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 nicely in exploration allow 98 within the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gasoline Australia Restricted’s (“Falcon Australia”) three way partnership companion, Tamboran (B2) Pty Restricted (“Tamboran B2”).

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

Each wells shall 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 nicely is predicted to be drilled in 30 days.

The wells shall be stimulated with as much as 60 phases utilising the Liberty Power trendy frac fleet at the moment being mobilised from the US to Australia. The elevated effectivity and efficiency of the Liberty fleet is predicted to end in a fabric enhance within the accomplished phases per day and optimised gasoline flows.

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

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

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

Philip O’Quigley, CEO of Falcon commented:
“The spudding of the SS2H horizontal nicely, 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 nicely introduced earlier this yr, and utilizing the identical drilling firm, H&P, along with the arrival of the Liberty frac fleet, able to materially growing the stimulation depth, we’re actually enthusiastic about with 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 global 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 integrated 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 Venture -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 Sources Restricted and Daly Waters Power, LP.

Tamboran Sources 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 world vitality transition in direction of a decrease carbon future, by creating the numerous low CO₂ gasoline useful resource inside the Beetaloo Basin via cutting-edge drilling and completion design expertise in addition to administration’s expertise in efficiently commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Power, LP is a extremely profitable investor and has made vital returns within the US unconventional vitality sector prior to now. He was Founding father of Parsley Power Inc. (“PE”), an unbiased 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 Sources Firm (“Pioneer”), itself a number one unbiased 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 could represent forward-looking data. Any statements which are contained on this information launch that aren’t statements of historic reality could also be deemed to be forward-looking data. Ahead-looking data usually accommodates statements with phrases reminiscent of “could”, “will”, “ought to”, “count on”, “intend”, “plan”, “anticipate”, “imagine”, “estimate”, “tasks”, “dependent”, “take into account” “potential”, “scheduled”, “forecast”, “outlook”, “funds”, “hope”, “recommend”, “assist” “deliberate”, “roughly”, “potential” or the destructive of these phrases or comparable phrases suggesting future outcomes. Particularly, forward-looking data on this press launch consists of, however will not be restricted to, data referring to Tamboran B2 instantly shifting to drilling the SS3H nicely off the identical nicely pad location forward of the stimulation program following the drilling of the SS2H nicely, 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 concentrating 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 Power trendy frac fleet, the elevated effectivity and efficiency of the Liberty fleet leading to a fabric enhance within the accomplished phases per day and optimised gasoline flows, every nicely anticipating to be drilled in 30 days, preliminary circulate check outcomes from every nicely anticipated in Q1 2025, each wells suspended as future producers to produce the proposed 40 MMcf/d Shenandoah South Pilot Venture, manufacturing anticipated to begin in H1 2026, topic to remaining stakeholder and regulatory approvals and that the 2 nicely program would be the largest single marketing campaign within the Beetaloo Basin thus far and that an extra 4 nicely program is deliberate for 2025 which can full the drilling for the proposed Shenandoah South Pilot Venture that can provide 40 MMcf/d to the Northern Territory authorities.

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This data is predicated on present expectations which are topic to vital dangers and uncertainties which are troublesome to foretell. The dangers, assumptions and different components that would 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; basic financial, market and enterprise situations; substantial capital necessities; uncertainties inherent in estimating portions of reserves and assets; extent of, and value of compliance with, authorities legal guidelines and rules and the impact of modifications in such legal guidelines and rules; the necessity to acquire regulatory approvals earlier than growth commences; environmental dangers and hazards and the price of compliance with environmental rules; aboriginal claims; inherent dangers and hazards with operations reminiscent of mechanical or pipe failure, cratering and different harmful situations; potential value overruns, drilling wells is speculative, typically involving vital prices which may be greater than estimated and should not end in any discoveries; variations in international trade charges; competitors for capital, gear, new leases, pipeline capability and expert personnel; the failure of the holder of licenses, leases and permits to satisfy 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 inner controls; the potential lack of obtainable drilling gear; failure to acquire or preserve key personnel; title deficiencies; geo-political dangers; and danger of litigation.

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Readers are cautioned that the foregoing listing of essential components will not be exhaustive and that these components and dangers are troublesome to foretell. Precise outcomes may differ materially from outcomes instructed in any forward-looking statements. Falcon assumes no obligation to replace the forward-looking statements, or to replace the the explanation why precise outcomes may 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 “Threat Elements” within the Annual Data 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 mixture manufacturing for Falcon. Such charges are primarily based on subject estimates and could also be primarily based on restricted knowledge out there at the moment.

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

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