Falcon Oil & Gas Ltd. - Another Stellar IP30 Flow Test Result in the Beetaloo

Core Viewpoint - Falcon Oil & Gas Ltd has announced a significant achievement in the Beetaloo Sub-basin, with the Shenandoah S2-2H ST1 well recording an average 30-day initial production (IP30) flow rate of 7.2 million cubic feet per day (MMcf/d), marking the highest IP30 result in the region to date [2][5]. Development Activity - The IP30 flow rate of 7.2 MMcf/d exceeds Falcon's pre-drill commercial threshold of 3 MMcf/d per 1,000 metres, indicating strong resource potential in the Beetaloo Sub-basin [5]. - The normalized flow rate of 13.2 MMcf/d over an extrapolated 10,000-foot horizontal section aligns with the average of over 11,000 wells in the Marcellus Shale dry gas area [6]. - The exit rate trajectory shows a steady decline at 6.7 MMcf/d, with a flowing wellhead pressure of approximately 910 psi, consistent with previous wells in the area [6]. - Falcon plans to complete and test the SS-4H well by the end of 2025, with a drilling campaign for three additional wells set to commence in July 2025 [6]. - The five wells on the SS2 pad are expected to be tied into the Sturt Plateau Compression Facility under a 40 MMcf/d take-or-pay Gas Sales Agreement with the Northern Territory Government, with production anticipated to start in mid-2026 [6].