Falcon Oil & Gas Ltd.
(“Falcon” or “company”)

begin the Amungee NW-2H So stimulation program

February 16, 2023 – Falcon Oil & Gas Ltd. FOFOG)) is pleased to announce the start of the well stimulation program at the Amungee NW-2H (“A2H“) So.

The A2H hole was drilled to a total depth (TD) of 3,883 meters including a 1,275 meter horizontal section within the Amungee Member B Shale (formerly known as the Middle Velkerri B-Shale) in the Beetaloo Sub-Basin, Northern Territory, Australia , with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B1) Pty Limited (“tamboran“) in December 2022.

Details of the stimulation program:

• The program will consist of up to 24 phases of stimulation over a 1,200 meter horizontal trend within the Amungee Member B Shale, with operations expected to be completed within 2-3 weeks.
• The A2H stimulus program will be delivered by Condor Energy Services, a respected Australian energy service provider, using proven US-style slate stimulus designs and techniques, including the use of 5½-inch enclosures.
• The 5½ inch body allows for optimal placement of sand and liquid at an increased rate at the perforations during stimulation and has been shown to deliver significantly higher production rates.
• Up to four weeks of fluid reflux after stimulation is expected prior to installation of production tubing.
• Initial 30-day production rates are expected early in Q2 2023.

Philip O‘QuigleyFalcon CEO, commented:
“We are pleased to announce the commencement of stimulation operations with our joint venture operator Tamboran Resources Limited. This is an exciting phase of operations at Beetaloo with the potential to achieve production rates that would support the joint venture in moving to a multi-well pilot development program in 2023-2024. We look forward to updating the market on these very important flow rates when they become available.“

ends.

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