News | November 25, 2024

Spudding Of The Second Well In The Shenandoah South Pilot Project, Shenandoah S2-4H

Falcon Oil & Gas Ltd. is pleased to announce the spudding of the Shenandoah S2-4H (“SS4H”) horizontal well (previously referred to as the SS3H well) in exploration permit 98 in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Tamboran B2”).

SS4H is the second well of the Shenandoah South Pilot Project and will be drilled from the same well pad as the Shenandoah S2-2H ST1 sidetrack well (“SS2H ST1”) using the H&P super-spec FlexRig Flex 3 Rig.

The SS4H well is estimated to be drilled to a total measured depth of 20,669 feet (6,300 metres) including a horizontal section of approximately 10,000 feet, (3,000 metres), targeting the Amungee Member B-shale.

Following the drilling of the SS4H well, Liberty Energy will complete the stimulation of the SS2H ST1 and SS4H wells, with 34 and 60 stages planned at the respective wells. Stimulation of both wells is expected to commence in Q1 2025 with 30 day initial production flow rates expected in the same period.

Falcon Australia will continue its participation in the Shenandoah South Pilot Project at its elected participating interest of 5%.

Philip O’Quigley, CEO of Falcon commented:
“The spudding of the SS4H horizontal well is an exciting next step in the development of the Beetaloo Sub-basin and we will look forward to updating the market as operations progress.”

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. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For more information, visit www.falconoilandgas.com

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

Company

Interest

Falcon Oil & Gas Australia Limited (Falcon Australia)

22.5%

Tamboran (B2) Pty Limited

77.5%

Total

100.0%

Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres1

Company

Interest

Falcon Oil & Gas Australia Limited (Falcon Australia)

5.0%

Tamboran (B2) Pty Limited

95.0%

Total

100.0%

1Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

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 CO2 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$7B by Pioneer Natural Resources Company.

Source: Falcon Oil & Gas Ltd