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29 January 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the commencement of the 30-day initial production (IP30) testing at the Shenandoah South 1H (“SS1H”) well in EP117, operated by Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran B2 Pty Limited.Following the completion of the 10-stage stimulation program announced on 7 December 2023 and the subsequent successful installation of production tubing, the SS1H well was opened to allow sufficient flow back of stimulation fluid ahead of commencing the IP30 test. For normal operational reasons, the SS1H well was shut-in for a three week soak period and was successfully re-opened on 25 January 2024. The aim of soaking was to allow for sufficient stimulation fluid to be absorbed by the shale, increasing the relative permeability to gas of the formation and enhancing future production performance. The IP30 test has now commenced, and results are expected by the end of February 2024.Proof of commercial flow rates as measured over the IP30 day period and which Falcon estimates to be 1.5 million cubic feet per day (“MMcf/d”) over the 500 metre horizontal section (3.0 MMcf/d normalised over 1,000 metres) or greater will allow the joint venture to progress the sanctioning of the proposed 40 MMcf/d pilot project at Shenandoah South during the first half of 2024.Philip O’Quigley, CEO of Falcon commented:“We look forward to this next phase of operations with the initial production testing of the SS1H well in the Beetaloo and will continue to update the market as results become available.”