Falcon Oil & Gas Shares Surge on Record Beetaloo Well Results
Shares in Falcon Oil & Gas Ltd (AIM: FOG, TSX-V: FO) surged as much as 40% in early trading on Monday morning after the company reported record-breaking gas production from its SS-2H ST1 well in Australia’s Beetaloo Sub-basin.
The well delivered a 30-day initial production (IP30) rate of 7.2 million cubic feet per day (MMcf/d)—the highest ever recorded in the Beetaloo. The result, achieved over a 1,671-metre lateral, places it among the top-performing wells globally, rivalling benchmarks in the Marcellus shale.
The performance significantly enhances Falcon’s development credentials as it progresses a five-well programme tied to a 40 MMcf/d gas sales agreement.
Calling the result “truly stellar,” CEO Philip O’Quigley said
“The IP30 flow rate results announced today of 7.2 MMcf/d, are truly stellar and marks another major data point in the Beetaloo Sub-basin again demonstrating that it compares to the best shale wells in the United States. Not only did the results exceed Falcon’s pre-drill commercial threshold of a normalised flow rate of 3 MMcf/d per 1,000 metres but had similar flow rates and pressures to SS-1H and SS-2H ST1, which all point towards the significant resource potential of the Beetaloo.
Falcon looks forward to the planned completion and testing of SS-4H by the end of 2025 and also to observing the results from the next three wells of the Shenandoah South drilling program and the additional milestones they will establish.
