TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon" or "Company")
Spudding of Shenandoah South 1H in Exploration Permit 117
01 August 2023 -- Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
is pleased to announce the spudding of the Shenandoah South 1H
("SS1H") horizontal well in exploration permit 117 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 SS1H well, which will include a horizontal section of
approximately 1,000 meters, will target the Amungee Member B-shale
at an estimated target depth of 3,200 metres (approximately 700
metres deeper than the Amungee NW-2H ("A2H") well in EP 98).
The SS1H well, which is the first of two horizontal wells to be
drilled in 2023 is located approximately 60 kilometres south of the
A2H well site. The deeper reservoir in this area of the basin is
expected to deliver higher pressures, based on data from the two
Santos-operated Tanumbirini wells in EP 161.
Falcon will participate in the SS1H 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.
Falcon remains fully funded for its share of all costs
associated with the drilling and testing of the SS1H well.
Philip O'Quigley, Falcon's CEO, commented:
"The spudding of the SS1H horizontal well, which is the first of
the planned two horizontal wells to be drilled in 2023, is an
exciting next step 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 two Santos
operated Tanumbirini wells drilled in EP 161 will have a positive
impact on the outcome of the results from this SS1H well."
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.
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 SS1H is a commitment well on EP 117 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, 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", "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 H&P rig, a two well programme in 2023, the estimated target
depth of the SS1 well and the assumption that the deeper reservoir
is expected to deliver high pressures. 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
August 01, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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