Falcon Oil & Gas Ltd. - Beetaloo Operational Update

Falcon Oil & Gas Ltd.
(“Falcon”)

Beetaloo Operational Update

30 October 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to provide an operational update on the Shenandoah South 1H (“SS1H”) well in EP117 which is operated by Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.

Details are as follows:

• A diagnostic fracture injection test (“DFIT”) of the Amungee Member B-shale on the SS1H well was conducted to analyse geo-mechanical and reservoir properties, with results verified by third-party subsurface experts, Subsurface Dynamics, Inc.
  
  
• Formation pressures at SS1H were monitored for over 20 days and analysed to provide a pore pressure prediction for the area.
  
  
• DFIT results have demonstrated an over pressured regime, with a pore pressure gradient of at least 0.54 pounds per square inch (psi) per foot, which is consistent with an over pressured regime observed in the core area of the Marcellus shale. In addition, this result provides confidence that the upcoming flow test of the SS-1H well can replicate or exceed commercial flow tests achieved at the Santos-operated Tanumbirini 2H and Tanumbirini 3H wells (0.51 – 0.56 psi per foot) in the EP 161 acreage.
  
  
• Condor Energy Services have commenced the mobilisation of stimulation equipment to the SS1H well pad ahead of the planned 10 stage stimulation program in November 2023. IP30 flow rate results are anticipated to be released in early Q1 2024, subject to the timing of stimulation fluid flow back.
  
  
• On successful flow testing of SS1H, the Beetaloo Joint Venture (“BJV”) expect to be in a position to sanction a proposed pilot development in the Shenandoah South region.
  
  

Philip O’Quigley, CEO of Falcon commented:

“With the DFIT results along with log analysis providing confidence, we look forward to the next phase of operations in the Beetaloo with the stimulation and extended production testing of SS1H commencing in November. We will continue to update the market as results become available.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	[phone]
Philip O'Quigley, CEO	[phone]
Anne Flynn, CFO	[phone]
Cavendish Capital Markets Limited (NOMAD & Joint Broker)
Neil McDonald / Derrick Lee	[phone]
Tennyson Securities (Joint Broker)
Peter Krens	[phone]