Falcon Oil & Gas completes successful drilling operations in Australia’s Beetaloo sub-basin

October 16, 2023

(WO) – Falcon Oil & Gas Ltd. announced that drilling operations on the Amungee NW 3H (“A3H”) well in EP98 have been successfully completed with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited.

The A3H well was drilled, cased and cemented to a total measured depth (“TD”) of 3,837 m, including a horizontal section of 1,100 m in the Amungee Member B-shale.

The well intersected the Amungee Member B-shale at a total vertical depth (“TVD”) of 2,272 m and encountered significant gas shows, in line with pre-drill expectations.

Drilling took 17.9 days, at an average rate of 214 m per day, and at 20 days faster than the Amungee 2H (“A2H”) well, the Helmerich & Payne, Inc. (H&P), (NYSE: HP), super-spec FlexRig® Flex 3 Rig delivered the anticipated drilling efficiencies.

A stimulation program is planned for the second quarter of 2024, following the Northern Territory wet season.

Total costs for the drilling and cementing of the A3H well was A$12.6 million. Cost reductions of A$1.8 million compared to A2H, demonstrates the application of learnings from previously drilled wells and the improvement in drilling technology with the H&P super-spec FlexRig® Flex 3 Rig.

In addition, stimulation activities for the SS1H well in EP117 are on track to commence in November 2023 with IP30 flow rates anticipated in early 2024.

Philip O’Quigley, CEO of Falcon commented, “We are delighted to have successfully completed the A3H horizontal well section and are very encouraged by the drilling days achieved by H&P in reaching TD at A3H and the cost reductions recorded relative to A2H. We now 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.”

Falcon Oil & Gas Ltd is an international oil and gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary.

Tamboran Resources Limited is a natural gas company focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercializing unconventional shale in North America.

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