Falcon Oil & Gasoline Ltd. – Spudding of Shenandoah South 2H in Exploration Allow 98

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Falcon Oil & Gasoline Ltd.
(“Falcon” or “Firm”)

Spudding of Shenandoah South 2H in Exploration Allow 98

30 August 2024 – Falcon Oil & Gasoline Ltd. (TSXV: FO, AIM: FOG) is happy to announce the graduation of the 2024 drilling programme with the spudding of the Shenandoah South 2H (“SS2H”) horizontal properly in exploration allow 98 within the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gasoline Australia Restricted’s (“Falcon Australia”) three way partnership accomplice, Tamboran (B2) Pty Restricted (“Tamboran B2”).

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Following the drilling of the SS2H properly, Tamboran B2 will instantly transfer to the Shenandoah South 3H (“SS3H”) properly off the identical properly pad location forward of the stimulation program.

Each wells might be drilled with a H&P super-spec FlexRig® Flex 3 Rig and can embody a horizontal part of roughly 3,000 metres and can goal the Amungee Member B-shale at an estimated goal depth of three,020 metres. Every properly is anticipated to be drilled in 30 days.

The wells might be stimulated with as much as 60 phases utilising the Liberty Vitality trendy frac fleet at present being mobilised from the US to Australia. The elevated effectivity and efficiency of the Liberty fleet is anticipated to lead to a cloth enhance within the accomplished phases per day and optimised gasoline flows.

Preliminary movement check outcomes from every properly are anticipated in Q1 2025. As soon as movement testing is full, each wells might be suspended as future producers to produce the proposed 40 million cubic toes per day (MMcf/d) Shenandoah South Pilot Undertaking, which is anticipated to begin manufacturing in H1 2026, topic to remaining stakeholder and regulatory approvals.

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The 2 properly program would be the largest single marketing campaign within the Beetaloo Sub-basin up to now. An extra 4 properly program is deliberate for 2025 which can full the drilling for the proposed Shenandoah South Pilot Undertaking that may provide 40 MMcf/d to the Northern Territory authorities.

Falcon Australia will take part in each wells within the Shenandoah South Pilot Undertaking at its elected collaborating curiosity of 5%.

Philip O’Quigley, CEO of Falcon commented:
“The spudding of the SS2H horizontal properly, which is the primary of the deliberate two horizontal wells to be drilled in 2024, is an thrilling subsequent step within the growth of the Beetaloo Sub-basin. Following on from the success of the Shenandoah South 1H properly introduced earlier this yr, and utilizing the identical drilling firm, H&P, along with the arrival of the Liberty frac fleet, able to materially rising the stimulation depth, we’re actually enthusiastic about having the ability to display the deliverability of the Amungee Member B-shale over 3,000 metre horizonal sections.”

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CONTACT DETAILS:

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This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gasoline Ltd’s Technical Advisor. Dr. Bada obtained his geology diploma on the Eötvös L. College in Budapest, Hungary and his PhD on the Vrije Universiteit Amsterdam, the Netherlands. He’s a member of AAPG.

About Falcon Oil & Gasoline Ltd.

Falcon Oil & Gasoline Ltd is a world oil & gasoline firm engaged within the exploration and growth of unconventional oil and gasoline property, with the present portfolio targeted in Australia. Falcon Oil & Gasoline Ltd is included in British Columbia, Canada and headquartered in Dublin, Eire..

Falcon Oil & Gasoline Australia Restricted is a c. 98% subsidiary of Falcon Oil & Gasoline Ltd.

For additional data on Falcon Oil & Gasoline Ltd. Please go to www.falconoilandgas.com

About Beetaloo Joint Enterprise (EP 76, 98 and 117)

Shenandoah South Pilot Undertaking -2 Drilling House Models – 51,200 acres¹

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¹Topic to the completion of the SS2H and SS3H wells on the Shenandoah South pad 2.

About Tamboran (B2) Pty Restricted

Tamboran (B1) Pty Restricted (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Restricted, with Tamboran B1 being a 50:50 three way partnership between Tamboran Assets Restricted and Daly Waters Vitality, LP.

Tamboran Assets Restricted, is a pure gasoline firm listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is targeted on taking part in a constructive function within the international vitality transition in the direction of a decrease carbon future, by creating the numerous low CO₂ gasoline useful resource throughout the Beetaloo Basin by means of cutting-edge drilling and completion design know-how in addition to administration’s expertise in efficiently commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Vitality, LP is a extremely profitable investor and has made important returns within the US unconventional vitality sector up to now. He was Founding father of Parsley Vitality Inc. (“PE”), an impartial unconventional oil and gasoline producer within the Permian Basin, Texas and beforehand served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Pure Assets Firm (“Pioneer”), itself a number one impartial oil and gasoline firm and with the PE acquisition turned a Permian pure play firm. Pioneer has a present market capitalisation of c. US$60 billion.

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Advisory relating to forward-looking statements

Sure data on this press launch might represent forward-looking data. Any statements which might be contained on this information launch that aren’t statements of historic truth could also be deemed to be forward-looking data. Ahead-looking data sometimes incorporates statements with phrases equivalent to “might”, “will”, “ought to”, “count on”, “intend”, “plan”, “anticipate”, “imagine”, “estimate”, “initiatives”, “dependent”, “contemplate” “potential”, “scheduled”, “forecast”, “outlook”, “funds”, “hope”, “recommend”, “assist” “deliberate”, “roughly”, “potential” or the adverse of these phrases or related phrases suggesting future outcomes. Particularly, forward-looking data on this press launch consists of, however is just not restricted to, data regarding Tamboran B2 instantly shifting to drilling the SS3H properly off the identical properly pad location forward of the stimulation program following the drilling of the SS2H properly, each wells being drilled with a H&P super-spec FlexRig® Flex 3 Rig and together with a horizontal part of roughly 3,000 metres and focusing on the Amungee Member B-shale at an estimated goal depth of three,020 metres, the wells being stimulated with as much as 60 phases utilising the Liberty Vitality trendy frac fleet, the elevated effectivity and efficiency of the Liberty fleet leading to a cloth enhance within the accomplished phases per day and optimised gasoline flows, every properly anticipating to be drilled in 30 days, preliminary movement check outcomes from every properly anticipated in Q1 2025, each wells suspended as future producers to produce the proposed 40 MMcf/d Shenandoah South Pilot Undertaking, manufacturing anticipated to begin in H1 2026, topic to remaining stakeholder and regulatory approvals and that the 2 properly program would be the largest single marketing campaign within the Beetaloo Basin up to now and that a further 4 properly program is deliberate for 2025 which can full the drilling for the proposed Shenandoah South Pilot Undertaking that may provide 40 MMcf/d to the Northern Territory authorities.

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This data is predicated on present expectations which might be topic to important dangers and uncertainties which might be troublesome to foretell. The dangers, assumptions and different elements that might affect precise outcomes embody dangers related to fluctuations in market costs for shale gasoline; dangers associated to the exploration, growth and manufacturing of shale gasoline reserves; normal financial, market and enterprise circumstances; substantial capital necessities; uncertainties inherent in estimating portions of reserves and assets; extent of, and price of compliance with, authorities legal guidelines and laws and the impact of modifications in such legal guidelines and laws; the necessity to get hold of regulatory approvals earlier than growth commences; environmental dangers and hazards and the price of compliance with environmental laws; aboriginal claims; inherent dangers and hazards with operations equivalent to mechanical or pipe failure, cratering and different harmful circumstances; potential price overruns, drilling wells is speculative, usually involving important prices that could be greater than estimated and will not lead to any discoveries; variations in overseas trade charges; competitors for capital, gear, new leases, pipeline capability and expert personnel; the failure of the holder of licenses, leases and permits to fulfill necessities of such; modifications in royalty regimes; failure to precisely estimate abandonment and reclamation prices; inaccurate estimates and assumptions by administration and their three way partnership companions; effectiveness of inside controls; the potential lack of accessible drilling gear; failure to acquire or maintain key personnel; title deficiencies; geo-political dangers; and threat of litigation.

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Readers are cautioned that the foregoing checklist of necessary elements is just not exhaustive and that these elements and dangers are troublesome to foretell. Precise outcomes would possibly differ materially from outcomes urged in any forward-looking statements. Falcon assumes no obligation to replace the forward-looking statements, or to replace the the explanation why precise outcomes might differ from these mirrored within the forward-looking statements except and till required by securities legal guidelines relevant to Falcon. Further data figuring out dangers and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings can be found at www.sedarplus.com, together with beneath “Danger Components” within the Annual Info Kind.

Any references on this information launch to preliminary manufacturing charges are helpful in confirming the presence of hydrocarbons; nevertheless, such charges aren’t determinative of the charges at which such wells will proceed manufacturing and decline thereafter and aren’t essentially indicative of long-term efficiency or final restoration. Whereas encouraging, readers are cautioned to not place reliance on such charges in calculating the combination manufacturing for Falcon. Such charges are based mostly on discipline estimates and could also be based mostly on restricted information accessible presently.

Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this launch.

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