Expansion of Tamboran Shenandoah South pilot block

Note bold commentary, it would appear Falcon is getting wedged out of a bigger area. It would appear their inability to raise capital will remain their most notable capability.

Falcon Oil & Gas (FO.V FOG.L FAC.F) announced commencement of the stimulation campaign at the Shenandoah S2-2H ST1 and Shenandoah S2-4H wells in the Beetaloo Sub-Basin, Northern Territory, Australia with joint venture partner Tamboran (TBN TBN.ASX). Liberty Energy (LBRT), which mobilised equipment and sand to location before the end of last year, will carry out the stimulation campaign on behalf of the Beetaloo JV partners. For the next drill phase of the pilot, which involves the drilling and stimulation of the remaining four wells, Falcon has elected to reduce its participating interest from 5% to 0%, which will significantly reduce it’s 2025 capital expenditure. Falcon participated in the Shenandoah S-1H well in 2023 at its 22.5% participating interest which created a drill spacing unit of 20,480 acres and participated in the S2-2H ST1 and the S2-4H wells in 2024 at its reduced 5% participating interest which created two drill spacing units totalling 46,080 acres. The Beetaloo JV partners are planning on creating an enlarged area around the pilot, which would amalgamate the acreage and participating interests from the current and any further drill spacing units that may be created as part of the pilot, Falcon’s combined participation entitlement in which could be up to 10%.