Falcon Oil & Gas Ltd - Shenandoah South - Pozo de 1 hora IP60 Caudales diarios de 3.0 MMcf/d (normalizado a 6.0 MMcf/d)
Falcon Oil & Gas Ltd.
(“Halcón” o “Compañía”)
Shenandoah South - 1H well IP60 Day Flow Rates of 3.0 MMcf/d (normalised to 6.0 MMcf/d)
26 March 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that the Shenandoah South 1H (SS-1H) well in EP117 achieved above commercial IP60 flow rate of 3.0 MMcf/d (normalised to 6.0 MMcf/d over 1,000 metres).
Highlights are as follows:
- The SS-1H well in EP117 achieved an average 60-day initial production (IP60) flow rate of 3.0 million cubic feet per day (MMcf / d) over the 1,644-foot (501 metres), 10 stage stimulated length within the Amungee Member B-Shale, normalised to 6.0 MMcf/d over 3,281-feet (1,000 metres).
- Exit rate trajectory after the 60 days of flow testing showed a steady low declining curve at 2.76 MMcf/d over the stimulated length (normalised at 5.52 MMcf/d per 3,281 feet) and stable reservoir back pressure of 530 psi.
- The SS-1H IP60 flow test indicates that future development wells with lateral length of 10,000-foot (3,000 metres) may be capable of delivering average rates of 18.4 MMcf/d over the first 60 days of production.
- Results to date confirm that this region measuring more than 1 million gross acres below 8,850 feet (2,700 metres) is one of the best locations in the Beetaloo Basin to commence pilot development activities.
- Flow testing of the SS-1H well will continue for the next 30 days to achieve average IP90 flow rates to better determine the well’s estimated ultimate recovery per well (EUR). IP90 flow rate results are expected to be announced in late April 2024.
- The Beetaloo JV Partners of Falcon and Tamboran B2 Pty Limited will continue to progress development plans for the proposed 40 MMcf/d Pilot Project at the Shenandoah South location. The project is expected to require six 10,000-foot development wells initially to achieve plateau production of 40 MMcf/d. Drilling of the first of these wells is planned to commence in Q2 2024 and the JV is targeting first gas in H1 2026.
- At the end of February 2024, Falcon held ~US$5 million in cash and has the benefit of a further A$16.67 million gross (~US$2.5 million net Falcon) carry to support immediate activities.
- Falcon is funded to commence drilling of the initial two wells in the program and will evaluate opportunities to support funding the remaining capital commitments to reach first production, including issuance of equity and/or debt, evaluation of pre-payment for gas from the proposed pilot project and potential farm-down opportunities.
Philip O’Quigley, CEO of Falcon commented:
“The SS-1H IP60 flow rate announced today of 3.0 MMcf/d, normalised to 6.0 MMcf/d over 1,000 metres, demonstrates a steady low declining curve while holding its downhole pressure. This augurs well for the initial development in the Shenandoah South area as these rates continue to track average flow rates seen in the Marcellus Shale basin in the US.”
Table 1: Shenandoah South-1 DSU – 20,480 acres
Empresa | Interés |
Tamborán (B2) Pty Limited | 77.5% |
Falcon Petróleo y Gas Australia Limited | 22.5% |
Total | 100.0% |
Table 2: Breakdown of the SS-1H flow result
SS-1H Rates (MMcf/d) | Real (501m; 1,644 ft) | Normalizado (1,000m; 3,281 ft) | Normalizado (3,048m; 10,000 ft) |
Tarifa máxima | 12.9 | N/A | N/A |
Average IP30 flow rate | 3.2 | 6.4 | 19.5 |
IP30 exit rate | 2.9 | 5.8 | 17.6 |
Average IP60 flow rate | 3.0 | 6.0 | 18.4 |
IP60 exit rate | 2.8 | 5.5 | 16.8 |
Source: Tamboran
Finaliza.
DETALLES DE CONTACTO:
Falcon Oil & Gas Ltd. | +353 1 676 8702 |
Philip O'Quigley, director ejecutivo | +353 87 814 7042 |
Anne Flynn, directora financiera | +353 1 676 9162 |
Cavendish Capital Markets Limitado (NOMAD y conjunto Broker) | |
Neil McDonald/Adam Rae | +44 131 220 9771 |
Tennyson Securities (conjunto Broker) | |
pedro krens | +44 20 7186 9033 |
This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.
Acerca de Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland..
Falcon Oil & Gas Australia Limited es una c. Filial al 98% de Falcon Oil & Gas Ltd.
For further information on Falcon Oil & Gas Ltd. Please visit www.falconoilandgas.com
Acerca de Tamboran (B2) Pty Limited
Tamboran (B1) Pty Limited (“Tamboran B1”) es el propietario del 100% de Tamboran (B2) Pty Limited, siendo Tamboran B1 una empresa conjunta al 50:50 entre Tamboran Resources Limited y Daly Waters Energy, LP.
Tamboran Resources Limited, es una empresa de gas natural que cotiza en los mercados ASX (TBN) y OTC de EE. UU. (TBNNY). Tamboran se enfoca en desempeñar un papel constructivo en la transición energética global hacia un futuro con menos carbono, mediante el desarrollo de la significativa baja en CO2 recurso de gas dentro de la Cuenca Beetaloo a través de tecnología de diseño de perforación y terminación de vanguardia, así como la experiencia de la administración en la comercialización exitosa de esquisto no convencional en América del Norte.
Bryan Sheffield de Daly Waters Energy, LP es un inversionista de gran éxito y ha obtenido ganancias significativas en el sector de energía no convencional de EE. UU. en el pasado. Fue Fundador de Parsley Energy Inc. (“PE”), un productor independiente de petróleo y gas no convencional en Permian Basin, Texas, y anteriormente se desempeñó como su presidente y director ejecutivo. PE fue adquirida por más de US$7 mil millones por Pioneer Natural Resources Company (“Pioneer”), en sí misma una empresa líder independiente de petróleo y gas y con la adquisición de PE se convirtió en una empresa pura de Permian. Pioneer tiene una capitalización de mercado actual de c. 60 mil millones de dólares estadounidenses.
Asesoramiento sobre declaraciones prospectivas
Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, but is not limited to, information relating to the IP60 flow rate of 3.0 MMcf/d over the 501 metres 10 stage stimulated length within the Amungee Member B-Shale, to the exit rate trajectory after the 60 days of flow testing showing a steady low declining curve over the stimulated length and stable reservoir back pressure of 530 psi, that the IP60 flow test results indicates that future development wells may be capable of delivering average rates of 18.4 MMcf/d, that this region is one of the best locations in the Beetaloo Basin to commence pilot development activities, the flow testing of the SS-1H well continuing for the next 30 days, IP90 flow results expected to be announced in late April 2024, the JV continuing to progress development plans for the proposed 40 MMcf/d Pilot Project at the Shenandoah South location, the development of six 10,000-foot development wells initially to achieve plateau production of 40 MMcf/d, drilling of the first of these wells planned to commence in Q2 2024 and the targeting of first gas in H1 2026, funding to commence drilling of the initial two wells in the program and evaluation of opportunities to support funding the remaining capital commitments to reach first production, including issuance of equity and/or debt, evaluation of pre-payment for gas from the proposed Pilot Project and potential farm-down opportunities
This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.
Se advierte a los lectores que la lista anterior de factores importantes no es exhaustiva y que estos factores y riesgos son difíciles de predecir. Los resultados reales pueden diferir materialmente de los resultados sugeridos en cualquier declaración prospectiva. Falcon no asume ninguna obligación de actualizar las declaraciones prospectivas ni de actualizar las razones por las cuales los resultados reales podrían diferir de los reflejados en las declaraciones prospectivas, a menos y hasta que lo exijan las leyes de valores aplicables a Falcon. Información adicional que identifica riesgos e incertidumbres se encuentra en las presentaciones de Falcon ante los reguladores de valores canadienses, cuyas presentaciones están disponibles en www.sedarplus.com, incluso en "Factores de riesgo" en el Formulario de información anual.
Cualquier referencia en este comunicado de prensa a las tasas de producción inicial es útil para confirmar la presencia de hidrocarburos; sin embargo, dichas tasas no son determinantes de las tasas a las que dichos pozos continuarán la producción y disminuirán a partir de entonces y no son necesariamente indicativos de desempeño a largo plazo o recuperación final. Aunque es alentador, se advierte a los lectores que no deben confiar en tales tasas al calcular la producción agregada de Falcon. Dichas tasas se basan en estimaciones de campo y pueden basarse en datos limitados disponibles en este momento.
Ni TSX Venture Exchange ni su Proveedor de Servicios de Regulación (tal como se define ese término en las políticas de TSX Venture Exchange) aceptan responsabilidad por la adecuación o precisión de este lanzamiento.