(Alliance News) - Falcon Oil & Gas Ltd on Tuesday said it plans to change its name to Beetaloo Resources Corp, ahead of its plans to pursue a US listing. Read More
(Alliance News) - Stock prices in London opened higher in London on Tuesday morning, following retail sales data, and ahead of a PMI print from the US later in the day. Read More
(Alliance News) - Stocks in London were seen higher early on Tuesday, as investors prepare for manufacturing purchasing managers' index data from both the US and Canada following Labor Day. Read More
Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Announces start of 2024 drilling programme with spudding of Shenandoah South 2H horizontal well in exploration permit 98 Beetaloo Sub-basin in Australia's Northern Territory. The drilling is alongside Falcon Oil & Gas Australia Ltd's joint venture partner Tamboran B2 Pty Ltd. Further, Tamboran B2 will move to the Shenandoah South 3H well after SS2H has been drilled. Falcon Oil expects inflow flow test results from both wells in the first quarter of 2025. Falcon Oil Chief Executive Officer Philip O'Quigley says: "The spudding of the SS2H horizontal well, which is the first of the planned two horizontal wells to be drilled in 2024, is an exciting next step in the development of the Beetaloo Sub-basin. Following on from the success of the Shenandoah South 1H well announced earlier this year, and using the same drilling company, H&P, together with the arrival of the Liberty frac fleet, capable of materially increasing the stimulation intensity, we are really excited about being able to demonstrate the deliverability of the Amungee Member B-shale over 3,000 metre horizonal sections." Read More
Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Reports a pretax loss of USD3.3 million for 2023, narrowed from USD4.0 million a year prior. Generates no revenue in the year, unchanged from 2022. Losses per share were 0.3 cents, narrowed from 0.4 cents per share. As at December 31, company has USD8.0 million in cash, more than halved from USD16.8 million at the end of 2022. Read More
(Alliance News) - The following is a round-up of updates by London-listed companies, issued this week and not separately reported by Alliance News: Read More
(Alliance News) - Falcon Oil & Gas Ltd shares fell on Monday, as the company said it will reduce its working interest in the proposed Shenandoah South pilot project. Read More
Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Says the SS-1H well in EP117, in the Beetaloo sub-basin in the Northern Territory, Australia achieved an average 30-day initial production flow rate of 3.2 million standard cubic feet per day. Adds that results from the well significantly exceeded pre-drill expectations. Also notes that at the end of January, cash held was USD5 million. Chief Executive Officer Philip O'Quigley says: "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 [foot] development wells in Q2 2024, subject to stakeholder approval and funding, and look forward to updating the market as those plans begin to materialise." Read More
Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - On Monday, announces the start of the 30-day initial production testing at the Shenandoah South 1H well in EP117, operated by Falcon Oil & Gas Australia Ltd's joint venture partner, Tamboran B2 Pty Ltd. Explains for normal operational reasons, the SS1H well was shut-in for a three week soak period and was successfully re-opened on January 25. The aim of soaking was to allow for sufficient stimulation fluid to be absorbed by the shale, increasing the relative permeability to gas of the formation and enhancing future production performance. The IP30 test has now commenced, and results are expected by the end of February. Read More
Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Announces "successful completion" of 10-stage stimulation programme over a 500-metre horizontal section of the Amungee Member B-Shale within the Shenandoah South 1H well in EP117. Says programme delivered proppant intensity of 2,212 pounds per foot and rates of 100 barrels of oil per minute. EP117 is one Falcon's three exploration permits in Australia's Beetaloo sub-basin. 30-day initial production testing will commence in mid-December. Read More
(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News: Read More
(Alliance News) - Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Says its loss for the third quarter of 2023 was USD1.0 million, widening from USD822,0000 the year prior. In the first nine months of the year, the firm's loss narrowed to USD2.5 million, from USD2.9 million previously. Does not record any revenue for the period, unchanged from a year ago. Says it will continue to focus on cost management and improving the efficiency of its operations. Read More
Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Announces successful completion of drilling on the Amungee NW 3H well in Exploration Permit 98 in the Beetaloo Sub-Basin, in Australia's Northern Territory. Work was completed with Falcon Oil & Gas Australia Ltd's joint venture partner Tamboran (B2) Pty Ltd. Falcon says drilling took 17.9 days at an average 214 metres per day, 20 days faster than Amungee 2H drilling. Total cost for A3H drilling and cementing was AUD12.6 million, AUD1.8 million less than work on A2H. Falcon is planning a stimulation programme for the second quarter of 2024, following the Northern Territory's wet season. Also says stimulation activities for the Shenandoah South 1H well in EP117 are on track to start in November, with IP30 flow rates expected in early 2024. Read More
Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Reports successful drilling of Shenandoah South 1H well, completed with Falcon Oil & Gas Australia Ltd's joint venture partner Tamboran B2 Pty Ltd. Well is drilled to total measured depth of 4,300 metres. Falcon Oil Chief Executive Officer Philip O'Quigley says: "We are delighted to have successfully completed the SS1H horizontal well section and we now look forward to the next phase of operations with the stimulation and extended production testing of the well. We will continue to update the market as results become available." Read More
(Alliance News) - Falcon Oil & Gas Ltd on Thursday reported a narrowed interim loss and announced that its joint venture partner, Tamboran (B2) Pty Ltd, has given notice that the 2014 farm-in commitments have now been met. Read More
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News: Read More
Falcon Oil & Gas Ltd - oil and gas company focused on Australia, South Africa and Hungary - Says rig successfully mobilised to the Shenandoah South 1H well pad in the Beetaloo sub-basin 600 kilometres south of Darwin, Australia. Expects drilling of SS1H well to start in early August and take approximately 45 days; this will be the first of its two-well programme this year. Falcon says SS1H will target the Amungee Member-B shell at a 3.2 kilometres target depth, and that "The deeper reservoir is expected to deliver higher pressures". Read More
(Alliance News) - Stock prices in London were lower at midday on Thursday, while the pound struggled for direction, after the Bank of England acted more aggressively than initially expected, as it grapples with rampant UK inflation. Read More
Falcon Oil & Gas Ltd on Thursday - Dublin-based oil and gas company focused on Australia, South Africa and Hungary - Says A2H well in the Beetaloo sub-basin in Australia has been flowing at 0.97 million cubic feet per day for over 50 days, and is currently producing at 0.83 mmcf/day. Adds third-party analysis from a US laboratory identified a potential skin inhibiting the flow of gas from the simulated shale and is thus testing potential clean-up methods. Notes flow rates are not reflective of the "true deliverability" of the A2H well. Says it remains in a "very strong financial position" with around USD16 million in cash. Read More
(Alliance News) - Falcon Oil & Gas Ltd on Friday said drilling operations at the Amungee NW-2H well in Australia have completed, with a high concentration of methane observed. Read More