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Falcon Oil & Gas Ltd. - Beetaloo Operational Update - Stimulation Campaign & Remaining Shenandoah South Pilot Project
Falcon Oil & Gas Ltd. Beetaloo Operational Update – Stimulation Campaign &...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"Falcon Oil & Gas Ltd. - Beetaloo Operational Update – Stimulation Campaign & Remaining Shenandoah South Pilot Project\n\n\n\n\n Falcon Oil & Gas Ltd.\n \n\n\n\n Beetaloo Operational Update – Stimulation Campaign & Remaining Shenandoah South Pilot Project\n \n\n\n 14 May 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) notes the press releases from Tamboran Resources Corporation (NYSE: TBN, ASX: TBN) (“\n \n Tamboran\n \n ”) issued on 13 May 2025.\n \n\n Tamboran’s announcements confirmed:\n \n\n\n the commencement of flow testing at the Shenandoah S2-2H ST1 (“\n \n SS-2H ST1\n \n ”) well in the Beetaloo Sub-basin, Northern Territory, Australia;\n \n\n agreements entered to complete a US$55.4 million private placement and a US$15 million asset sale (at US$150/acre) to provide Tamboran with necessary funding to drill three wells commencing in mid-2025 and stimulate four wells (including the Shenandoah S2-4H well drilled late last year) in a single campaign planned for late 2025 / 1H 2026 subject to JV approval; and\n \n\n the finalisation of the checkerboard of the joint acreage position across exploration permits 76, 98 and 117 between Tamboran and Daly Waters Energy, LP (“\n \n DWE\n \n ”).\n \n\n\n\n\n\n Key points to note:\n \n\n\n\n\n SS-2H ST1\n \n\n\n\n\n Flow testing of SS-2H ST1 has commenced after a longer soaking period following analysis of wells across the Beetaloo Sub-basin, allowing water to imbibe into the rock, increasing the formation’s relative permeability to gas.\n \n\n The IP30 flow test is expected to be announced in June 2025 and testing is planned to continue for a full 90-days, subject to weather or unforeseen events.\n \n\n\n\n\n Checkerboard\n \n\n\n\n\n Tamboran and DWE have signed a binding agreement to finalise the checkerboard of their joint acreage across the three exploration permits: EP 76, 98 and 117.\n \n\n Both parties will hold operated working interest areas at 77.5% (except in the two smaller areas which are the subject of the sale of 100,000 acres by Tamboran to DWE), with Falcon Oil & Gas Australia Limited (“\n \n Falcon\n \n ”) having the remaining 22.5% non-operating interest across the wider acreage.\n \n\n Ownership of the proposed northern Pilot Area containing 20,309 acres, th...