Falcon Oil & Gas Ltd. - Beetaloo Sub-basin - Completion of the three well batch drilling 2025 campaign

Core Insights - Falcon Oil & Gas Ltd has successfully completed its largest drilling program in the Beetaloo Sub-basin, consisting of three wells in the 2025 campaign [2][3] - The campaign has resulted in a total of 12,000 metres (40,000 feet) of horizontal cased sections that will undergo fracture stimulation in the coming months [3][7] - Gas sales to the Northern Territory government are expected to commence in the second half of 2026 [3][7] Company Overview - Falcon Oil & Gas Ltd is an international oil and gas company focused on the exploration and development of unconventional oil and gas assets, primarily in Australia [8] - Falcon Oil & Gas Australia Limited is a subsidiary of Falcon Oil & Gas Ltd, holding approximately 98% ownership [8] Drilling Campaign Details - The three wells drilled in the 2025 batch campaign (Shenandoah South SS2-1H, SS2-3H, and SS2-5H) each feature a horizontal section of 3,000 metres (10,000 feet) [7] - The average time to reach target depth was 26.7 days, with drilling and casing completed within the forecasted 35 days [7] - Modifications to the mud system and the use of anti-vibration drilling bits improved drilling efficiency, achieving approximately 1,000 metres drilled in a day for the SS2-1H well [7] Future Plans - A stimulation plan for up to 60 stages across the SS2-5H well is scheduled for Q4 2025, with flow testing expected to last 30 days before the well is shut-in [7] - In H1 2026, three wells, including the second well from the 2024 drilling campaign, are anticipated to be stimulated ahead of gas sales [7] - All wells in the Shenandoah South Pilot Project are projected to deliver the contracted volume of 40 million cubic feet per day (MMcf/d) under the Gas Sales Agreement with the Northern Territory Government [7]