2023-08-01 02:00 ET - News Release

Falcon Oil & Gas Ltd.
(“Falcon” or “Company”)

Spudding of Shenandoah South 1H in Exploration Permit 117

01 August 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the spudding of the Shenandoah South 1H (“SS1H”) horizontal well in exploration permit 117 with a H&P (Helmerich & Payne) super-spec FlexRig® Flex 3 Rig in the Beetaloo Sub-Basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B2) Pty Limited (“Tamboran B2”).

The SS1H well, which will include a horizontal section of approximately 1,000 meters, will target the Amungee Member B-shale at an estimated target depth of 3,200 metres (approximately 700 metres deeper than the Amungee NW-2H (“A2H”) well in EP 98).

The SS1H well, which is the first of two horizontal wells to be drilled in 2023 is located approximately 60 kilometres south of the A2H well site. The deeper reservoir in this area of the basin is expected to deliver higher pressures, based on data from the two Santos-operated Tanumbirini wells in EP 161.

Falcon will participate in the SS1H well at its full participating interest of 22.5% which, under the terms of the Joint Operating Agreement, will create a drilling spacing unit (“DSU”) of 20,480 acres.

Falcon remains fully funded for its share of all costs associated with the drilling and testing of the SS1H well.

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

“The spudding of the SS1H horizontal well, which is the first of the planned two horizontal wells to be drilled in 2023, is an exciting next step in the appraisal of the Beetaloo Sub-Basin. We are confident that learnings and results from the previous two Amungee wells drilled in EP 98, together with the two Santos operated Tanumbirini wells drilled in EP 161 will have a positive impact on the outcome of the results from this SS1H well.”