TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon" or "Company")
Operational Update on Amungee NW-2H Drilling
23 December 2022 -- Falcon Oil & Gas Ltd. (TSXV: FO, AIM:
FOG) is pleased to announce that drilling operations, including
casing and cementing, at the Amungee NW-2H ("A2H") well have been
successfully completed. The A2H well has been 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").
Key points to note:
-- The A2H well intersected the Amungee Member B Shale at 2,413 metres
vertical depth.
-- Preliminary drilling data confirms elevated gas shows with high
concentration C1, (methane) observed.
-- Drilling was completed in 38 days (spud to TD) and a total cost of A$14.1
million (excluding casing and cementing), slightly ahead of pre-drill
design days and budget. Falcon remains fully carried for the cost of
these operations.
-- Up to 24 stimulation stages are planned within the Amungee Member B Shale
when operations are expected to resume in the first quarter of 2023,
subject to weather conditions.
-- Stimulation and flow testing of the A2H well over the 1,275-metre
horizontal section will enhance the joint venture's understanding of the
potential commerciality of the Amungee Member B Shale.
-- The joint venture is currently undertaking a comprehensive review of all
available data before finalising the location of the final well under the
Stage 3 work programme, targeted to be drilled in 2023.
Philip O'Quigley, Falcon's CEO, commented:
"We are delighted that the joint venture's new operator,
Tamboran Resources Limited, has successfully drilled and cased the
Amungee NW-2H well and look forward to the next phase of operations
with the fracture stimulation in the New Year and obtaining
productions rates that would support the joint venture moving to a
multi-well pilot development program in 2023/2024. We will continue
to update the market as results 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 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", "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 stage 3 operations and
progress to date at A2H and the decision reached on the second well
of the stage 3 programme including the evaluation of the location,
which remains ongoing, the execution of the fracture stimulation of
the A2H well, the prospectivity of the Amungee Member/Middle
Velkerri play and the prospect of the exploration programme being
brought to commerciality. 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
December 23, 2022 02:00 ET (07:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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