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Falcon Oil & Gas Ltd. - Operational Update on the Stimulation Campaign
Falcon Oil & Gas Ltd. (“Falcon”, “Group”) Operation...
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"Falcon Oil & Gas Ltd. - Operational Update on the Stimulation Campaign\n\n\n\n\n Falcon Oil & Gas Ltd.\n \n\n\n (“Falcon”, “Group”)\n \n\n\n\n Operational Update on the Stimulation Campaign\n \n\n\n 13 February 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides the following update on the stimulation campaign for the Shenandoah S2-2H ST1 (“\n \n SS-2H ST1\n \n ”) and Shenandoah South 4H (“\n \n SS-4H\n \n ”) wells in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“\n \n Falcon Australia\n \n ”) joint venture partner, Tamboran (B2) Pty Limited (“\n \n Operator\n \n ”).\n \n\n\n SS-2H ST1\n \n\n\n\n As previously announced stimulation operations were successfully completed over 35 stages across the 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale with Liberty Energy (NYSE: LBRT) stimulation equipment.\n \n\n\n\n The SS-2H ST1 well is being prepared for the commencement of initial flow back and extended production testing.\n \n\n Targeting announcement of 30 day initial production (“\n \n IP30\n \n ”) flow rates in April 2025.\n \n\n\n\n\n\n SS-4H\n \n\n\n\n Commenced stimulation operations in January 2025.\n \n\n The Operator took proactive and precautionary steps to pause completion operations due to the detection of stress in a casing connection.\n \n\n Reinforcement activities are planned to be conducted in Q1 2025, aiming for stimulation activities to recommence in Q2 2025, as soon as the IP30 flow test is completed at SS-2H ST1.\n \n\n The deferred stimulation program should provide an opportunity to incorporate lessons from the SS-2H ST1 campaign.\n \n\n Targeting announcement of IP30 flow rates in mid-2025.\n \n\n\n\n\n\n Working Capital\n \n\n\n\n Falcon Australia has received a A$4.7 million (~US$3 million) research and development tax offset in cash.\n \n\n The Group’s current cash balance is US$8.2 million.\n \n\n\n\n Philip O’Quigley, CEO of Falcon commented\n \n :\n \n\n “\n \n We continue to be extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling, together with the completion of a successful stimulation pr...