Falcon Oil & Gas sets drilling record with potential Australian gas discovery

(WO) – Falcon Oil & Gas Ltd. announced that the Shenandoah South 1H (“SS1H”) pilot hole in exploration permit 117 has reached a total vertical depth (“TVD”) of 3,300 meters, intersecting approximately 90 meters of the Amungee Member B-shale with strong dry gas shows.

The 90 meters of the Amungee Member B-shale intersected represents the thickest section seen in the Beetaloo Sub-basin depocenter to date.

The Helmerich & Payne super spec FlexRig® Flex 3 rig reached TVD in 21.5 days, drilling at 153 meters per day. This is a new record for wells drilled below 3,000 meters in the Beetaloo Sub-basin.

Logging of the Amungee Member B-shale formation indicates potentially higher porosity and gas saturation relative to offset wells.

Initial evaluation confirms reservoir continuity of the Amungee Member B-shale over 150 kilometers between Amungee NW-2H and Beetaloo W-1 wells. This includes a target development area of approximately 1 million acres where the shale depth exceeds 2,700 meters.

Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited will commence a 1,000-meter horizontal section within the shale formation ahead of a stimulation program of up to 10 stages over a 500-metre section, which is planned for Q4 2023.

Philip O’Quigley, Falcon’s CEO, commented, “Reaching TVD of 3,300 meters on the SS1H well in just 21.5 days is a great first step in the current year work program. The preliminary results to date are all very promising as we commence the horizontal section before moving to the stimulation program in Q4 2023.”

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.