TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Spudding of Amungee NW-3H in Exploration Permit 98
25 September 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM:
FOG) is pleased to announce the spudding of the Amungee NW-3H
("A3H") horizontal well in exploration permit 98 with a H&P
(Helmerich & Payne) super-spec FlexRig(R) Flex 3 Rig in the
Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil
& Gas Australia Limited's joint venture partner, Tamboran (B2)
Pty Limited ("Tamboran B2").
The A3H well is the second of the two well programme in 2023 and
will target the Amungee Member B-Shale at an estimated depth of
2,450 metres TVD (total vertical depth). The A3H well is located on
the same well pad as the Amungee NW-2H well in exploration permit
("EP") 98 and is approximately 60 kilometres north of the
Shenandoah South 1H well ("SS1H") that we completed the drilling of
last week.
Drilling activity is expected to take approximately 25 days,
including a 1,000-metre horizontal section. A stimulation program
is planned for the second quarter of 2024, following the end of the
Northern Territory wet season.
Falcon will participate in the A3H well at its full
participating interest of 22.5% which, under the terms of the Joint
Operating Agreement, will create a drilling spacing unit ("DSU") of
20,480 acres.
Philip O'Quigley, CEO of Falcon commented:
"The spudding of the A3H horizontal well, just a week after
drilling the SS1H well , is an exciting acceleration in the
appraisal of the Beetaloo Sub-basin. We are confident that
learnings and results from the previous two Amungee wells drilled
in EP 98, together with the drilling of the SS1H well will have a
positive impact on the outcome of the results from this A3H well.
Preparations for the stimulation program of the SS1H well are
ongoing and we look forward to updating the market in due course as
soon as those operations commence."
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
Cavendish 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.
Drilling Spacing Unit ("DSU")
Under the latest executed Joint Operating Agreement, any well in
a new area creates a DSU (formerly referred to as a pro-ration
unit). The size of the DSU varies depending on a) the type and
length of the well to be drilled and b) whether or not the well is
a "commitment well" under the terms of the exploration permit.
Given that A3H is a commitment well on EP 98 to satisfy permit
requirements to the Northern Territory government, the DSU created
is approximately 4 times that of other wells. Wells which are not
commitment wells creating a new DSU will be a maximum of 6,400
acres.
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 ("Tamboran"), 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 spudding of A3H, targeting an estimated depth of 2,450 metres
TVD (total vertical depth); drilling activity is expected to take
approximately 25 days, including a 1,000-metre horizontal section;
and a stimulation program is planned for the second quarter of
2024, following the end of the Northern Territory wet season. 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.sedarplus.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
September 25, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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