Philip O’Quigley, CEO of Falcon commented:

“The IP30 flow rate announced today of 3.2 MMcf/d, normalised to 6.4 MMcf/d over 1,000 metres, are truly stellar and mark a major turning point in the Beetaloo Basin. Not only did the results exceed Falcon’s pre-drill commercial threshold of a normalised flow rate of 3 MMcf/d by more than 100% but the geological properties evidenced in this part of the Basin, including reservoir pressure, effective porosity and gas-in-place all point towards the significant resource potential of the Basin. We will continue flow testing the well for the next 60 days to achieve an IP90 flow rate which will better determine what that resource potential is.

We can now look forward with confidence to commencing the proposed 40 MMcf/d pilot development project which will start with the drilling of the first of six 10,000 ft development wells in Q2 2024, subject to stakeholder approval and funding, and look forward to updating the market as those plans begin to materialise.”

The IP30 flow test extrapolates to ~19.5 MMcf/d for proposed future 10,000-foot (3,000 metres) development wells, in line with some of the highest flow rates achieved in the US Marcellus shale

Pretty good news today and a conference call at 11 am est.

https://falconoilandgas.com/2024/02/26/stellar-ip30-day-flow-rates-advances-the-beetaloo-to-pilot-development/

https://stocks.apple.com/AEL8A0qEETj6oQqDapoxkLA

How many more years here?

Tamboran Webcast 6/27/23... https://webcast.openbriefing.com/tbn-ep-2023/player/?player_id=51632

Tamboran Capital Raise and Presentation: https://www2.asx.com.au/markets/company/tbn. Scroll down to announcements to download.

https://abnnewswire.net/lnk/809LP7U8. Sydney, June 27, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (ASX:TBN) (TBNNY:OTCMKTS) has received binding commitments for a non-underwritten placement to new and existing shareholders to raise up to ~$53.2 million (before costs) at $0.18 per share. The price represents a 12.2 per cent discount to the closing price on Thursday, 22 June 2023 and 13.0 per cent discount to the 10-day VWAP for the period ending 22 June 2023.

In conjunction with the placement, Helmerich & Payne (NYSE:HP) and Tamboran have signed a binding Heads of Agreement (HOA) for a Convertible Note (CN) of ~US$9 million (~$13.2 million), which is subject to shareholder approval. The CN has a 5-year term and 5.5% interest rate (paidin-kind), with a conversion floor of $0.21 per share and ceiling of $0.30 per share.

The Company intends to launch a Share Purchase Plan (SPP) allowing existing shareholders to participate on the same terms as the placement at $0.18 per share of up ~$5 million. binding HOA to complete a CN with H&P for up to ~US$9 million (~$13.2 million). The note is expected to cover the cost of mobilisation of the H&P super spec FlexRig(R) Flex 3 Rig into Australia during H1 2023. This will allow Tamboran to focus on investing into drilling activities to mature resources and unlock gas in the Beetaloo Basin.

Institutional equity placement

Tamboran has received commitments for ~$53.2 million (pre-costs) in equity, to be raised through the issue of approximately 295.6 million new shares to new and existing investors. This includes a further equity investment of ~$14.7 million from Tamboran's largest shareholder, Sheffield Holdings, LP ("Sheffield").

The placement was conducted at an issue price of $0.180 per share ("Issue Price"), representing a discount of:

- 12.2% to Tamboran's last traded price on Thursday, 22 June 2023 of $0.205 per share.

- 13.0% to Tamboran's 10-day VWAP ended Thursday, 22 June 2023 of $0.207 per share.

The placement comprises two-tranches as follows:

- An unconditional placement of 288,995,504 New Shares to raise ~$52.0 million, to be issued without shareholder approval ("Tranche 1 Placement"). New Shares issued under the Tranche 1 Placement will be issued within the Tamboran's existing placement capacity in accordance with ASX Listing Rule 7.1 (184,623,835 shares) and 7.1A (104,371,669 shares); and

- A conditional placement of 6,638,886 New Shares to certain Tamboran directors to raise ~$1.2 million, subject to shareholder approval at a general meeting expected to be held in late July / early August 2023 ("Tranche 2 Placement").

Here's the real link to the Q&A from 6/22:

Tamboran Resources Limited Selects APA as Preferred Beetaloo Pipeline Partner
Today at 05:30 pm

TAMBORAN RESOURCES LIMITED

0.2050 AUD 0.00%
Sydney, Australia (ABN Newswire) - Tamboran Resources Limited (ASX:TBN) (OTCMKTS:TBNNY) has selected APA Group (ASX:APA) as the preferred transmission pipeline partner for Tamboran's Beetaloo Basin development following a six-month competitive process.
APA and Tamboran have signed a term sheet, which is planned to be converted into a longerform agreement in the coming months, to jointly develop gas transmission pipelines to connect Tamboran's Beetaloo Basin assets to Australia's domestic East Coast gas market and Tamboran's proposed Northern Territory LNG development at Middle Arm.
The principles of the term sheet between APA and Tamboran are that:
- APA will fully fund all activities proposed under the strategic partnership, including spending of up to $10 million on studies and approvals over the next twelve-months.
- APA will commence a project to install a gas pipeline connecting Tamboran's proposed pilot development at Shenandoah South (SS) to the Amadeus Gas Pipeline (AGP), targeting completion by 2025.

Tamboran Resources Limited Signs Non-Binding LNG MOUs with BP and Shell
Today at 05:31 pm

TAMBORAN RESOURCES LIMITED

0.2050 AUD 0.00%
Sydney, Australia (ABN Newswire) - Tamboran Resources Limited (ASX:TBN) (OTCMKTS:TBNNY) has entered into two non-binding Memorandum of Understandings (MOU) with BP Singapore Pte. Limited (bp), a subsidiary of BP plc., and Shell Eastern Trading (Pte) Ltd. (Shell), a subsidiary of Shell plc. regarding the potential purchase of liquefied natural gas (LNG) from Tamboran's proposed NTLNG project at Middle Arm.
The two MOUs include volumes for bp and Shell to each purchase up to 2.2 million tonnes of LNG per annum (MTPA) over a 20-year period.
Gas volumes have the potential to be supplied from Tamboran's Beetaloo Basin gas assets, subject to completion of the Concept Select studies, successful Beetaloo appraisal drilling and Government approvals.
Tamboran to progress discussions with both bp and Shell prior to the completion of the FEED in 2024 and aim for formal execution of the LNG Sale and Purchase Agreements (SPA) in 2025.
Tamboran Resources Limited Managing Director and Chief Executive Officer, Mr Joel Riddle, said:
"Securing these MOUs with bp and Shell is a significant step in progressing the proposed NTLNG development at Middle Arm.

Tamboran plans 3Q clean-up of the Amungee 2H well : https://www2.asx.com.au/markets/company/tbn. Scroll down to announcements.

Q&A..............................................................https://presentations.investormeetcompany.com/investor-meet-company/FALCON-OIL-GAS-LTD-Investor-Q-A-6ee261e712bcc85a44f8a969

Yeah I agree, could be something as simple as a frack sand blockage. I am more surprised that the announcement didn't come from Tamboran.

Watch, 30 days from now a miraculous fix will make flows exactly what we hoped for. Just more false flag bs.

Proactive:
Falcon Oil & Gas shares take hit as 'skin' inhibits well test in Beetaloo project
04:05 Thu 22 Jun 2023
Jamie Ashcroft

Falcon Oil & Gas Ltd
AIM:FOG
TSX-V:FO
Falcon Oil & Gas Ltd - Falcon Oil & Gas shares take hit as 'skin' inhibits well test in Beetaloo project
Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO) shares dropped by nearly a third in Thursday’s early deals after a new production test update informed investors that the Amungee NW-2H well, drilled in December and fracked in March, has yet to establish an "uninhibited production rate".

The company, in a technical update via RNS, said that independent analysis has found “a potential skin” that’s inhibiting the flow of gas from the stimulated shale – nevertheless, the well has been flowing gas, at a rate of around 0.83mln cubic feet per day plus 50 barrels per day of water.

It noted that this is the sixth well to be drilled and stimulated in the Beetaloo, in Australia’s Northern Territory, and that the joint venture partners believe the test results to date “are not indicative of the underlying production potential” of the Amungee NW-1H well.

Analysis is continuing with the partners assessing how they can potentially clean-up potential skin along with any potential learnings for future operations, Falcon added. Any possible clean up work would be carried out in the third quarter, it noted.

Two further wells are currently under consideration in the project for the remainder of this year, though these plans have yet to be formally approved among the partners.

Chief executive Philip O’Quigley, meanwhile, highlighted Falcon’s financial position which he described as “very strong”, with the company holding US$16mln of cash whilst its costs are also currently carried by its partners.

“Initial flow rates demonstrated from the A2H well to date do not reflect the true deliverability of the shale in the Amungee region … we continue to learn from how the shale is stimulated and performs under varying conditions,” O’Quigley said in a statement.

“Further analysis of all available data together with any clean-up work will hopefully yield more positive interpretation of the results obtained to date.”

In London, Falcon shares were down 3.2p or 32%, changing hands at 6.8p on Thursday.

Sheffield takes big stake in Beetaloo player
SHEFFIELD Holdings has acquired a 9.24% stake in Beetaloo Basin explorer Falcon Oil & Gas.

Sheffield takes big stake in Beetaloo player
Markets > M-aComments
The acquisition comes shortly after the Northern Territory government advised it had implemented all the recommendations from an independent inquiry into fraccing, paving the way for industry to begin. Unfortunately this is behind a paywall article:
https://www.energynewsbulletin.net/m-a/news/1454614/sheffield-takes-big-stake-in-beetaloo-player

GlobeNewswire
Falcon Oil & Gas Ltd. - Investor Q&A
Author of the article:
GlobeNewswire
GlobeNewswire
Published Jun 16, 2023 • 2 minute read
Falcon Oil & Gas Ltd.
(“Falcon")

Investor Q&A
16 June 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that Philip O’Quigley, Falcon’s CEO, will conduct a Q&A via the Investor Meet Company platform on 22 June 2023 at 4:30pm (London time) following the Annual General and Special Shareholder meeting that will be held in the Conrad Hotel, Earlsfort Terrace, Dublin 2, Ireland on 22 June 2023 at 11:00am (London time).

The event is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00am (London time) the day before the meeting or at any time during the live presentation.

STORY CONTINUES BELOW

Investors can sign up to Investor Meet Company for free and add to meet Falcon Oil & Gas Ltd. via:
https://www.investormeetcompany.com/falcon-oil-gas-ltd/register-investor
Investors who already follow Falcon Oil & Gas Ltd. on the Investor Meet Company platform will automatically be invited

Thanks for the info… appreciate it.

Sorry just posting general info pertaining to the Beetaloo basin. If Empire gets approved it will benefit everyone in the Beetaloo. Sorry for the confusion.

What does this mean for Falcon?

Beetaloo basin news(Empire energy group):
Empire Energy Group continues strong gas flow at Carpentaria-2H as testing ends
10:53 Wed 24 May 2023
Proactive
Empire Energy Group Ltd
ASX:EEG
OTC:EEGUF
Empire Energy Group Ltd -
Gas flare at the Carpentaria-2H well.

Consistently strong gas flow rates at the Carpentaria-2H (C-2H) well within the Beetaloo Sub-Basin in Australia's Northern Territory (C-2H) has renewed the confidence of Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) in the commercial viability of its EP187 asset.

C-2H has produced a total of 323 terajoules (TJ) or 281 million standard cubic feet (mmscf) over 127 days, with the gas composition remaining consistent with high calorific value and extremely low carbon dioxide (CO2).

This equates to a normalised rate of 2.75 TJ or 2.4 mmscf per day per 1,000 metres for the entire test period.

Following an updated gas composition analysis, the post-soak 2023 IP30 is now confirmed at 3.5 TJ or 3.0 mmscf per day per 1,000 metres.

Growing confidence
"We are pleased to share the continued strong gas flow rates achieved at C-2H as they provide further confidence that an economic development in EP187 may be achievable,” Empire Energy managing director Alex Underwood said.

“The cumulative production of 323 TJ over 127 days from C-2H would equate to over 1,000 TJ cumulative production for an equivalent 3-kilometre horizontal development well over the same period.

“This is despite the unoptimised nature of the C-2H well that has tested multiple completion methodologies.

Wells shut
C-2H has been 'shut in' for now and will be available as a future gas producer.

On the other hand, Carpentaria-3H (C-3H) will reopen for flow testing once its soaking period ends.

Soaking is the practice of shutting in a shale gas well for a period following fracture stimulation to improve its long-term productivity through redistribution and interaction of the residual water with the rock.

Meanwhile, the front-end engineering and design for the Carpentaria Pilot Project’s final investment decision is ongoing.



Map showing depth to base of Velkerri B shale across the Greater Carpentaria project area.

Attractive gas price
“If we assumed a gas price of $10/GJ, which is less than half the spot price at Wallumbilla on May 22, 2023, an equivalent 3-kilometre development well could generate over $10 million in gross revenue before royalties over an equivalent first 127 days of commercial production without any further well optimisation,” Underwood said.

“Such a level of gross revenue so early in the life of development wells may support field level economics.

“Following recent regulatory implementation by the NT Government giving the Beetaloo a ‘green light’ to move into commercial production, and an extremely tight domestic gas market, line of sight towards commercialisation is getting clearer by the day," he added.

South Africa circles back to shale...https://www.zawya.com/en/economy/africa/safrica-circles-back-to-shale-gas-as-power-crisis-drags-rs2w8ut7. Falcon Oil & Gas and Bundu Gas and Oil Exploration, a majority-owned unit of Australia's Challenger Exploration, retained rights to apply for exploration licenses, Sayidini said.

"We believe this is the place to be with the best potential to make it commercially viable," Philip O'Quigley, Falcon's CEO told Reuters of the southern part of the basin, where the company is seeking a license. South Africa will auction at least 10 new onshore blocks for shale gas exploration in the environmentally sensitive Karoo region, a government official told Reuters, as the country eyes alternative energy sources to ease its worst-ever power crisis.

South Africa's first competitive auction for oil and gas resources, expected in 2024 or 2025 once legislation making provision for the bid round is passed, includes acreage once held by Shell.

"We are potentially looking at a minimum of about 10 shale gas blocks in the Karoo that will be released through competitive bidding," Bongani Sayidini, chief operating officer at the Petroleum Agency of South Africa (PASA) said.

PASA estimates the Karoo Basin holds around 209 trillion cubic feet (tcf) of technically recoverable shale gas resources, although a 2017 study by geologists at University of Johannesburg said this was probably 13 tcf, the lower end of estimates ranging between 13 tcf to 390 tcf.

Even 5 tcf would be enough for a 1,000 megawatt (MW) to 2,000 MW gas-fired power plant to supply electricity for up to 30 years, the Academy of Sciences of South Africa said in its Karoo shale gas action plan released last year.

It isn't clear how the cost would compare to existing coal fire power stations or the ever-cheaper wind and solar energies that are gradually replacing them.

Fracking in the Karoo Basin, a vast area covering more than half of South Africa's land surface, has been shelved for a decade because of resistance from environmental activists and farmers, and regulatory uncertainty.

Shell's 90,000 square kms is available after the oil major early last year withdrew an application to explore, Sayidini said.

Confirming the withdrawal, a Shell spokesperson said they are focussing upstream investment on fewer basins that align with global strategy and where Shell has competitive advantages.

New shale blocks offered will be smaller to increase participation, Sayidini said. It could take a decade or longer for the first gas output, if sufficient resources are found.

Australia's gas industry will take the lead to a net zero 2050
We are "not a passive observer, or casualty" on path to decarbonisation: APPEA chair

16 May 2023 2:16 GMT UPDATED 16 May 2023 2:16 GMT
By Amanda Battersby in Adelaide
Australia’s oil and gas industry must not become a casualty in the nation’s and the global race to decarbonisation, said APPEA chair Meg O’Neill.


Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
“This week, we double down on our message that the oil and gas industry is not a passive observer, or worse — a casualty — of the global and Australian race towards a net zero economy, O’Neill said in a keynote address to the APPEA 2023 conference.

“We are part of the solution. We are an essential source of energy for every business… every household… every community… every person.

“And we are committed to working together to achieve the Paris targets,” she said.

The Australian Petroleum Production and Exploration Association (APPEA) sees gas as playing an important role on that road to net zero.

“When used to generate electricity, natural gas emits around half the lifecycle emissions of coal. That’s a pretty strong argument for using more gas in my book,” said O’Neill.

But investments in the new gas supply needed both for the domestic market and for export, require a regulatory framework that provides stability and transparency, she told delegates.

“Australia is uniquely placed to succeed in the energy transition — we have plenty of natural resources, the right workforce and a strategic location,” said O’Neill.

“I am confident the Albanese government wants the same outcome, and our industry will continue to work constructively and proactively on charting Australia’s reliable, affordable lower carbon future.”

Gas is crucial for Australia’s energy security, particularly when solar and wind power are compromised by the weather, and is also critical for energy security in nations such as Japan and South Korea that rely on liquefied natural gas imports from Down Under.

“Nations across the Indo-Pacific still rely on Australian gas to ensure their own energy security today and support their clean energy transformations, with higher penetration of renewables. Japan, South Korea, Singapore and China have been our most important LNG trading partners for years,” said Minister for Resources, Madeleine King.

Australia is one of the world’s largest LNG exporters, accounting for about 21% of global exports, with export revenues forecast to reach A$91 billion (US61 billion) in the current financial year.

Australia is by far the largest LNG supplier to Japan, accounting for almost half of its LNG imports in 2022, worth an estimated A$34 billion.

Australia’s gas supplies to South Korea and China last year were worth an estimated A$18 billion and A$19 billion, respectively.

Japanese and South Korean demand, and their significant capital investment, has underpinned development of Australia’s LNG industry, on both its east and west coasts, added King.

O’Neill noted that gas accounts for 42% of the energy used by Australian manufacturers.

“We know… that the Australian Government wants to turbocharge our manufacturing capabilities. Using more gas could do this.”

O’Neill also highlighted that gas can fuel the plants that manufacture batteries for electric vehicles.

Australia’s Prime Minister Anthony Albanese last week said that gas is an important industry for Australia and for its national interest.

“But we know some in the parliament, and many in the community, do not know the central role natural gas plays in the Australian economy and their everyday lives,” said O’Neill.

“Or the vital role natural gas is playing and will continue to play, in reducing Australia’s emissions.

“This is an area where our industry recognises we need to do more.”

APPEA is embarking on an awareness campaign, highlighting that its focus on the industry’s contribution to Australia’s economy and to emissions reductions, is not a policy pivot, or reset.

“Rather, it reflects our strengthened resolve to be more forward leaning about our sector’s strong future and critical role in the net zero economy… in Australia, in our region and globally.

“Many companies have set their own ambitious targets to achieve net zero and plan to invest billions of dollars in the technologies that will deliver the real emissions reductions needed to get us there,” said O’Neill.

“In short, we will lead, we will shape, and we will innovate towards 2050 and a net zero emissions Australia.”

Upstream article 5/11/23 Empire energy...
In operation: the Silver City Drilling Rig 40 at the Carpentaria-2H well on EP 187 in Australia’s Northern Territory.Photo: EMPIRE ENERGY
Empire Energy eyes pilot production in newly-reopened Australian shale play
Final investment decision targeted in 2023 for Carpentaria gas production

11 May 2023 23:05 GMT UPDATED 11 May 2023 23:05 GMT
By Amanda Battersby in Singapore
Australia-listed junior Empire Energy is racing to step up a gear towards production at its Northern Territory assets now the territory’s government has finalised the Beetaloo regulatory framework.

Empire is progressing front-end engineering and design work, field development planning, Indigenous and regulatory approvals, gas sales and pipeline transportation negotiations for its proposed Carpentaria pilot project on EP 187, with the aim of taking the final investment decision later this year.


Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
Independent reservoir engineering forecast production analysis indicates that three-kilometre horizontal wells in the Carpentaria area of EP 187 could ultimately deliver about 6 billion cubic feet of gas per well on a 50% recovery basis and about 8 Bcf on a 10% recovery basis, the operator said.

“This represents a potential upstream development cost of A$2 to A$3 per gigajoule in future development scenarios assuming A$15 million to A$20 million per well capital expenditure,” Empire said.

The company has engaged consultants Netherland, Sewell & Associates to prepare an updated resource assessment for its EP 187 asset, which is due before the end of June.

The regulatory framework put in place by the NT government is now among the most extensive and robust in the world and will allow the safe and sustainable development of the Beetaloo’s abundant natural gas resources, Empire said.

The company added that this gives management the confidence to accelerate its investment decision and planning processes as it moves towards pilot production.

“Building on the encouraging results of our exploration activity over the last four years, we look forward to submitting applications for all required approvals to enable us to move into gas production and the delivery of much-needed new gas supply to the Australian domestic market, and subsequently to increase liquefied natural gas exports, already the NT’s largest source of foreign income and a significant contributor to federal government revenues,” Empire managing director Alex Underwood said.

Last week, the NT government announced the finalisation of all 135 recommendations of the 2018 scientific inquiry into hydraulic fracturing in the territory chaired by Justice Rachel Pepper, effectively establishing a platform for approval of gas production in the Beetaloo sub-basin.

“After an extensive process of review and reform, industry participants and their investors now have certainty on how the NT government will regulate this vital industry,” Underwood added.

Meanwhile, in the western Beetaloo, Empire has secured a groundwater extraction licence to supply water for its planned 2D seismic survey, drilling and hydraulic stimulation activities in the gas discovery area within its wholly owned EP 167 and EP 168.

The company plans to soon resubmit its environment management plan for this work and, once its EMP and Land Access & Compensation Agreements are completed and approved, Empire will be able to acquire up to 376 line kilometres of 2D seismic and construct up to six well pads with horizontal stimulated wells.

Upstream article 5/11/23...
Onshore asset: Tanumbrini drilling on Beetaloo basin Block EP 161 in Northern Territory, Australia.Photo: TAMBORAN RESOURCES
Tamboran eyeing Beetaloo shale production as early as 2025
Most powerful land rig in Australia has arrived on location

11 May 2023 23:05 GMT UPDATED 11 May 2023 23:05 GMT
By Amanda Battersby in Singapore
Australian operator Tamboran Resources is looking to step up its investments in the Northern Territory’s Beetaloo basin, which hosts low carbon dioxide gas resources.

Hot on the heels of the NT government’s recent decision to reopen the door to exploitation of the basin’s giant onshore gas resources, Tamboran last week welcomed the arrival of the Helmerich & Payne (H&P) super spec FlexRig(R) Flex 3 rig to Australia — a drilling unit that the operator said would deliver “a step change in drilling efficiency in the Beetaloo basin”.


Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
“Tamboran welcomes the Northern Territory government’s announcement that the 135 Pepper Inquiry recommendations have been fully implemented. This gives industry the certainty to import and invest in the latest shale technology and equipment, including H&P FlexRig(R) rig,” Tamboran chief executive Joel Riddle said.

“With the government’s completion of the Pepper Inquiry, Tamboran is planning on moving rapidly towards production as early as 2025.”

Once operational, this onshore drilling rig will be the most powerful rig in Australia, capable of drilling more than 3000-metre horizontal sections within the Mid Velkerri B shale in the higher quality, deeper shale formations of the Beetaloo.

“With Beetaloo gas containing approximately 3% to 4% reservoir carbon dioxide, we expect the reduction in Scope 1 and 2 emissions will be more cost efficient when compared to offshore gas fields that can hold up to 20% associated carbon dioxide,” Riddle said.

Tamboran has already initiated discussions with potential gas buyers for volumes of 200 to 300 terajoules of gas per day from later this decade.

“Contracting this gas will be critical in enabling us to approve our 1 billion cubic feet per day development plan,” he added.

Riddle said that through the company’s strategic alliance with H&P and the possibility of importing four more rigs into Australia, commercialisation of shale gas from the Beetaloo basin has the potential to reduce current energy costs with generally lower associated emissions than existing coal and higher reservoir CO2 gas fields.

Australia-listed Tamboran has its sights on developing low CO2 unconventional natural gas resources in the Beetaloo sub-basin within the Greater McArthur basin in NT.

The company’s key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197, which are located in the Beetaloo sub-basin.

“The development of the Beetaloo basin, one of the world’s largest undeveloped shale gas plays, has the potential to transform the Northern Territory,” Riddle said.

“It is anticipated that thousands of direct and indirect jobs will be created locally, and hundreds of millions of dollars in royalties will be paid to Traditional Owners and the Northern Territory government,” he added.

Australian Budget Supports Gas and Hydrogen Development
Wednesday, May 10, 2023
© Lukasz Z / Adobe Stock


Australia’s federal government has released its 2023 Budget, with the offshore industry saying it listened to industry concerns.

Australian Petroleum Production & Exploration Association (APPEA) Chief Executive Samantha McCulloch said the new Future Gas Strategy showed the government recognised the urgent need for a strategy to secure new gas supply to avoid shortfalls in coming years.

“New gas supply is essential to keep the lights on, put downward pressure on prices and deliver substantial economic benefits in the transformation of our energy system for net zero,” McCulloch said. “The national strategy announced tonight is a response to independent reports and authorities warning of gas supply shortfalls and allows for a coordinated policy response.”

The Budget allocates A$2 billion to accelerate the development of low-carbon hydrogen in Australia and to catalyse clean energy industries. Australia already has the largest pipeline of renewable hydrogen projects in the world.

McCulloch said: “Low-carbon hydrogen has a critical role to play in reaching net zero, in particular in hard-to-abate industries and manufacturing. The oil and gas sector is pivotal in scaling up and rolling out low-carbon hydrogen in Australia and globally, with natural gas combined with carbon capture representing the most developed and lowest cost pathway to low-carbon hydrogen available today.”

The Budget also recognised the importance of CCUS, with a review of regulations to enable CCUS investment – as highlighted by APPEA in its 2023-24 Federal Budget Submission. However, the McCulloch says the Budget fell short of committing to a national CCUS roadmap in partnership with industry to provide the clear policy direction needed to promote Australia as a regional carbon storage leader. “Global momentum for CCUS is growing, and Australia must not miss the emissions reduction and economic opportunity of an emerging CCUS industry that creates new jobs and investment.”

APPEA also welcomed the review of environmental management regulations for offshore energy to provide clarity for major supply projects.

Proactive article:
Tamboran Resources welcomes NT Government’s move to clear way for onshore shale gas industry in Beetaloo Basin
12:48 Fri 05 May 2023
Tharun George, CFA

Tamboran Resources Ltd
ASX:TBN
Tamboran Resources Ltd - Tamboran Resources welcomes NT Government’s move to clear way for onshore shale gas industry in Beetaloo Basin
The Northern Territory Government has implemented all 135 recommendations under the 2018 scientific inquiry (Pepper Inquiry) into hydraulic fracturing in the Northern Territory, providing Tamboran Resources Ltd (ASX:TBN) with confidence to progress its investment in the Beetaloo Basin.

The Pepper Inquiry was a 15-month inquiry led by Honourable Justice Rachel Pepper of the NSW Land and Environment Court in 2018.

The inquiry was set up to mitigate the risks associated with any onshore shale gas development in the Northern Territory.

On 2 May 2023, the Northern Territory Chief Minister Natasha Fyles announced that all 135 recommendations had been met by the NT Government and cleared the way for an onshore shale gas industry in the Beetaloo Basin.

Development of the Beetaloo Basin is expected to deliver Territorians low reservoir carbon dioxide gas to provide affordable energy at a time where Australian families are experiencing cost of living pressures.

“Moving rapidly towards production as early as 2025”
Tamboran managing director and CEO Joel Riddle said: “Tamboran welcomes the Northern Territory Government’s announcement that the 135 Pepper Inquiry recommendations have been fully implemented.

“This gives industry the certainty to import and invest in the latest shale technology and equipment, including H&P FlexRig® rig.

“With the Northern Territory Government’s completion of the Pepper Inquiry, Tamboran is planning on moving rapidly towards production as early as 2025.”

Largest acreage holder in Beetaloo Basin
Tamboran is the largest acreage holder in the Beetaloo Basin with ~1.9 million net prospective acres, held through 100% owned properties and two joint ventures – one with Santos and the other with Falcon Oil & Gas and Daly Waters Energy LP (Sheffield).

Through these interests, the company holds net 2C contingent resources of ~1.5 trillion cubic feet (TCF).

Arrival of Helmerich & Payne’s FlexRig 3 rig
The Helmerich & Payne (H&P) super spec FlexRig 3 drilling rig has arrived in Australia, providing an important opportunity for the Beetaloo Basin in delivering a material reduction in drilling cost through increasing efficiencies and H&P’s operational excellence.

The rigs are expected to play a significant role in reducing the environmental footprint within the Beetaloo Basin with the ability to drill in excess of 3,000-metre horizontal sections within the Mid Velkerri “B Shale”, which allows for greater spacing between well pads.

Tamboran has contracted the H&P FlexRig for an initial two-year period with the possibility to import an additional four rigs into Australia from H&P’s available worldwide rig fleet when required.

“Incredible potential to reduce current energy costs”
Riddle added: “The arrival of Helmerich & Payne's (H&P) super spec FlexRig® Flex 3 rig in Australia marks a significant moment for the Northern Territory, Tamboran and our joint venture partners.

“The event is especially significant for everyday Australians who have been calling for a reduction in cost of living from lower energy prices for their homes and businesses.

“Through our Strategic Alliance with H&P and the possibility of importing an additional four rigs into Australia, the commercialisation of shale gas from the Beetaloo Basin has the incredible potential to reduce current energy costs with generally lower associated emissions than existing coal and higher reservoir carbon dioxide gas fields.

“The rig, which comes with modern US drilling technology, is expected to bring about a significant improvement in drilling efficiency and horsepower, delivering a step change in cost reduction while also reducing land use and minimising environmental impact.”

Tamboran targets July for HP rig:
Beetaloo developer to begin drilling within weeks as rig arrives
Colin PackhamEnergy and resources reporter
May 5, 2023 – 4.08pm
Tamboran Resources will begin drilling in the Beetaloo Basin in July after a large rig arrived from the United States, accelerating plans to capitalise on the Northern Territory’s approval of fracking, in what its chief executive described as “Australia’s greatest carbon emitting reduction opportunity”.

The NT government this week allowed fracking in the Beetaloo, in a decision the country’s oil and gas industry said would aid Australia’s $2 trillion economy and improve energy security but has ignited a wave of opposition from environmentalists and some Indigenous groups.


The Northern Territory has approved gas development in the Beetaloo Basin. Justin McManus

Tamboran said a large drilling rig from its partner Helmerich & Payne had arrived in Darwin to enable exploration.

“We expect to begin drilling with this rig in July,” Tamboran chief executive Joel Riddle told AFR Weekend.

“This rig will be the most powerful rig in Australia. It will be capable of drilling more than 3000 metre horizontal sections in the main shell plate. This is a big deal because the longer horizontal wells that we can drill with this rig, the more reserves that we can recover per well and it will be a real driver to bring down well costs and also improve the economics of the Beetaloo development.”

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Tamboran’s drilling is the first stage of the company’s plans in the Beetaloo. It expects to begin producing about 20TJ of gas a day in 2024. Should it secure a production licence from the NT government and fresh agreements with the local Indigenous landowners, Tamboran could expand production to about 100TJ a day.

Tamboran and other Beetaloo developers Empire Energy and Santos said developing in the region would improve domestic supplies, much needed amid forecasts for a looming east coast gas shortage.

It is, however, unclear how many volumes would remain in Australia or how shipments could be distributed to the east coast market, with existing export infrastructure located in Darwin.


The development of the industry could be extremely lucrative for the NT through royalties, but drilling is a lightning rod for opponents to any new gas developments in Australia. Opposition to gas among voters has risen steadily, but the fossil fuel industry insists gas can meet environmental and energy security goals.

“Environmentalists are looking to reduce carbon emissions in Australia, and around the world. If we are serious about that goal, then the biggest thing to move the needle on reduction of carbon emissions is Beetaloo,” Mr Riddle said.


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“The gas is 2 per cent to 3 per cent CO2, and this could replace coal generation, which has much higher carbon emissions. It is a no-brainer. The Beetaloo is Australia’s greatest carbon emitting reduction opportunity.”

The comments are likely to be rejected by environmentalists, who highlight methane emissions, and stress Australia has sufficient gas reserves to meet its own energy needs. But with rapid closures of coal power stations occurring, concern is growing about how to ensure sufficient supplies.

Renewable energy proponents insist Australia should focus on developing renewable energy generation and storage projects, which would negate the need for gas projects.

Grid-scale renewable energy projects and transmission lines have been beset by delays and cost blowouts. Smaller projects and rooftop solar generation continue to grow at pace, however.

Big bidders keep flashing..

ABC News
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NT government announces fracking in the Beetaloo Basin can go ahead
By Roxanne Fitzgerald and Sarah Spina-Matthews
Posted 11h ago11 hours ago, updated 3h ago3 hours ago
WATCH
Duration: 1 minute 50 seconds1m 50s
The Northern Territory Government has announced fracking in the Beetaloo Basin will be able to go ahead.
The Northern Territory government will allow a full-scale onshore gas industry to go ahead in the gas-rich Beetaloo Basin, five years after a moratorium on fracking was lifted.

Key points:
The NT Government will allow fracking to go ahead in the Beetaloo Basin
They say they have implemented all 135 recommendations of the Pepper inquiry
Scientists claim they have not met a recommendation to offset gas emissions from the project
The government has been racing to tick off 135 recommendations from the 2018 Pepper inquiry, which found industry risks could be managed if its recommendations were implemented in full.

The government announced today that has been done, and oil and gas companies will be able to make an application for onshore gas production projects, which will be regulated by one of the most robust frameworks in Australia.

It also said it has a new petroleum operations unit to deliver a strong compliance program, which will be funded by a $2 million annual investment.

It comes after the NT government released the findings of a critical, three-year study into fracking in the Beetaloo sub-basin on April 19.

The Strategic Regional Environmental and Baseline Assessment (SREBA), which was a key recommendation from the Pepper inquiry, found no new risks associated with the development of an onshore gas industry.

Nicole Manison and Natasha Fyles stand side-by-side in front of a number of media microphones
Deputy Chief Minister Nicole Manison and Chief Minister Natasha Fyles made the announcement on Wednesday. (ABC News: Hamish Harty)
However, almost 100 scientists published an open letter in national newspapers across Australia on Wednesday, urging the NT government not to allow fracking to go ahead and warning of "the damage it will inflict on our climate".

The scientists claimed one key recommendation of the Pepper inquiry, known as 9.8, had not been addressed.

"[The government] committed to implement all the recommendations of the Scientific Inquiry into Hydraulic Fracturing," the letter stated.

"Including that the NT and Australian governments seek to ensure that there is no net increase in the life cycle greenhouse gas emissions emitted in Australia from any onshore shale gas produced in the NT.

"The Northern Territory government has failed to keep its commitment."

NT denies Beetaloo gas plans in doubt without offsets help
No federal support for Territory Labor's promise to ensure all Beetaloo Basin emissions are offset is on the table, as cabinet prepares to announce whether full-scale fracking will be allowed to go ahead.

NT Health Minister Natasha Fyles stands looking concerned in front of some large flags.
Read more
Chief Minister Natasha Fyles said the government had released the final implementation report from the Pepper inquiry, saying it "absolutely met the recommendation".

The government scrapped a previous policy that only required companies to manage their emissions if they exceed 100,000 tonnes, but will now mandate all operators to submit a Greenhouse Gas Abatement plan outlining their pathway to net zero by 2050, regardless of size.

The government admitted it won't be able to deal with emissions created by the actual burning of gas for energy — commonly referred to as "scope three" emissions — generated outside of the NT, which account for a large portion of the total emissions from a project.

Instead, they are counting on the federal government's safeguard mechanism to capture and regulate these emissions.

An aerial view of an exploration well in the Northern Territory's Beetaloo Basin on a patch of cleared land surrounded by bush
The Beetaloo Basin is an enormous shale gas reserve about 500 kilimetres sout-east of Darwin. (Supplied: Empire Energy)
Dr David Ritchie — the bureaucrat tasked with overseeing the government's implementation of the Pepper inquiry's recommendations — disagreed that the recommendation around abating emissions had been completed.

Scientists call for Beetaloo fracking ban
The NT government is poised to make a final decision on whether it will green-light fracking in the Beetaloo Basin, but nearly 100 scientists have called for a fracking ban in the region, saying the costs to the community could be "enormous".

a gas flare in front of an exploration well.
Read more
"There has been no progress on the crux of this recommendation," he said.

Ms Fyles said both the Commonwealth and NT government were "putting in place the measures to transition the Northern Territory and Australia to net zero emissions".

"[But] we cannot simply flick a switch and transition overnight," she said.

She did not directly answer a question about whether or not the federal government had committed to help offset emissions from the project.

"The Commonwealth is focused on this," she said.

"We will continue to work with them."

Deputy Chief Minister Nicole Manison said the project would provide economic benefits to the NT through royalties.

"It will help fund things like schools, hospitals, services, housing," she said.

"There will be further economic flow-on benefits … more jobs, more benefits, more development in remote regions of the NT."

Traditional owners concerned, peak bodies welcome announcement
Ms Fyles said traditional custodians would be able to veto any projects on their country.

But Beetaloo Basin traditional owner and Nurrdalinji Native Title Aboriginal Corporation chair Johnny Wilson said that was an incorrect claim.

"There is no veto right at production stage under native title or land rights laws," he said.

"When our old people said yes, many years ago, they had no idea of the many thousands of wells we are looking at now."

Nurrdalinji Aboriginal Corporation
Johnny Wilson is concerned traditional owners will not have genuine power to veto projects on their country. (Supplied: Nurrdalinji Aboriginal Corporation)
The Pepper Inquiry found that Native Title holders "do not have a statutory right to veto an exploration permit by the government" but have the right to make an agreement with a gas company.

And under the land rights act traditional owners can say yes to development in some areas and no to development in others, but only in the exploration phase.

Outside parliament after the announcement, Anna Weekes from the Australian Parents for Climate Action said she was gravely concerned for her children's future in the wake of what she described as an industry going ahead with "no plan to manage emissions".

"We have no option but to defend a liveable climate for them," she said.

The NT Chamber of Commerce chief executive Greg Ireland said the green light for fracking was a win for the NT because it would create jobs.

"The territory has long suffered from the fact that it's been reliant on federal government support, but having our own revenue streams is critically important for our future," he said.

"It will build a technical skills base, it will build opportunities for our kids and encourage more and more people to want to live in the territory."

Four people stand on a concrete outdoor floor. They are holding red and white signs with ant-fracking slogans on them
Some people protested the decision outside Parliament House. (ABC News: Hamish Harty)
The Australian Petroleum Production and Exploration Association (APPEA), the overarching body for the oil and gas industry, has also welcomed the announcement.

With oil and gas companies still in their testing and appraisal phase in the Beetaloo Basin, it is expected that production applications will start flowing in for government approval next year.

Related Stories
'The end of the line': Scientists send open letter urging NT government to abandon fracking plans
a gas flare in front of an exploration well.
NT government finalises key Beetaloo Basin study ahead of final fracking decision
An aerial shot of a drilling site in the Beetaloo Basin. Machinery and vehicles are in a land clearing surrounded by trees,
NT government denies Beetaloo Basin gas plans in doubt without federal support for offsets promise
NT Health Minister Natasha Fyles stands looking concerned in front of some large flags.
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Northern Territory clears way for fracking to begin in Beetaloo Basin
Environmental groups and scientists say move will have an unacceptable impact on the climate and have called for ban
Lisa Cox
Tue 2 May 2023 23.50 EDT
Share on FacebookShare on TwitterShare via Email
The Northern Territory government says it is satisfied the recommendations of an independent inquiry into fracking have been met, clearing the way for gas production and the expansion of wells across the Beetaloo basin. Guessing the eco-terrorist will sue by the end of the day.

$FOLGF Volume starting to crank up as ask getting smacked..

Added the dip..to good to pass up..

Beetaloo news imminent???..... Empire Energy urges governments to finalise rules around fracking gas
The NT News can reveal the Territory government will release its fracking implementation report on Wednesday.
May 2, 2023 - 5:27PM

A company exploring for onshore gas in the Northern Territory says the Beetaloo Basin has the potential to solve the east coast gas crisis. Tamboran Resources expects to begin sending gas to the east coast within three years.
One of the two main companies with exploration permits at the Beetaloo Sub-basin is hopeful the NT government will soon finalise the rules around fracking at the potentially lucrative gas prospect.

Falcon Oil & Gas Ltd. - Full Year Results
V.FO | 6 hours ago
FALCON OIL & GAS LTD.

(“Falcon”)

Full Year Results

28 April 2023 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce its financial results for the year ended 31 December 2022.

The following should be read in conjunction with the complete audited financial statements and the accompanying Management’s Discussion and Analysis (‘’MD&A’’) for the year ended 31 December 2022.

2022 Financial Highlights

Strong financial position, debt free with cash of US$16.8 million at 31 December 2022 (31 December 2021: US$8.9 million).
Continued focus on strict cost management and efficient operation of the portfolio.
Filing of Financial Statements, MD&A, AIF and Reserves Data

Falcon has filed its audited financial statements for the year ended 31 December 2022, the accompanying MD&A for year ended 31 December 2022 dated 27 April 2023, its Annual Information Form (“AIF”) dated 27 April 2023 and the Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101, Forms 51-101F1, 51-101F2 and 51-101F3) with the relevant provincial securities regulators. These filings are available for review on the Canadian System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. The audited financial statements, MD&A and AIF are also available on Falcon’s website www.falconoilandgas.com.

Beetaloo Operational Update - Amungee NW-2H (“A2H”) well

Following the successful completion of a 25-stage stimulation programme at the A2H well announced on 22 March 2023, and after an initial period of stimulation fluid flow back, Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran B2 Pty Limited, contracted Silver City Drilling to undertake completion operations at A2H. Operations to install production tubing were completed in late-April and the well was re-opened in preparation to commence flow testing.

30-day initial production (IP30) rates are expected during the second quarter of 2023.

Drilling locations for the forward program are expected to be announced following the release of the A2H well IP30 flow results, subject to joint venture approval.

CONTACT DETAILS:

Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Cenkos Securities plc (NOMAD & Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.


Consolidated Statement of Operations and Comprehensive Loss

Year Ended
31 December 2022
$’000 Year Ended
31 December 2021
$’000
Revenue
Oil and natural gas revenue - 2
- 2
Expenses
Exploration and evaluation expenses (151) (196)
General and administrative expenses (2,865) (3,031)
Decommissioning provision (825) (991)
Foreign exchange loss (138) (238)
(3,979) (4,456)
Results from operating activities (3,979) (4,454)
Finance income 298 7
Finance expense (310) (249)
Net finance expense (12) (242)
Lossbefore tax (3,991) (4,696)
Taxation - -
Loss and comprehensive loss for the year (3,991) (4,696)
Loss and comprehensive loss attributable to:
Equity holders of the company (3,994) (4,693)
Non-controlling interests 3 (3)
Loss and comprehensive loss for the year (3,991) (4,696)
Loss per share attributable to equity holders of the company:

Basic and diluted ($0.004) ($0.005)

Consolidated Statement of Financial Position

At 31 December
2022
$’000 At 31 December
2021
$’000
Assets
Non-current assets
Exploration and evaluation assets 42,977 40,197
Property, plant and equipment 7 13
Trade and other receivables 20 22
Restricted cash 2,090 2,239
45,094 42,471
Current assets
Cash and cash equivalents 16,785 8,894
Trade and other receivables 79 74
16,864 8,968
Total assets 61,958 51,439
Equity and liabilities
Equity attributable to owners of the parent
Share capital 402,120 392,170
Contributed surplus 47,063 46,254
Deficit (403,860) (399,866)
45,323 38,558
Non-controlling interests 701 698
Total equity 46,024 39,256
Liabilities
Non-current liabilities
Decommissioning provision 15,602 11,775
15,602 11,775
Current liabilities
Accounts payable and accrued expenses 332 408
332 408
Total liabilities 15,934 12,183
Total equity and liabilities 61,958 51,439

Consolidated Statement of Cash Flows

Year Ended 31 December
2022
$’000 2021
$’000
Cash flows from operating activities
Net loss for the year (3,991) (4,696)
Adjustments for:
Share based compensation 809 1,179
Depreciation 5 4
Net finance loss 22 242
Foreign exchange loss 138 238
Transfer of Canadian working interests - (28)
Decommissioning provision 825 991
Change in non-cash working capital
(Increase) / decrease in trade and other receivables (5) 44
(Decrease) / increase in accounts payable and accrued expenses (64) 67
Net cash used in operating activities (2,261) (1,959)
Cash flows from investing activities
Interest received 33 7
Exploration and evaluation assets additions (88) (163)
Granting of ORRI to Sheffield Holdings LP 6,000 -
Exercising of TOG Group call option (6,000) -
Property plant and equipment - (13)
Net cash used in investing activities (55) (169)
Cash flows from financing activities
Proceeds from private placement 10,000 -
Costs related to private placement (50) -
Net cash generated from financing activities 9,950 -
Change in cash and cash equivalents 7,634 (2,128)
Effect of exchange rates on cash and cash equivalents 257 (14)
Cash and cash equivalents at beginning of year 8,894 11,036
Cash and cash equivalents at end of year 16,785 8,894
All dollar amounts in this document are in United States dollars “$”, except as otherwise indicated.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Tamboran B2 Pty Limited

Tamboran (B1) Pty Limited (“Tamboran B1") is the 100% holder of Tamboran B2 Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP (Sheffield).

Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience that in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.

Advisory regarding forward looking statements

Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, but is not limited to, information relating to the progress to date at A2H, the installation of production tubing, commencement of flow testing and the 30-day initial production (IP30) rates during the second quarter of 2023 along with the forward programme expected to be announced following the A2H well IP30 flow results, the prospectivity of the Amungee Member/Middle Velkerri play and the prospect of the exploration programme being brought to commerciality and a pilot production in 2023/2024. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com, including under "Risk Factors" in the Annual Information Form.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.




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Tamboran quarterly activities and cash flow report: https://www2.asx.com.au/markets/company/tbn scroll down to download

Tamboran wins court case, HP drill rig arrives in Darwin:
Beetaloo Basin cattle company loses Supreme Court bid to stop fracking exploration
ABC Rural / By Daniel Fitzgerald
Posted Thu 20 Apr 2023 at 10:34pmThursday 20 Apr 2023 at 10:34pm, updated Fri 21 Apr 2023 at 12:16amFriday 21 Apr 2023 at 12:16am
A gas exploration well in the desert, surrounded by a drill rig and equipment.
Tamboran Resources and its subsidiary Sweetpea have a number of exploration wells across the Beetaloo Basin.(Supplied: Tamboran Resources)
A gas company will be able to continue exploration in the Beetaloo Basin after a cattle company's appeal to stop the activity was dismissed by the Northern Territory Supreme Court.

Key points:
Rallen says it is weighing up its options after the decision
The court's ruling sets a legal precedent for land access laws in NT
Tamboran unloaded the "most powerful" drill rig in Australia in Darwin this week
Rallen Australia, owned by the Langenhoven-Ravazotti family, had sought to overturn a February 2022 NT Civil and Administrative Tribunal decision that allowed Tamboran Resources' subsidiary Sweetpea Petroleum to come onto Tanumbirini Station to explore for gas.

Justice Peter Barr dismissed all eight grounds of appeal that Rallen's lawyers had argued.

The case was seen as a precedent for legal interactions between pastoralists and gas companies because it was the first to test mandatory land access laws introduced in the NT in 2021.

Tamboran chief executive and managing director Joel Riddle said in a statement that he was "pleased with the NT Supreme Court's ruling" and was looking forward "to working closely with all our stakeholders in progressing the development of the Beetaloo Basin in a safe and responsible manner".

"As the first challenge of the NT government's changes to the legislation and regulations permitting access for exploration purposes, the decision sets an important precedent for future operations across the Beetaloo Basin," he said.

"We are pleased to lead the way by securing this important precedent and ensure that the benefits of the decision will extend to many stakeholders."

A man with short, greying hair and a woman with long, blonde, frizzy hair stand outdoors, looking serious.
Pierre Langenhoven and Luciana Ravazzotti are staunchly opposed to fracking on their cattle stations.(ABC News: Hamish Harty)
Rallen weighs appeal options
Rallen has fiercely opposed any gas exploration on its properties and director Pierre Langenhoven previously declared the pastoral and gas industry "cannot coexist".

Mr Langenhoven said Rallen would "consider this decision and our appeal options" for the Supreme Court decision.

"We are disappointed in the decision, as the land access agreement provides minimum protections to pastoralists and puts all the risk and all the cost onto the pastoralist," he said in a statement.

"This sadly sets a precedent for poor quality and punitive agreements moving forward."

Heavy earthmoving equipment lined up in scrubland.
Sweetpea started exploration works on Tanumbirini Station in May 2022.(Facebook: Nurrdalinji Aboriginal Corporation)
Sweetpea/Tamboran entered Tanumbirini in May 2022 under the terms of its exploration permit, but against the wishes of Rallen and some traditional owners.

Since then, Mr Langenhoven said he felt like he had "lost control" of the part of Tanumbirini within Sweetpea's permit area.

"I cannot protect the station and my cattle from the impacts of fracking, all I can do is monitor and seek compensation after the damage is done," he said.

Rallen Australia will receive a minimum of $15,000 compensation per gas well drilled on the property as a part of its land access agreement with Sweetpea.

Drill rig equipment being loaded onto a ship at a port.
The Helmerich & Payne drill rig was sent from the Port of Houston and unloaded in Darwin this week.(Supplied: Tamboran Resources)
Australia's 'most powerful' rig
This week Tamboran unloaded what it has labelled Australia's "most powerful onshore drilling rig" from a ship at Darwin Port.

Anti-fracking protesters gathered out the front of the port on Wednesday to voice their opposition to the use of the drill rig and fracking in the Beetaloo.

Tamboran said the drill rig, imported from the US, was capable of drilling horizontal wells more than 4,000 metres in length.

Tamboran has contracted the rig for a minimum of two years and is currently "evaluating the opportunity" to use it to drill a 3,000 metre horizontal section in an existing well on Tanumbirini Station in mid-2023.

The NT government is expected to make a final decision on whether to allow commercial development of the Beetaloo Basin in the coming weeks.

Words of wisdom: Woodside Energy chief executive Meg O'Neill. Photo: APPEA
Woodside chief blasts extremists that threaten investment in Australia’s gas industry
Meg O’Neill also urges investment and regulatory certainty amid twin goals of energy security and decarbonisation

23 April 2023 7:14 GMT UPDATED 23 April 2023 7:14 GMT
By Amanda Battersby in Singapore
Woodside Energy chief executive Meg O’Neill has slammed extremists who are doing the damnedest to scupper under development and new gas projects in Australia, the region’s largest liquefied natural gas exporter.

Addressing the National Press Club in Canberra, O’Neill said that development of Australia’s gas industry has only been possible with the support of international investors and customers looking to secure their own energy supplies. But now they are questioning whether Australia still wants their investment.

“A vocal minority wants to shut down the industry and the jobs and livelihoods that go with it. They have deep pockets and are using both protest action and the courts to create uncertainty and destabilise regulatory processes to frustrate existing and new projects,” she said.

“We respect every Australian’s right to express their opinion – and we share the commitment to decarbonisation - but extremism is not the answer. We need confidence in stable regulatory outcomes, or we risk choking our energy industry, impacting both domestic and international supply,” added O’Neill.

“This concerns our regional partners, who depend on current Australian gas projects to help them meet their decarbonisation commitments and to keep the lights on in Asian megacities.”

O’Neill said that the challenge, as she sees it, is for Australia to use its vast natural gas resources for three interrelated goals: To provide affordable and reliable energy for Australians, to maintain strategic partnerships and regional energy security, and to progress global decarbonisation.

“We want to develop new projects in Australia, across both hydrocarbons and new energy opportunities, but that will only be possible if policy settings provide the certainty to underpin long-term investment.”

Securing future investment
During 2022, the world experienced what the International Energy Agency has termed “the first truly global energy crisis” and Australia, for all its vast natural resources, was not immune.

“Those who can least afford it have felt it most acutely, sometimes having to choose between food and heating through winter. This should not be happening in Australia. Australians should be able to expect reliable energy. That needs to come from having the right investment climate - rather than arbitrary market intervention - and the right honest conversations between all participants in the energy system,” said O’Neill.

But, she said, a longer-term view is needed to ensure new supply will be there to meet anticipated demand.

“Woodside and other companies are actively considering what we might be able to do to help - from infrastructure to enable LNG imports, to buildout of gas storage - but we also know these can only be progressed in concert with government.

“[This] requires a clear investment framework and regulatory certainty to attract the capital from international markets that is needed for large-scale projects.”


Woodside's 2022 A$2 billion-plus tax bill
Read more
The same partners who invested in Australia’s gas projects can provide the capital to develop lower-carbon hydrogen and renewable projects, but only if they consider it a secure investment, added O’Neill.

“For Australia to remain an attractive destination for global capital, fiscal and regulatory certainty is paramount.

“We urge the government, in any changes to the tax framework, to consider the long-term and preserve Australia’s ability to attract the next generation of investment, jobs and energy supply,” said O’Neill.

“In terms of regulatory certainty, agreement on clear processes and response times for project approvals is essential to unlocking reliable supply. Otherwise, energy investment will find another home, taking jobs and opportunities with it.”

Gas in tandem with renewables
Globally, we are going to need to use all the tools to address climate change while advancing developing economies, Woodside’s chief executive said.

“That’s going to require rapid scale-up of renewables and investment in ongoing gas supply as existing gas fields deplete.”

Even in its Net Zero Emissions scenario, the Paris-headquartered IEA has estimated an average of US$365 billion of upstream oil and gas investment is needed every year to 2030, and US$171 billion every year thereafter to 2050.

“When used to generate electricity, natural gas emits around half the life cycle emissions of coal. Gas is a flexible source of energy and provides a stable baseload,” she added.

Australia’s federal government is targeting increasing the share of renewables in the electricity grid to 82% by 2030, leaving an 18% gap that could be filled by natural gas. However, today gas-fired power only accounts for 7% of the national energy market.

O’Neill admitted that Australia’s gas industry needs to do more to reduce emissions but that it is moving in the right direction.

“We employ engineers – creative, practical problem-solvers, who are prioritising this challenge – and commercial analysts, who are figuring out ways to finance it,” she said.

“We have geologists, who used to explore for new oil and gas reservoirs, who are now looking at how we can safely inject and store carbon dioxide in depleted reservoirs.”

However, in the absence of certainty at a national level, Australian states have implemented complex and conflicting regulations for emissions reduction, moving away from the concept of tackling the lowest-cost abatement options first, and adding to the cost of doing business… not just for energy producers, but for all industrial segments, O’Neill commented.

Getting it right in future
“You might guess from my name that I’m of Irish heritage. I grew up in Boulder, Colorado, (in the US) but my Nanna grew up in a village in County Mayo, in Western Ireland, with no electricity - relying on a peat fire for heating, cooking and light,” O’Neill shared.

“As a society, we have come a long way since then, in just two generations. And we should not be regressing. We should instead be extending access to electricity to hundreds of millions of people in the developing world who still live without it. To do that, we need new supplies of affordable and reliable energy.”

However, against that backdrop, there is the need to decarbonise which will require the rapid scale-up of renewables alongside investment in ongoing gas supply as existing gas fields deplete.

Woodside is aiming to spend US$5 billion by 2030 to progress new energy opportunities and lower-carbon services.

Admitting the Australian company – which was founded in 1954 – historically has not always “got it right” in its relations with First Nations peoples, O’Neill said the company is on a journey in its relations with First Nations peoples and “working to get it right” by listening to and learning from these peoples.

“For Woodside, a big part of this is working with the Traditional Owners of Murujuga, in northern Western Australia, where our largest Australian operations are based,” she said

News from Australia: APPEA
Gas will play critical role in kick-starting low emissions hydrogen: APPEA chief executive
IEA reckons more than 25% of hydrogen in 2050 will come from natural gas utilising CCUS

13 April 2023 22:00 GMT UPDATED 13 April 2023 22:00 GMT
By Amanda Battersby in Singapore
Australia’s oil and gas industry believes the federal government’s focus on hydrogen is an important step on the path to net zero and one that paves the way for new economic opportunities for the nation.

The Australian Petroleum Production & Exploration Association (APPEA) on Thursday welcomed the release of the 2022 State of Hydrogen report amid a review of the national hydrogen strategy.

APPEA chief executive Samantha McCulloch said the gas sector would play a critical role in kick-starting low-emissions hydrogen.

“Natural gas combined with carbon capture, utilisation and storage (CCUS) is currently by far the most affordable pathway low-carbon hydrogen production — meaning significantly more emissions reductions per dollar today,” she said.

“This paves the way for all low-carbon hydrogen pathways, enabling faster scale-up to support economy-wide decarbonisation.”


Inpex and Jogmec team up on offshore CCS Down Under
Read more
Under the International Energy Agency’s Net Zero by 2050 scenario, more than a quarter of hydrogen in 2050 will come from natural gas utilising CCUS.

McCulloch said: “We share the nation’s commitment to lowering emissions to get to net zero across the economy by 2050 and hydrogen will be a key tool to get there.

“The gas sector has the expertise, infrastructure and commercial relationships necessary to make the hydrogen economy a reality and are already investors in low-carbon hydrogen development.

“As the government reviews its national hydrogen strategy, it’s critical we keep all options on the table to make sure we are rolling out hydrogen at the pace and scale required,” she added.

“Leveraging the most affordable low-carbon hydrogen pathways not only makes net zero more achievable but also minimises the impact on the costs of doing business for Australian manufacturers and industry as they align with our climate targets.”

APPEA has called for the identification and advancement of priority hubs for low-carbon hydrogen and CCUS in its 2023-2024 federal budget submission.

Tamboran new presentation: Australian Domestic Outlook Conference. https://www2.asx.com.au/markets/company/tbn. H&P flex rig on it's way too the Beetaloo basin. Spud target date June 2023.

Amungee 2H frack completed:
Tamboran Resources completes 25-stage stimulation program in Beetaloo Basin; 30-day initial production flow rates expected next quarter
19:22 Tue 21 Mar 2023
Jonathan Jackson
View
Tamboran Resources Ltd
ASX:TBN
Tamboran Resources Ltd - Tamboran Resources completes 25-stage stimulation program; 30-day initial production flow rates expected in Q2
Tamboran Resources Ltd (ASX:TBN) has completed its 25-stage stimulation program at Amungee 2H well in the 38.75% owned and operated EP 98 permit of the Beetaloo Basin in the Northern Territory of Australia.

This is the first well to be finished using the optimal 5-½-inch casing within the Mid-Velkerri ‘B Shale’ and the total expenditure for the A2H well to date is around $32 million, including drilling and stimulation.

This is within 5% of budget estimate after additional scope to the well was undertaken by Tamboran post-acquisition.

The company now expects to announce 30-day initial production (IP30) flow rates during the second quarter of 2023.

"Worked together seamlessly"
“I am extremely proud of our team being able to deliver a project of this magnitude, despite taking on operatorship of the well days before spudding and bringing forward the stimulation program by more than three months,” Tamboran’s COO Faron Thibodeaux said.

“Our team and contractors worked together seamlessly, including the technical team in the US and new employees following the acquisition, to complete this milestone.”

About the stimulation program
Tamboran’s program was a 25-stage program across a 1,020-metre horizontal section within the Mid-Velkerri ‘B Shale’.

Approximately 2,125 pounds per foot of proppant was placed along the completed horizontal section, an increase of around 55% compared to the Tanumbirini 2H (T2H) and 3H (T3H) wells in the Santos-operated EP 161 permit (Tamboran 25%, non-operator).

Proppant was placed using 5-½-inch casing and based on modern US shale design, which leverages the experience of Tamboran’s US technical team and incorporates learnings from the drilling and stimulation of the T2H and T3H wells.

The modern design is expected to result in improved flow rates from the extended production test during 2023.

Significant milestone
Tamboran Resources managing director and CEO Joel Riddle said: “The completion of the program at A2H is a significant milestone for Tamboran in the Beetaloo Basin, being the first well to be completed using the optimal 5-½-inch casing within the Mid-Velkerri ‘B Shale’.

“I commend the Tamboran team and our contractors for the safe and successful completion of the program, which was achieved in the middle of the Northern Territory’s wet season.

“The team delivered a significant increase in sand into the shale formation, when compared to the T2H and T3H wells in the non-operated EP 161 permit. We expect this will further demonstrate economic flow rates and commercial viability of the play.

“The A2H well will shortly begin to flow back stimulation fluid before being shut-in for installation of production tubing. This is expected to deliver optimal flow rates during the extended production testing, which will provide key data regarding decline curves and estimated ultimate recovery.”

Tamboran’s assets
Tamboran is the largest acreage holder and operator with ~1.9 million net prospective net acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.

The company is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the basin.

Its key assets include a 25% non-operated working interest in EP 161, a 100% working interest and operatorship in EP 136, EP 143 and EP(A) 197 and a 38.75% working interest and operatorship in EPs 98, 117 and 76 which are all located in the Beetaloo Basin.

Tamboran is focused on the development of the proposed EP 98 Pilot Development, targeting first production by the end of 2025

Amungee 2H start fracture operations:
Falcon Oil & Gas Ltd.- Commencement of the Amungee NW-2H Well Stimulation Programme
Falcon Oil & Gas Ltd.
Thu, February 16, 2023 at 1:00 AM CST·6 min read
In this article:
Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd.
(“Falcon” or “Company”)

Commencement of the Amungee NW-2H Well Stimulation Programme

16 February 2023 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the commencement of the well stimulation programme at the Amungee NW-2H (“A2H”) well.

The A2H well was drilled to a total depth (TD) of 3,883 metres, including a 1,275-metre horizontal section within the Amungee Member B Shale (formerly known as the Middle Velkerri B-shale), in the Beetaloo Sub-Basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B1) Pty Limited (“Tamboran”) in December 2022.

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Stimulation Programme Details:

The programme will include up to 24 stimulation stages over a 1,200-metre horizontal section within the Amungee Member B Shale, with operations expected to be completed within 2-3 weeks.


The A2H stimulation programme will be executed utilising proven US-style shale stimulation designs and techniques, including the use of 5-½-inch casing, by Condor Energy Services, a respected Australian energy services provider.


5-½-inch casing will allow the optimal placement of sand and fluid at an increased rate to the perforations during stimulation and has been proven to deliver significantly higher production rates.


Following stimulation, up to four-weeks of fluid flow back is expected to take place prior to the installation of production tubing.


The 30-day initial production rates are expected early in the second quarter of 2023.


Philip O’Quigley, Falcon’s CEO, commented:
“We are delighted to announce the commencement of stimulation operations with our joint venture operator, Tamboran Resources Limited. This is an exciting phase of operations in the Beetaloo with the potential for obtaining production rates that would support the joint venture moving to a multi-well pilot development program in 2023/2024. We look forward to updating the market on these very important flow rates as soon as they become available.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.

+353 1 676 8702

Philip O'Quigley, CEO

+353 87 814 7042

Anne Flynn, CFO

+353 1 676 9162



Cenkos Securities plc (NOMAD & Broker)



Neil McDonald / Derrick Lee

+44 131 220 9771

This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.



About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Tamboran (B1) Pty Limited
Tamboran (B1) Pty Limited is a 50:50 joint venture between Tamboran Resources Limited and Daly Waters Energy, LP (Sheffield).



Tamboran Resources Limited, is a natural gas company listed on the ASX (TBN) and U.S. OTC markets (TBNNY). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience that in successfully commercialising unconventional shale in North America.

Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company (“Pioneer”), itself a leading independent oil and gas company and with the PE acquisition became a Permian pure play company. Pioneer has a current market capitalisation of c. US$60 billion.





Advisory regarding forward looking statements
Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, but is not limited to, information relating to the commencement of the stimulation programme and progress to date at A2H, the execution of the fracture stimulation of the A2H well, utilisation of proven US-style shale stimulation designs and techniques, including the use of 5-½-inch casing, the prospectivity of the Amungee Member/Middle Velkerri play and the prospect of the exploration programme being brought to commerciality and a pilot production in 2023/2024. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.



Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedar.com, including under "Risk Factors" in the Annual Information Form.

Empire powers ahead with NT gas play
Matt Birney
SPONSORED
Tue, 31 January 2023 3:30PM
Matt Birney
Activity at the Carpentaria-3H gas well in the Northern Territory.
Activity at the Carpentaria-3H gas well in the Northern Territory. Credit: File
Sydney-based Australian oil and gas company Empire Energy Group has closed the book on a busy December quarter it has hailed as the most active in the firm’s history. The workstream was headlined by its drilling completion of the Carpentaria-3H gas well in the Northern Territory’s world-renowned Beetaloo sub-basin and included a record breaking 2632m horizontal section that was realised on time and significantly under budget.

Importantly, Empire says over 90 per cent of Carpentaria-3H’s horizontal interval penetrated the hydrocarbon-rich Velkerri-B shale formation where strong gas shows were observed. The record-shattering horizontal section notched in Carpentaria-3H’s drilling outshines the length of the company’s previous efforts with its Carpentaria-2H well by 150m.

The company believes the program could also be the most extensive in the history of the Beetaloo basin and the operation’s total outlay of $17.3 million is roughly $3.6 million below its initial projections. Empire has since advanced the well to a program of hydraulic stimulation, or “fracking” and has achieved notable results across each of the bore’s 40 planned stages.


Notably, Empire says 35 of the 40 stages activated in its fracking of Carpentaria-3H were executed within the zone’s Velkerri-B shale target – an area the Northern Territory government believes could house as much as 500 trillion cubic feet of gas.

Fracking is often executed on horizontal, gas-bearing shale wells such as Carpentaria-3H and enables companies to optimise the placement of a well’s fractures in order to maximise gas production rates. The fractures are typically positioned along a bore’s target zone and are essentially a site at which an explorer will look to pierce the ground’s geology and release the zone’s gas resources. The number of stages is contingent on an asset’s depth, with deeper bores – such as the over 2600m Carpentaria-3H – generally accommodating more intervals.


To maximise the volume of hydrocarbons extracted in a gas well companies generally frack a bore by piercing the reservoir with a chemical mixture known as fracking fluid. The formulation is pumped downhole at high pressures and can be derived from a suite of ingredients. According to Empire, it used a host of hydraulic fluids in the fracking of Carpentaria-3H’s 40 stages including, crosslink, slickwater and a hybrid blend of both formulations.

The company previously used slickwater to great effect in its nearby Carpentaria-2H gas well and says the material can deliver economical gas recovery rates along with its reduced inclusions of chemical additives. The company has since initiated flowback activities at the well and says 17 per cent of its fracking fluids have been recuperated. The work is key in moving Empire closer to production.

The Empire team has hit the ground running in early 2023. Our key focus is on moving into pilot production. This involves multiple work streams including Front End Engineering and Design, pipeline transportation and gas sales negotiations, indigenous consents and regulatory approvals. We look forward to updating shareholders further as this critical work proceeds.

Empire Energy Managing Director, Alex Underwood
The company also targeted and intersected the Velkerri Formation shales with its Carpentaria-4V well over the December period. In August last year the company declared its assets in the Beetaloo held a 2C contingent resource of 554 billion cubic feet of gas and 3.5 million barrels of liquid and after the quarter’s activities management says it expects material growth.

Empire also filled its coffers to the tune of $7.8 million over the period after getting its hands on a research and development tax offset and claimed another $1.4 million in cash courtesy of the Federal Government’s Beetaloo Cooperative Drilling Program.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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Looks like the Eco-terrorist will win again??? Beetaloo gas fracking could start soon, despite NT government delay in implementing Pepper inquiry recommendations https://www.msn.com/en-us/money/markets/beetaloo-gas-fracking-could-start-soon-despite-nt-government-delay-in-implementing-pepper-inquiry-recommendations/ar-AA16CP2s?ocid=FinanceShimLayer

Video from the 1/18 Q&A is up and running: https://www.investormeetcompany.com/falcon-oil-gas-ltd/register-investor

Yahoo

Oil and Gas Investor
Oil and Gas Investor
Third-generation wildcatter Bryan Sheffield founded Permian-focused Parsley Energy Inc. with a handful of vertical wells and turned the E&P in 12 years into a $7.6 billion sale in stock and debt assumption.

Dick Stoneburner, a multidecade rockstar, was part of taking Petrohawk Energy Corp. to the early days of the Haynesville, then the Eagle Ford, selling the E&P in eight years for $15.1 billion in cash and debt assumption.
The pair are now partners in Australian shale. And their combination is winning investment dollars—A$138 million already with A$98 million of that from private U.S. investors. (A$ = US$0.66.)

Stoneburner is chairman of Tamboran Resources Ltd., now the largest acreage holder (1.9 million) in Australia’s Beetaloo Basin. Sheffield, a private investor these days, is founder of Sheffield Holdings LP.

Here’s the deal: Origin Energy Ltd., an interest-owner with ConocoPhillips Co. in the Curtis Island, Queensland, Australia, LNG facility sought to add Australian shale E&P to its portfolio. But it opted this summer to exit that side of the business.

Enter Sheffield and Tamboran—and they’ve brought along more shale royalty too: Helmerich & Payne Inc.



The pair is closing the purchase of Origin’s 77.5% interest in three Beetaloo Basin permits (blocks 98, 117 and 76) for A$60 million, plus 5.5% royalties on future production.

They also agreed to a 10-year deal to sell up to 36.5 petajoules/year (36 Bcf/year) to Origin, which is a top Australian gas retailer, and an option to buy up to twice that amount per year for 10 years.

RELATED:

Bryan Sheffield Backs Australia’s Falcon Oil & Gas with $10 Million Investment

H&P has entered on the funding side of the deal—and is bringing The Iron. Born in 1920, H&P rolled out the new-tech FlexRig in 1998 that became the go-to among shale drillers.



H&P also kept its rigs hot-stacked in the Permian during the post-November 2014 downturn as Sheffield was rolling out new IPO capital to convert Parsley from a vertical Spraberry producer in the Midland Basin into a horizontal Wolfcamp developer.

In the deal for Origin’s interest, Tamboran’s A$98 million in private placements includes A$30 million from Sheffield and A$22 million from H&P.

With H&P, Tamboran signed a two-year contract for a super-spec FlexRig that will soon be getting to work on development drilling in the Mid-Velkerri B shale.

Joel Riddle, Tamboran CEO, told investors in a conference call, “They will be bringing in the first of five modern U.S. rigs that will be very critical for our ability to drop well costs and to drill very long horizontal wells in the Beetaloo moving forward.”



The laterals will eventually target up to 4,000 m (13,000 ft) in length.

H&P president and CEO John Lindsay said the Australian entry is toward rolling out the unconventional-rock FlexRigs abroad.

For now, though, an Australia-based rig operator will be drilling Tamboran’s horizontal Amungee 2H and 3H at an estimated combined cost of A$80 million. The frac jobs will be up to 20 stages in 1,000 m each.

Riddle said the target is to get well costs under A$20 million. “This H&P rig really will allow us to do that.”

Netherland Sewell & Associates Inc. (also U.S. oil and gas royalty) is Tamboran’s reserves auditor. It reported estimated prospective gas resources of some 147 Tcf and 2C contingent gas resources of 1.5 Tcf net to Tamboran upon closing with Origin.



Known to date about the Beetaloo property is that the Mid-Velkerri B has a good dry-gas system and data from tests across the holding show properties similar “to some of the highly successful shale gas plays in the United States,” Sheffield said in a statement.

“I believe this multistacked resource play has the potential to replicate the Permian and be one of the solutions to address the global energy crisis.”

In addition to the 50:50 deal with Tamboran on the Origin property, Sheffield has a 9.3% voting interest in Tamboran shares.

Ireland-based Falcon Oil & Gas Ltd., which holds 22.5% interest in Origin’s Beetaloo blocks, waived first dibs on the Origin buyout, letting it go to Tamboran and Sheffield instead.

The pass sounds smartly like what one might say if a couple of Warren Buffett’s want to turn your unimproved property into multibilliondollar real estate for you: “Sure. Go ahead.”

https://www.globenewswire.com/news-release/2022/10/11/2531448/0/en/Falcon-Oil-Gas-Ltd-Binding-Letter-of-Intent-Executed-with-New-Joint-Venture-Partner.html

Thanks

New investor, Sheffield, is big news. Gives some credibility to Falcon plus took some stock off the street. Added some money to coffers as well.

T