Stellar IP90 Flow Test Result in the Beetaloo maintaining stable gas rate over the final 30-day period

Falcon Oil & Gas today announced that Shenandoah South 2H Sidetrack (“SS-2H ST1”) achieved an average 90-day initial production (“IP90”) flow rate of 6.7 million cubic feet per day (“MMcf/d”) over 1,671-metres (5,483-foot) within the Amungee Member B-Shale in the Beetaloo Sub-basin, Northern Territory, Australia, making it a Beetaloo Basin record.

Points to note:

• Flow rates from the SS-2H ST1 well over the last 30 days have increased by ~2% without any downhole intervention and maintaining a 44/64” choke.
• At the completion of the 90-day period, the well was flowing at 6.5 MMcf/d with a wellhead pressure of ~700 psi, a ~3% decline in wellhead pressure from the end of Day 60.
• The SS-2H ST1 well has now been suspended ahead of the commencement of gas sales to the Northern Territory Government via the Sturt Plateau Compression Facility in mid-2026, subject to weather conditions and final stakeholder approvals.

2025 Drilling Campaign

• The 2025 drilling campaign continued to progress with the intermediate section of the first two wells (S2-1H and S2-3H) successfully drilled. The rig is currently drilling the intermediate section of the third well (S2-5H). The campaign is the first multi-well drilling program implementing batch drilling in the Beetaloo Basin.
• On completion of the intermediate section of the S2-5H well, the rig is planned to commence drilling of the 10,000-foot horizontal sections of the three wells.
• This will complete the drilling phase of the five well Shenandoah South pilot program.
• As previously announced, Falcon Oil & Gas Australia has no cost exposure to the drilling of these three wells as it opted to reduce its participating interest in the three wells to 0%.

Philip O’Quigley, CEO of Falcon commented:
“The results we are seeing from the wells drilled and flow tested to date in the Shenandoah area of the Beetaloo illustrate the huge commercial potential of this area and augur extremely well for the pilot program and any subsequent larger scale development. These latest encouraging results will no doubt support Tamboran’s efforts in their farming down of an adjacent 400,000 acre area known as “Phase 2 Development Area”, further de-risking the commercial development of the Beetaloo.”

Tom Layman, Director of Falcon commented:
“The strong 90 day flowback performance from the SS2-2H ST1 is good news and in, combination with the SS- 1H, is another great result for this area of the Beetaloo. The fact that the well increased production rate from 6.4 MMcf/d to 6.5 MMcf/d over the last 30 days with very little change in pressure shows that we have more opportunity to optimize and maximize the performance of the Amungee member B-shale.”

KeyFacts Energy: Falcon Oil & Gas Australia country profile