Falcon Oil & Gas progresses work at Shenandoah wells in Australia

(Alliance News) - Falcon Oil & Gas Ltd on Thursday provided an update on its activities at its operations in the Beetaloo Sub-basin, Northern Territory, Australia, with its joint venture partner Tamboran B2 Pty Ltd.

The Australia, Hungary and South Africa-focused oil and gas company said the Shenandoah S2-2H ST1 well is currently being prepared for the commencement of initial flow back and extended production testing.

Falcon Oil & Gas is aiming to announce 30-day initial production flow rates in April.

At the Shenandoah South 4H well, the firm intends to carry out reinforcement activities in the first quarter of 2025, with completion targeted for the second quarter, as soon as the initial production flow test is completed at SS-2H ST1.

The company is aiming to announced 30-day initial production flow rates for SS-4H in mid-2025.

"We continue to be extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling, together with the completion of a successful stimulation program on SS-2H ST1 well," said Chief Executive Officer Philip O'Quigley.

"We look forward to updating the market on the IP30 flow test results from both wells as soon as they become available."

Falcon Oil & Gas' current cash balance is USD8.2 million.

Shares in Falcon Oil & Gas closed down 3.7% at 6.50 pence in London on Friday.

By Emily Parsons, Alliance News reporter

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