Falcon Oil & Gas Ltd. (AIM:FOG) Spudding of Amungee 2H Development Well in Exploration Permit 98

10 November 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the spudding of the Amungee 2H development well (“A2H”) with the Silver City Rig 40 on 10 November 2022 on EP 98 in the Beetaloo Sub-Basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B1) Pty Limited (“Tamboran B1”).

Tamboran B1 is a 50:50 joint venture partnership between Daly Waters Energy, LP and Tamboran Resources Limited (“Tamboran”), with Tamboran appointed as operator across the exploration permits.

Tamboran will drill the vertical and build section to a depth of approximately 2,450 metres, followed by the drilling of a 1,000 metre horizontal section within the primary target of the Amungee Member B Shale (formerly known as the Middle Velkerri B-shale).

Following drilling, the A2H well is expected to commence a hydraulic fracture stimulation programme with a US style unconventional shale design. The well is designed with 5-½ inch casing to allow for effective placement of proppant into the formation, optimizing completion efficiency.

This is the first of two horizontal wells in the Stage 3 programme to be drilled during this current drilling campaign. The precise location of the second horizontal well, also targeting the Amungee Member B shale is currently being evaluated, and an update will be provided in due course.

Philip O ’Quigley , Falcon’s CEO, commented :

“The spudding of the A2H development well is an exciting first step for the planned two horizontal wells of the Stage 3 work programme with our new JV partner, Tamboran B1. This follows a successful production log test in September last year at Amungee NW-1H which suggested normalised gas flow rate equivalent to around 5,000 Mscf/d per 1,000 metres of horizontal section. Obtaining production rates over the first 30 days between 2,000-3,000 Mscf/d on the Stage 3 wells will support the JV moving to a multi-well pilot development program in 2023/2024. Falcon remains fully carried for the drilling and fracture stimulation of the A2H well.”



Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O’Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162

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