TIDMFOG
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.
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- 1/2
-inch casing, by Condor Energy Services, a respected Australian energy
services provider.
-- 5- 1/2 -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 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", "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- 1/2 -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.
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
February 16, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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