The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
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Thanks for sharing schlemiel having seen anything quantified like that 're the resouce. That's some resource!
Atb,
Northern
Oilmansubstackcom/p/oilman-jims-letter-28-april-2024
The well will now be shut in and suspended as a potential future production well. The Beetaloo joint venture partners of Falcon and Tamboran Resources (TBN.AX TBNRL) will continue to undertake front end engineering and design studies and the company expects to take final investment decision in mid-2024, subject to funding and key stakeholder approvals. The 1 million acres of deep shale in the Beetaloo West, at a similar depth to SS-1H, has the potential to deliver the joint venture’s production ambition of 2 billion cubic feet per day (equivalent to more than 13.0 million tonnes per annum of LNG export capacity) for 40 years from a single landing zone.
end
On with the company news, Falcon Oil & Gas (FO.V FOG.L FAC.F) announced funding, a long-term gas sales agreement and results of the Shenandoah South 1H flow test. The bookbuild has been completed and Falcon has raised gross proceeds of c.US$4.9 million (c. £3.9 million) through the subscription and placing of 64,794,087 shares at an issue price of 6p. The company’s subsidiary also has agreed to grant Daly Waters Energy and a major US-based energy industry service provider overriding royalty interests over Falcon Australia’s working interests in the Beetaloo Sub-Basin exploration permits in return for cash payments of US$3 million and US$1 million respectively. The net proceeds of the fundraising, together with the company’s existing cash resources of c.US$4.3 million, the balance of Falcon’s net carry of A$3.75m due from Tamboran and the consideration from the grant of the ORRIs will primarily be used to fund Falcon’s share of estimated capital expenditure in respect of the work to be carried out on the proposed Shenandoah South Pilot Project in 2024, including the drilling of two 3,000m horizontal wells and the stimulation and flow test of two wells in the Beetaloo Sub-basin. These proceeds will also enable Falcon to fund its share of the cost of the planned 330km2 of 3D seismic survey around the Pilot area, which it is expected will be acquired during Q4 2024 with processed results being available by Q1 2025. The Beetaloo joint venture now has signed a binding agreement for a long-term gas sales agreement to supply the Northern Territory Government with 14.6 PJ (13.8 BCF) per annum from the proposed Shenandoah South Pilot Project for an initial term of nine years, with a buyer’s option to extend for a further six-and-a-half years. Gas will be delivered to the APA-owned Amadeus Gas Pipeline on a take-or-pay basis at a market-competitive gas price, escalating at 100% of the Consumer Price Index. The buyer’s extension option is at a slightly discounted price. The Beetaloo joint venture is targeting FID on the proposed 40 TJ (38,000 MCF) per day upstream drilling program in mid-2024, subject to securing funding and key regulatory and stakeholder approvals. First gas flow is planned for H1 2026. Falcon holds a 5% working interest in the 51,200-acre area that will include the wells required to deliver the proposed pilot project volumes. The company also announced last week that the Shenandoah South 1H (SS-1H) well in EP117 achieved an above commercial IP90 flow rate of 2.9 million cubic feet per day (normalised to 5.8 million cubic feet per day over 1,000 metres), indicating that future development wells with lateral lengths of 10,000 feet may be capable of delivering average rates of 17.8 million cubic feet per day over the first 90 days of production. The SS-1H well has demonstrated steady gas flows and decline profiles in line with some of the most prolific regions of the Marcellus Shale in the US.
cont.....
'the 1 million acres of deep shale in the beetaloo west, at a similar depth to ss-1h, has the potential to deliver the joint venture’s production ambition of 2 billion cubic feet per day (equivalent to more than 13.0 million tonnes per annum of lng export capacity) for 40 years from a single landing zone.'
https://*******************/p/oilman-jims-letter-28-april-2024