Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that drilling operations on the Shenandoah South 1H (“SS1H”) well have been successfully completed with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.

The well has been drilled to a total measured depth (“TD”) of 4,300 metres, including a horizontal section over 1,074m in length in the Amungee Member B-shale, with casing and cementing also complete.

As noted previously for SS1H:

• Logging of the Amungee Member B-shale formation indicates potentially higher porosity and gas saturation relative to other wells drilled targeting the same formation.

• Initial evaluation confirms reservoir continuity of the Amungee Member B-shale over 150 kilometres between Amungee NW-2H (“A2H”) and Beetaloo W-1 wells. This includes a target development area of approximately 1 million acres where the shale depth exceeds 2,700 metres.

• A stimulation program of up to 10 stages over a 500-metre section is planned to commence in the fourth quarter of 2023.

The Helmerich & Payne (NYSE: HP) super spec FlexRig® Flex 3 rig will now be mobilised to the Amungee NW-3H (“A3H”) well site which will be drilled from the same pad as A2H.  The A3H well is the second of the two well programme in 2023 and will target the Amungee Member B-Shale at an estimated depth of 2,450 metres TVD (total vertical depth), with spudding of the well expected by the end of September 2023. Falcon Australia will participate at its full 22.5% interest.

Philip O’Quigley, CEO of Falcon commented:

“We are delighted to have successfully completed the SS1H horizontal well section and we now look forward to the next phase of operations with the stimulation and extended production testing of the well.  We will continue to update the market as results become available.”

NOMAD Name Change

The Company announces that its nominated adviser (NOMAD) and broker has changed its name from Cenkos Securities plc to Cavendish Securities plc following completion of its own corporate merger.

Ends.

Source: Falcon Oil & Gas Ltd