Falcon Oil & Gas Ltd. - Operational Update - Shenandoah South 1H

Falcon Oil & Gas Ltd.
(“Falcon” or “Company”)

Operational Update - Shenandoah South 1H

30 August 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the Shenandoah South 1H (“SS1H”) pilot hole in exploration permit 117 has reached a total vertical depth (“TVD”) of 3,300 metres, intersecting approximately 90 metres of the Amungee Member B-shale with strong dry gas shows.

Points to note:

• The 90 metres of the Amungee Member B-shale intersected represents the thickest section seen in the Beetaloo Sub-basin depocenter to date.
  
• The Helmerich & Payne (NYSE: HP) super spec FlexRig Flex 3 rig reached TVD in 21.5 days, drilling at 153 metres per day. This is a new record for wells drilled below 3,000 metres in the Beetaloo Sub-basin.
• Logging of the Amungee Member B-shale formation indicates potentially higher porosity and gas saturation relative to offset wells.
  
• Initial evaluation confirms reservoir continuity of the Amungee Member B-shale over 150 kilometres between Amungee NW-2H and Beetaloo W-1 wells. This includes a target development area of approximately 1 million acres where the shale depth exceeds 2,700 metres.
  
• Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited will commence a 1,000-metre horizontal section within the shale formation ahead of a stimulation program of up to 10 stages over a 500-metre section, which is planned for Q4 2023.
  
  

Philip O’Quigley, Falcon’s CEO, commented:

“Reaching TVD of 3,300 metres on the SS1H well in just 21.5 days is a great first step in the current year work programme. The preliminary results to date are all very promising as we commence the horizontal section before moving to the stimulation programme in Q4 2023. We will continue to update the market on progress made."

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.		[phone]
Philip O'Quigley, CEO		[phone]
Anne Flynn, CFO		[phone]
Cenkos Securities plc (NOMAD & Broker)
Neil McDonald / Derrick Lee		[phone]