On 16^th October 2023, London-listed Falcon Oil & Gas, in partnership with Tamboran Resources, has successfully completed the drilling of a pivotal shale well situated onshore in Australia. This well holds significant importance for both companies as it plays a crucial role in unlocking shale gas opportunities in the Australian market. Tamboran Resources, the operator of the project, holds a majority share of 77.5%, with Falcon as the partner, holding a 22.5% stake in the endeavor.

Key Operation Details:

• The drilling, casing, and cementing of the A3H well reached a total measured depth of 3,837 meters, including a horizontal section of 1,100 meters within the Amungee Member B-shale.
• The well successfully intersected the Amungee Member B-shale at a vertical depth of 2,272 meters and encountered substantial gas indications, aligning with pre-drill expectations.
• The drilling process was completed in just 17.9 days, averaging a remarkable rate of 214 meters per day. This was achieved 20 days faster than the Amungee 2H well, primarily thanks to the efficiency delivered by the Helmerich & Payne, Inc. super-spec FlexRig Flex 3 Rig.
• A stimulation program is scheduled for the second quarter of 2024, following the wet season in the Northern Territory.
• The overall expenses for drilling and cementing the A3H well amounted to USD 7.97 million, showcasing a cost reduction of USD 1.14 million when compared to the A2H well. This reduction illustrates the successful application of insights gained from prior drilling projects and the advancements in drilling technology facilitated by the H&P super-spec FlexRig Flex 3 Rig.

Falcon Oil & Gas Ltd. is a globally active oil and gas enterprise dedicated to the exploration and development of unconventional oil and gas reserves. The company is incorporated in British Columbia, Canada, and maintains its headquarters in Dublin, Ireland. Falcon's primary interests lie in two largely unexplored basins in Australia and South Africa, with additional holdings in Hungary, encompassing around 12.3 million gross acres. These assets are strategically positioned in regions with a strong regional demand for energy, and in the cases of Australia and Hungary, are in close proximity to existing infrastructure, facilitating the swift delivery of oil and gas to the market.