial view of an exploration well in the Northern Territory's Beetaloo Basin on a patch of cleared land surrounded by bush
The Beetaloo Basin is an enormous shale gas reserve about 500 kilimetres sout-east of Darwin. (Supplied: Empire Energy)
Dr David Ritchie — the bureaucrat tasked with overseeing the government's implementation of the Pepper inquiry's recommendations — disagreed that the recommendation around abating emissions had been completed.
Scientists call for Beetaloo fracking ban
The NT government is poised to make a final decision on whether it will green-light fracking in the Beetaloo Basin, but nearly 100 scientists have called for a fracking ban in the region, saying the costs to the community could be "enormous".
a gas flare in front of an exploration well.
Read more
"There has been no progress on the crux of this recommendation," he said.
Ms Fyles said both the Commonwealth and NT government were "putting in place the measures to transition the Northern Territory and Australia to net zero emissions".
"[But] we cannot simply flick a switch and transition overnight," she said.
She did not directly answer a question about whether or not the federal government had committed to help offset emissions from the project.
"The Commonwealth is focused on this," she said.
"We will continue to work with them."
Deputy Chief Minister Nicole Manison said the project would provide economic benefits to the NT through royalties.
"It will help fund things like schools, hospitals, services, housing," she said.
"There will be further economic flow-on benefits … more jobs, more benefits, more development in remote regions of the NT."
Traditional owners concerned, peak bodies welcome announcement
Ms Fyles said traditional custodians would be able to veto any projects on their country.
But Beetaloo Basin traditional owner and Nurrdalinji Native Title Aboriginal Corporation chair Johnny Wilson said that was an incorrect claim.
"There is no veto right at production stage under native title or land rights laws," he said.
"When our old people said yes, many years ago, they had no idea of the many thousands of wells we are looking at now."
Nurrdalinji Aboriginal Corporation
Johnny Wilson is concerned traditional owners will not have genuine power to veto projects on their country. (Supplied: Nurrdalinji Aboriginal Corporation)
The Pepper Inquiry found that Native Title holders "do not have a statutory right to veto an exploration permit by the government" but have the right to make an agreement with a gas company.
And under the land rights act traditional owners can say yes to development in some areas and no to development in others, but only in the exploration phase.
Outside parliament after the announcement, Anna Weekes from the Australian Parents for Climate Action said she was gravely concerned for her children's future in the wake of what she described as an industry going ahead with "no plan to manage emissions".
"We have no option but to defend a liveable climate for them," she said.
The NT Chamber of Commerce chief executive Greg Ireland said the green light for fracking was a win for the NT because it would create jobs.
"The territory has long suffered from the fact that it's been reliant on federal government support, but having our own revenue streams is critically important for our future," he said.
"It will build a technical skills base, it will build opportunities for our kids and encourage more and more people to want to live in the territory."
Four people stand on a concrete outdoor floor. They are holding red and white signs with ant-fracking slogans on them
Some people protested the decision outside Parliament House. (ABC News: Hamish Harty)
The Australian Petroleum Production and Exploration Association (APPEA), the overarching body for the oil and gas industry, has also welcomed the announcement.
With oil and gas companies still in their testing and appraisal phase in the Beetaloo Basin, it is expected that production applications will start flowing in for government approval next year.
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a gas flare in front of an exploration well.
NT government finalises key Beetaloo Basin study ahead of final fracking decision
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NT government denies Beetaloo Basin gas plans in doubt without federal support for offsets promise
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Ebenezer3
2 years ago
Falcon Oil & Gas Ltd. - Full Year Results
V.FO | 6 hours ago
FALCON OIL & GAS LTD.
(“Falcon”)
Full Year Results
28 April 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2022.
The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2022.
2022 Financial Highlights
Strong financial position, debt free with cash of US$16.8 million at 31 December 2022 (31 December 2021: US$8.9 million).
Continued focus on strict cost management and efficient operation of the portfolio.
Filing of Financial Statements, MD&A, AIF and Reserves Data
Falcon has filed its audited financial statements for the year ended 31 December 2022, the accompanying MD&A for year ended 31 December 2022 dated 27 April 2023, its Annual Information Form (“AIF”) dated 27 April 2023 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.
Beetaloo Operational Update - Amungee NW-2H (“A2H”) well
Following the successful completion of a 25-stage stimulation programme at the A2H well announced on 22 March 2023, and after an initial period of stimulation fluid flow back, Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran B2 Pty Limited, contracted Silver City Drilling to undertake completion operations at A2H. Operations to install production tubing were completed in late-April and the well was re-opened in preparation to commence flow testing.
30-day initial production (IP30) rates are expected during the second quarter of 2023.
Drilling locations for the forward program are expected to be announced following the release of the A2H well IP30 flow results, subject to joint venture approval.
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.
Consolidated Statement of Operations and Comprehensive Loss
Year Ended
31 December 2022
$’000 Year Ended
31 December 2021
$’000
Revenue
Oil and natural gas revenue - 2
- 2
Expenses
Exploration and evaluation expenses (151) (196)
General and administrative expenses (2,865) (3,031)
Decommissioning provision (825) (991)
Foreign exchange loss (138) (238)
(3,979) (4,456)
Results from operating activities (3,979) (4,454)
Finance income 298 7
Finance expense (310) (249)
Net finance expense (12) (242)
Lossbefore tax (3,991) (4,696)
Taxation - -
Loss and comprehensive loss for the year (3,991) (4,696)
Loss and comprehensive loss attributable to:
Equity holders of the company (3,994) (4,693)
Non-controlling interests 3 (3)
Loss and comprehensive loss for the year (3,991) (4,696)
Loss per share attributable to equity holders of the company:
Basic and diluted ($0.004) ($0.005)
Consolidated Statement of Financial Position
At 31 December
2022
$’000 At 31 December
2021
$’000
Assets
Non-current assets
Exploration and evaluation assets 42,977 40,197
Property, plant and equipment 7 13
Trade and other receivables 20 22
Restricted cash 2,090 2,239
45,094 42,471
Current assets
Cash and cash equivalents 16,785 8,894
Trade and other receivables 79 74
16,864 8,968
Total assets 61,958 51,439
Equity and liabilities
Equity attributable to owners of the parent
Share capital 402,120 392,170
Contributed surplus 47,063 46,254
Deficit (403,860) (399,866)
45,323 38,558
Non-controlling interests 701 698
Total equity 46,024 39,256
Liabilities
Non-current liabilities
Decommissioning provision 15,602 11,775
15,602 11,775
Current liabilities
Accounts payable and accrued expenses 332 408
332 408
Total liabilities 15,934 12,183
Total equity and liabilities 61,958 51,439
Consolidated Statement of Cash Flows
Year Ended 31 December
2022
$’000 2021
$’000
Cash flows from operating activities
Net loss for the year (3,991) (4,696)
Adjustments for:
Share based compensation 809 1,179
Depreciation 5 4
Net finance loss 22 242
Foreign exchange loss 138 238
Transfer of Canadian working interests - (28)
Decommissioning provision 825 991
Change in non-cash working capital
(Increase) / decrease in trade and other receivables (5) 44
(Decrease) / increase in accounts payable and accrued expenses (64) 67
Net cash used in operating activities (2,261) (1,959)
Cash flows from investing activities
Interest received 33 7
Exploration and evaluation assets additions (88) (163)
Granting of ORRI to Sheffield Holdings LP 6,000 -
Exercising of TOG Group call option (6,000) -
Property plant and equipment - (13)
Net cash used in investing activities (55) (169)
Cash flows from financing activities
Proceeds from private placement 10,000 -
Costs related to private placement (50) -
Net cash generated from financing activities 9,950 -
Change in cash and cash equivalents 7,634 (2,128)
Effect of exchange rates on cash and cash equivalents 257 (14)
Cash and cash equivalents at beginning of year 8,894 11,036
Cash and cash equivalents at end of year 16,785 8,894
All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.
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 (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 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 progress to date at A2H, the installation of production tubing, commencement of flow testing and the 30-day initial production (IP30) rates during the second quarter of 2023 along with the forward programme expected to be announced following the A2H well IP30 flow results, 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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Ebenezer3
2 years ago
Words of wisdom: Woodside Energy chief executive Meg O'Neill. Photo: APPEA
Woodside chief blasts extremists that threaten investment in Australia’s gas industry
Meg O’Neill also urges investment and regulatory certainty amid twin goals of energy security and decarbonisation
23 April 2023 7:14 GMT UPDATED 23 April 2023 7:14 GMT
By Amanda Battersby in Singapore
Woodside Energy chief executive Meg O’Neill has slammed extremists who are doing the damnedest to scupper under development and new gas projects in Australia, the region’s largest liquefied natural gas exporter.
Addressing the National Press Club in Canberra, O’Neill said that development of Australia’s gas industry has only been possible with the support of international investors and customers looking to secure their own energy supplies. But now they are questioning whether Australia still wants their investment.
“A vocal minority wants to shut down the industry and the jobs and livelihoods that go with it. They have deep pockets and are using both protest action and the courts to create uncertainty and destabilise regulatory processes to frustrate existing and new projects,” she said.
“We respect every Australian’s right to express their opinion – and we share the commitment to decarbonisation - but extremism is not the answer. We need confidence in stable regulatory outcomes, or we risk choking our energy industry, impacting both domestic and international supply,” added O’Neill.
“This concerns our regional partners, who depend on current Australian gas projects to help them meet their decarbonisation commitments and to keep the lights on in Asian megacities.”
O’Neill said that the challenge, as she sees it, is for Australia to use its vast natural gas resources for three interrelated goals: To provide affordable and reliable energy for Australians, to maintain strategic partnerships and regional energy security, and to progress global decarbonisation.
“We want to develop new projects in Australia, across both hydrocarbons and new energy opportunities, but that will only be possible if policy settings provide the certainty to underpin long-term investment.”
Securing future investment
During 2022, the world experienced what the International Energy Agency has termed “the first truly global energy crisis” and Australia, for all its vast natural resources, was not immune.
“Those who can least afford it have felt it most acutely, sometimes having to choose between food and heating through winter. This should not be happening in Australia. Australians should be able to expect reliable energy. That needs to come from having the right investment climate - rather than arbitrary market intervention - and the right honest conversations between all participants in the energy system,” said O’Neill.
But, she said, a longer-term view is needed to ensure new supply will be there to meet anticipated demand.
“Woodside and other companies are actively considering what we might be able to do to help - from infrastructure to enable LNG imports, to buildout of gas storage - but we also know these can only be progressed in concert with government.
“[This] requires a clear investment framework and regulatory certainty to attract the capital from international markets that is needed for large-scale projects.”
Woodside's 2022 A$2 billion-plus tax bill
Read more
The same partners who invested in Australia’s gas projects can provide the capital to develop lower-carbon hydrogen and renewable projects, but only if they consider it a secure investment, added O’Neill.
“For Australia to remain an attractive destination for global capital, fiscal and regulatory certainty is paramount.
“We urge the government, in any changes to the tax framework, to consider the long-term and preserve Australia’s ability to attract the next generation of investment, jobs and energy supply,” said O’Neill.
“In terms of regulatory certainty, agreement on clear processes and response times for project approvals is essential to unlocking reliable supply. Otherwise, energy investment will find another home, taking jobs and opportunities with it.”
Gas in tandem with renewables
Globally, we are going to need to use all the tools to address climate change while advancing developing economies, Woodside’s chief executive said.
“That’s going to require rapid scale-up of renewables and investment in ongoing gas supply as existing gas fields deplete.”
Even in its Net Zero Emissions scenario, the Paris-headquartered IEA has estimated an average of US$365 billion of upstream oil and gas investment is needed every year to 2030, and US$171 billion every year thereafter to 2050.
“When used to generate electricity, natural gas emits around half the life cycle emissions of coal. Gas is a flexible source of energy and provides a stable baseload,” she added.
Australia’s federal government is targeting increasing the share of renewables in the electricity grid to 82% by 2030, leaving an 18% gap that could be filled by natural gas. However, today gas-fired power only accounts for 7% of the national energy market.
O’Neill admitted that Australia’s gas industry needs to do more to reduce emissions but that it is moving in the right direction.
“We employ engineers – creative, practical problem-solvers, who are prioritising this challenge – and commercial analysts, who are figuring out ways to finance it,” she said.
“We have geologists, who used to explore for new oil and gas reservoirs, who are now looking at how we can safely inject and store carbon dioxide in depleted reservoirs.”
However, in the absence of certainty at a national level, Australian states have implemented complex and conflicting regulations for emissions reduction, moving away from the concept of tackling the lowest-cost abatement options first, and adding to the cost of doing business… not just for energy producers, but for all industrial segments, O’Neill commented.
Getting it right in future
“You might guess from my name that I’m of Irish heritage. I grew up in Boulder, Colorado, (in the US) but my Nanna grew up in a village in County Mayo, in Western Ireland, with no electricity - relying on a peat fire for heating, cooking and light,” O’Neill shared.
“As a society, we have come a long way since then, in just two generations. And we should not be regressing. We should instead be extending access to electricity to hundreds of millions of people in the developing world who still live without it. To do that, we need new supplies of affordable and reliable energy.”
However, against that backdrop, there is the need to decarbonise which will require the rapid scale-up of renewables alongside investment in ongoing gas supply as existing gas fields deplete.
Woodside is aiming to spend US$5 billion by 2030 to progress new energy opportunities and lower-carbon services.
Admitting the Australian company – which was founded in 1954 – historically has not always “got it right” in its relations with First Nations peoples, O’Neill said the company is on a journey in its relations with First Nations peoples and “working to get it right” by listening to and learning from these peoples.
“For Woodside, a big part of this is working with the Traditional Owners of Murujuga, in northern Western Australia, where our largest Australian operations are based,” she said
Ebenezer3
2 years ago
Amungee 2H start fracture operations:
Falcon Oil & Gas Ltd.- Commencement of the Amungee NW-2H Well Stimulation Programme
Falcon Oil & Gas Ltd.
Thu, February 16, 2023 at 1:00 AM CST·6 min read
In this article:
Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd.
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.
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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 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 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 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 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.
Ebenezer3
2 years ago
Yahoo
Oil and Gas Investor
Oil and Gas Investor
Third-generation wildcatter Bryan Sheffield founded Permian-focused Parsley Energy Inc. with a handful of vertical wells and turned the E&P in 12 years into a $7.6 billion sale in stock and debt assumption.
Dick Stoneburner, a multidecade rockstar, was part of taking Petrohawk Energy Corp. to the early days of the Haynesville, then the Eagle Ford, selling the E&P in eight years for $15.1 billion in cash and debt assumption.
The pair are now partners in Australian shale. And their combination is winning investment dollars—A$138 million already with A$98 million of that from private U.S. investors. (A$ = US$0.66.)
Stoneburner is chairman of Tamboran Resources Ltd., now the largest acreage holder (1.9 million) in Australia’s Beetaloo Basin. Sheffield, a private investor these days, is founder of Sheffield Holdings LP.
Here’s the deal: Origin Energy Ltd., an interest-owner with ConocoPhillips Co. in the Curtis Island, Queensland, Australia, LNG facility sought to add Australian shale E&P to its portfolio. But it opted this summer to exit that side of the business.
Enter Sheffield and Tamboran—and they’ve brought along more shale royalty too: Helmerich & Payne Inc.
The pair is closing the purchase of Origin’s 77.5% interest in three Beetaloo Basin permits (blocks 98, 117 and 76) for A$60 million, plus 5.5% royalties on future production.
They also agreed to a 10-year deal to sell up to 36.5 petajoules/year (36 Bcf/year) to Origin, which is a top Australian gas retailer, and an option to buy up to twice that amount per year for 10 years.
RELATED:
Bryan Sheffield Backs Australia’s Falcon Oil & Gas with $10 Million Investment
H&P has entered on the funding side of the deal—and is bringing The Iron. Born in 1920, H&P rolled out the new-tech FlexRig in 1998 that became the go-to among shale drillers.
H&P also kept its rigs hot-stacked in the Permian during the post-November 2014 downturn as Sheffield was rolling out new IPO capital to convert Parsley from a vertical Spraberry producer in the Midland Basin into a horizontal Wolfcamp developer.
In the deal for Origin’s interest, Tamboran’s A$98 million in private placements includes A$30 million from Sheffield and A$22 million from H&P.
With H&P, Tamboran signed a two-year contract for a super-spec FlexRig that will soon be getting to work on development drilling in the Mid-Velkerri B shale.
Joel Riddle, Tamboran CEO, told investors in a conference call, “They will be bringing in the first of five modern U.S. rigs that will be very critical for our ability to drop well costs and to drill very long horizontal wells in the Beetaloo moving forward.”
The laterals will eventually target up to 4,000 m (13,000 ft) in length.
H&P president and CEO John Lindsay said the Australian entry is toward rolling out the unconventional-rock FlexRigs abroad.
For now, though, an Australia-based rig operator will be drilling Tamboran’s horizontal Amungee 2H and 3H at an estimated combined cost of A$80 million. The frac jobs will be up to 20 stages in 1,000 m each.
Riddle said the target is to get well costs under A$20 million. “This H&P rig really will allow us to do that.”
Netherland Sewell & Associates Inc. (also U.S. oil and gas royalty) is Tamboran’s reserves auditor. It reported estimated prospective gas resources of some 147 Tcf and 2C contingent gas resources of 1.5 Tcf net to Tamboran upon closing with Origin.
Known to date about the Beetaloo property is that the Mid-Velkerri B has a good dry-gas system and data from tests across the holding show properties similar “to some of the highly successful shale gas plays in the United States,” Sheffield said in a statement.
“I believe this multistacked resource play has the potential to replicate the Permian and be one of the solutions to address the global energy crisis.”
In addition to the 50:50 deal with Tamboran on the Origin property, Sheffield has a 9.3% voting interest in Tamboran shares.
Ireland-based Falcon Oil & Gas Ltd., which holds 22.5% interest in Origin’s Beetaloo blocks, waived first dibs on the Origin buyout, letting it go to Tamboran and Sheffield instead.
The pass sounds smartly like what one might say if a couple of Warren Buffett’s want to turn your unimproved property into multibilliondollar real estate for you: “Sure. Go ahead.”
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CashCowMoo
1 year ago
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