News Release - Falcon Oil & Gas Ltd.
posted on
Mar 25, 2024 08:16AM
Developing large acreage positions of unconventional and conventional oil and gas resources
2024-03-25 03:00 ET - News Release
Falcon Oil & Gas Ltd.
(“Falcon”)
Falcon Optimises its Interest in the Beetaloo
25 March 2024 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has elected to reduce its working interest in the proposed Shenandoah South Pilot Project (“Pilot) from 22.5% to 5%. This optimises Falcon’s interest in the Beetaloo, since Falcon will only have to pay for 5% of the costs of the two wells to be drilled in 2024 as part of the Pilot but will still retain a 10% working interest in the enlarged area of circa 72,000 acres around the Pilot and a 22.5% working interest in the remaining 4.52 million acres.
Key Highlights
Philip O’Quigley, CEO of Falcon commented:
“Falcon’s election to reduce its participating interest to 5% in the Pilot is a prudent use of our capital resources as it significantly reduces our cost exposure. Post a successful Pilot, Falcon will own a weighted average interest of 10% in the enlarged area of around 72,000 acres around the Pilot and will be able to participate in any future development of this area, whilst still retaining 22.5% interest in the remaining 4.52 million acres. This election by Falcon demonstrates our ability to optimise our interest in the Beetaloo for the benefit of shareholders.
EP 98/117 interests
Company | Interest |
Tamboran (B2) Pty Limited | 77.5% |
Falcon Oil and Gas Australia Limited (Falcon) | 22.5% |
Total | 100.0% |
Shenandoah South-1 DSU – 20,480 acres
Company | Interest |
Tamboran (B2) Pty Limited | 77.5% |
Falcon Oil and Gas Australia Limited (Falcon) | 22.5% |
Total | 100.0% |
Shenandoah South-2 DSU – 51,200 acres
Company | Interest |
Tamboran (B2) Pty Limited | 95.0% |
Falcon Oil and Gas Australia Limited (Falcon) | 5.0% |
Total | 100.0% |