Falcon Oil & Gas announces that Falcon Oil & Gas Australia joint venture partner Tamboran (B2) Pty Limited (collectively the “BJV partners”) has completed the Shenandoah South SS2-1H well (“SS2-1H”) stimulation program.

Stimulation Program Details:

• 58 stages were stimulated across a ~3,050-metre (10,009 foot) horizontal section within the Amungee Member B Shale, with an average intensity of 2,206 pounds per foot of proppant placed along the completed horizontal section.
• Wellhead injection rates were consistently above 100 barrels per minute.
• The program utilized Liberty Energy’s (NYSE: LBRT) modern stimulation equipment.
• Optimization of the stimulation design during the campaign increased stage spacing from ~50 metres to ~60 metres (164 feet to 196 feet), reducing the total number of stages required. This adjustment is expected to lower costs in future stimulation programs.
• Due to an equipment issue encountered during the cleaning out of the well, it was determined that ~2,632-metres (8,635 feet) of the horizontal section (86%) will contribute to unimpeded flow but flow may be impeded for the remaining ~419-metre (1,374 feet) section from the toe.
• Following completion with tubing, the well will be soaked for 30 days before being flow tested for 30 days.
• 30-day initial production (IP30) flow rates are expected during the first quarter of 2026.
• In H1 2026, three wells (which includes the second well of the 2024 drilling campaign) are expected to be stimulated ahead of the commencement of gas sales.
• All wells included in the Shenandoah South Pilot Project are expected to deliver the contracted 40 MMcf/d volume required under the Gas Sales Agreement with the Northern Territory Government subject to weather conditions and final stakeholder approvals.
• As previously announced, Falcon Australia opted to reduce its participating interest in the three wells drilled in 2025 to 0%, with no cost exposure.

Philip O’Quigley, CEO of Falcon commented:
“This is another major milestone for the BJV partners with the stimulation of the first 3,050-metre horizontal well. With three more wells to be stimulated in H1 2026 and planned gas sales to commence shortly thereafter, 2026 is going to be a very busy and exciting year in the Beetaloo.

The definitive agreement entered into between Falcon and Tamboran Resources Corporation is progressing and is expected to close in the first quarter of 2026.”