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Spudding of Kyalla 117 N2-1 Well

By | News

Falcon Oil & Gas Ltd.

(“Falcon”)

Spudding of Kyalla 117 N2-1 Well

 

9 October 2019 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the spudding of the Kyalla 117 N2-1 appraisal well in the Beetaloo Sub-Basin, Australia.

 

Highlights:

  • Kyalla 117 N2-1 is the first well in the Stage 2 drilling programme to target the Kyalla shale liquids rich gas play.
  • Located within Exploration Permit 117 approx. 32 kilometres north of the Beetaloo W-1 well.
  • A vertical pilot hole will target a total vertical depth of approximately 1,750 metres into the Kyalla Formation.
  • A subsequent horizontal section is planned for approximately 1,000 metres that will be drilled, completed, stimulated and production tested in the prospective Kyalla shale reservoir interval.
  • Origin Energy B2 Pty Ltd (“Origin”), as Operator, will drill the Kyalla 117 N2-1 well.
  • Origin hold a participating interest of 70% and Falcon Oil & Gas Australia Limited hold the other 30% participating interest over the Beetaloo Exploration Permits, 76, 98 and 117.

 

The principal objectives for the drilling of the Kyalla 117 N2-1 well are to:

  • Penetrate the Kyalla Formation to assess hydrocarbon maturity, saturation and reservoir quality.
  • Provide further information on the areal distribution of the Kyalla Formation.
  • Collect data for subsequent horizontal drilling, completion, stimulation and production testing; including ability to flow liquids rich gas.

 

Formation evaluation, including reservoir characterisation, will be carried out through petrophysical interpretation, geo-mechanical studies and core analysis.

 

Philip O’Quigley, CEO of Falcon commented:

 

“The spudding of the Kyalla 117 N2-1 appraisal well is an exciting development for Falcon and marks the re-commencement of the drilling programme with our JV partner. We look forward to updating the market as soon as results 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 Origin Energy

Origin Energy (ASX: ORG) is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.1 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

 

www.originenergy.com.au

 

Glossary of terms

JV            Joint venture

LNG         Liquefied natural gas

MW        Megawatt

 

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”, “support” or the negative of those terms or similar words suggesting future outcomes.  This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict.  Such information may include, but is not limited to, comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo Sub-basin Australia, the prospectivity of the Middle Velkerri and Kyalla plays and the prospect of the exploration programme being brought to commerciality,  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.

Kyalla 117 N2 Horizontal Appraisal Well EMP Approved

By | News

FALCON OIL & GAS LTD.

(“Falcon”)

Kyalla 117 N2 Horizontal Appraisal Well EMP Approved

 

22 August 2019 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext Growth: FAC) is pleased to announce that the Environmental Management Plan (“EMP”) for the Kyalla 117 N2 horizontal appraisal well, for the planned 2019 drilling, stimulation, and well testing prepared by Origin Energy B2 Pty Ltd. (“Origin”) on behalf of the JV, has been approved by the Northern Territory Department of Environment and Natural Resources.

Kyalla 117 N2 Horizontal Appraisal Well

  • The well is targeting the Kyalla shale liquids rich gas fairway
  • Construction of the well pad and related civil works is nearing completion
  • Drilling operations will commence in September

 

Philip O’Quigley, CEO of Falcon, commented: 

“Today’s announcement relating to the approval of the Kyalla 117 N2 Well EMP targeting the Kyalla shale liquids rich gas fairway is an exciting development for Falcon shareholders. We look forward to the commencement of drilling operations.”

 

For further information, please contact:

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
Davy (NOMAD, Euronext Growth Advisor & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
Cenkos Securities plc (Joint Broker)
Neil McDonald/Derrick Lee +44 131 220 9771

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.

 

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

 

About Origin Energy

Origin Energy (ASX: ORG) is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.1 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

 

Glossary of Terms

EMP                             Environmental Management Plan

JV                                 Joint Venture

 

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.

 

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that 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.

Beetaloo Sub-Basin Operational Update

By | News

FALCON OIL & GAS LTD.

(“Falcon”)

 Beetaloo Sub-Basin Operational Update

 

31 July 2019 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext Growth: FAC) notes the operational update on the Beetaloo Sub-Basin provided by Origin Energy Limited as part of their June 2019 Quarterly Production Report, which reads as follows:

Preparatory work ongoing in the Beetaloo. Two horizontal appraisal wells planned in CY2019:

  • Kyalla liquids rich gas play – water extraction licence in place, drilling approval anticipated in August. Water bores drilled and access road and well pad construction nearing completion.
  • Velkerri liquids rich gas play – water extraction licence in place, water bore and access roads approved, awaiting well pad civils and drilling approval.

 

 Philip O’Quigley, CEO of Falcon, commented: 

“We look forward to updating the market when the JV re-commences drilling in the highly prospective Beetaloo Sub-basin in 2019.”

 

For further information, please contact:

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
Davy (NOMAD, Euronext Growth Advisor & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
Cenkos Securities plc (Joint Broker)
Neil McDonald/Derrick Lee +44 131 220 9771

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.

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

 

About Origin Energy

Origin Energy (ASX: ORG) is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.1 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

 

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.

 

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that 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.

Kyalla 117 N2 Exploration Well EMP Accepted for Assessment

By | News

 Click here to download the full press release as a PDF.                                                

FALCON OIL & GAS LTD.

(“Falcon”)

 Kyalla 117 N2 Exploration Well EMP Accepted for Assessment

3 May 2019 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext Growth: FAC) is pleased to announce that the Environmental Management Plan (“EMP”) for the Kyalla 117 N2 Exploration well,  for the planned 2019 drilling, stimulation, and well testing prepared by Origin Energy B2 Pty Ltd. (“Origin”) on behalf of the JV, has been accepted for assessment by the Northern Territory Department of Environment and Natural Resources (“DENR”).

The EMP’s 28 day consultation period opens from 3 May 2019 and has been published on the DENR website at the following link: https://denr.nt.gov.au/environment-information/onshore-gas-in-the-northern-territory/environment-management-plan.

The EMP provides detail on how Origin will ensure the environmental impacts and risks associated with its activities are reduced to a level that is as low as reasonably practicable and acceptable. The EMP has been prepared with reference to regulatory obligations and relevant Inquiry recommendations that have underpinned the Code of Practice for Petroleum Activities in the Northern Territory.

All EMP decisions will be published on the DENR website, including a statement outlining the decision made.

Philip O’Quigley, CEO of Falcon, commented: 

“Today’s announcement of acceptance for assessment of the Kyalla 117 N2 Exploration Well EMP targeting the Kyalla shale is an exciting development for Falcon shareholders as the JV prepares to re-commence drilling in the highly prospective Beetaloo Sub-basin in 2019. We look forward to updating the market as work progresses over the coming months.”

For further information, please contact:

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
 
Davy (NOMAD, Euronext Growth Advisor & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland  +44 20 7653 4000
Cenkos Securities plc (Joint Broker)
Neil McDonald/Derrick Lee +44 131 220 9771

 

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.

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

About Origin Energy

Origin Energy (ASX: ORG) is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.1 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of Terms

DENR                          Department of Environment and Natural Resources

EMP                             Environmental Management Plan

JV                                 Joint Venture

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.

 Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that 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.

Extension of ORRI Call Option

By | News

FALCON OIL & GAS LTD.

 Extension of ORRI Call Option

23 April 2019 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, Euronext Growth: FAC) is pleased to announce that Falcon Oil & Gas Australia Ltd. (“Falcon”) has successfully negotiated a two-year extension of the call option (“the Extension”) to acquire it’s 30% portion of the 2% ORRI from the TOG Group. The Extension will be submitted to the Northern Territory Government, Australia, for review, approval and registration if required.

 Background

In December 2013, Falcon entered an agreement with the TOG Group to acquire 7% (seven-eighths) of their 8% private ORRI over the Beetaloo Sub-basin exploration permits. Falcon made a payment to the TOG Group of $5 million to acquire 5% (five-eighths) of their ORRI on completion of a Beetaloo farm-out transaction. The TOG Group granted Falcon and Origin Energy B2 Pty Ltd. (“Origin”) a five-year call option in proportion to their Participating Interest to acquire a further 2% (two-eighths) of their ORRI for a payment of US$15 million. The TOG Group retains a 1% ORRI. The call option is due to expire on 22 August 2019.

The Extension highlights are as follows:

  • Allows Falcon to exercise its 30% share of the call option up to and including 31 August 2021.
  • Falcon to pay US$500,000 to the TOG Group for granting the Extension
  • The cost of exercising Falcon’s portion of the call option increases from US$4.5m to US$7.5m.

The Extension granted to Falcon does not change the rights or obligations for Origin under the original call option agreement.

Philip O’Quigley, CEO of Falcon, commented: 

“Falcon had originally envisaged the call option decision would follow the completion of the Beetaloo work programme under the 2014 Farmin Agreement with Origin.  In consideration of the delays to the work programme due to the moratorium on hydraulic fracture stimulation in the Northern Territory, this two-year Extension enables Falcon to further progress the Beetaloo work program, allowing Falcon make a more informed decision with the additional work completed while providing greater financial flexibility over the next couple of years.”

This announcement contains inside information.

For further information, please contact:

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
Davy (NOMAD, Euronext Growth Advisor & Joint Broker’)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland  +44 20 7653 4000
Cenkos Securities plc (Joint Broker)
Neil McDonald/Derrick Lee +44 131 220 9771

 

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and 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.

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

About Origin Energy

Origin Energy (ASX: ORG) is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.1 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of Terms

ORRI                            Overriding Royalty Interest over Exploration Permits 76, 98 and 117

Participating Interest   Falcon Australia – 30%, Origin – 70%

TOG Group                  Malcolm John Gerrard, Territory Oil & Gas LLC and Tom Dugan Family Partnership LLC

US$                              United States Dollar

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.

 Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that 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.

 

2019 Beetaloo Drilling Programme – Rig Contract Signed

By | News

FALCON OIL & GAS LTD.

(“Falcon)

 2019 Beetaloo Drilling Programme – Rig Contract Signed

21 January 2019 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is very pleased to announce that Origin Energy B2 Pty Ltd. (“Origin”), our joint venture (“JV”) partner and Operator of the Beetaloo project, in the Northern Territory, Australia, has signed a rig contract with Ensign Australia Pty Ltd. for Rig 963 for the 2019 Stage 2 Beetaloo drilling programme, with an option to extend the contract into 2020.

2019 Stage 2 Beetaloo Drilling Programme

Subject to relevant approvals, and implementation of the exploration recommendations of the Inquiry into Hydraulic Fracture Stimulation in the Northern Territory, the JV will evaluate the potential of the liquids-rich gas fairways in both the Kyalla and Velkerri plays. Exploration and appraisal activities include the drilling and hydraulic fracture stimulation of two horizontal wells. Together with the Velkerri B dry gas play discovered in 2016, this allows for the assessment of three plays, enabling the most commercially prospective play to be targeted for Stage 3 drilling during 2020.

Work has already commenced at some well sites, including water bore drilling and water monitoring, with drilling targeted to commence in June 2019.

The Stage 2 Cost Cap is approximately A$65m for the exploration and appraisal programme, including the drilling and hydraulic fracture stimulation costs of two horizontal wells.

Philip O’Quigley, CEO of Falcon, commented: 

“Today’s announcement is an exciting development for Falcon shareholders as the JV prepares to commence drilling in the highly prospective Beetaloo Sub-basin. We look forward to updating the market as work progresses over the coming months.”

For further information, please contact:

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
Davy (NOMAD & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
Cenkos Securities plc (Joint Broker)
Neil McDonald/Derrick Lee +44 131 220 9771

 

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and 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.

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

About Origin Energy

Origin Energy (ASX: ORG) is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of Terms

A$                     Australian dollar

Cost Cap          The costs up to which Origin has agreed to fund 100%. Any costs incurred above the Cost Cap will be paid 70% by Origin and 30% by Falcon

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.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that 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.

Termination of the Overriding Royalty Interest with CR Innovations AG

By | News

Falcon Oil & Gas Ltd.
Termination of the Overriding Royalty Interest with CR Innovations AG

3 October 2018 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) notes the following.

Falcon Oil & Gas Australia Ltd. (“Falcon”) and Origin Energy B2 Pty Ltd. (“Origin”) entered into a call option agreement in 2014 with CR Innovations AG (“CRIAG”) to acquire its remaining 1% overriding royalty interest over the Beetaloo Sub-basin exploration permits EP76, EP98, and EP117 in the Northern Territory, Australia (“ORRI”). Under the relevant agreement, Falcon and Origin had a five-year option to terminate the ORRI at a cost of US$5 million, to be paid in proportion to their respective interests in the exploration permits.

CRIAG was adjudicated bankrupt on 21 March 2017 following which Falcon and Origin approached the liquidator of CRIAG (the “Liquidator”) with a view to terminating the ORRI. Falcon and Origin have signed a termination agreement with the Liquidator and paid CHF150,000 (approximately US$151,000) to the Liquidator and the 1% ORRI has been terminated.

For further information, please contact:

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

Davy (NOMAD & Joint Broker)

John Frain / Barry Murphy

+353 1 679 6363

RBC (Joint Broker)

Matthew Coakes / Martin Copeland

+44 20 7653 4000

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and 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.

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

About Origin Energy

Origin Energy (ASX: ORG) is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is also a 37.5% shareholder of Australia Pacific LNG, which supplies natural gas to Australian domestic markets and exports LNG to international markets.

For further information on Origin Energy, please visit www.originenergy.com.au

Glossary

CHF Swiss Franc

US$ United States Dollar

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.

Acceleration of Exploration and Appraisal Drilling Programme into Stage 2

By | News

Falcon Oil & Gas Ltd. (“Falcon”)
Acceleration of Exploration and Appraisal Drilling Programme into Stage 2

16 August 2018 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is pleased to announce it has signed an agreement to amend the Farm Out Agreement with Origin Energy B2 Pty Ltd (“Origin”), to deem Stage 1 of the exploration and appraisal drilling programme in the Beetaloo Sub-basin complete and to commence Stage 2 with a A$15 million increase to the Stage 2 Cost Cap.

Stage 1 Early Completion

Under the terms of the 2014 Farm-Out Agreement and Joint Operating Agreement (collectively “the Agreements”) the joint venture parties (“JV”) drilled three vertical wells and one hydraulic fracture stimulated horizontal well. The JV has agreed that, following the success of the fracture stimulated horizontal well in 2016, accelerating into the Stage 2 horizontal drilling programme is far more beneficial than fracture stimulating the final vertical well under Stage 1. The formal completion of Stage 1 is subject to government approval.

Stage 2 – A$15 million Cost Cap Increase

Under the Agreements, the original Stage 2 Cost Cap was approximately A$50m for the exploration and appraisal programme including the drilling and hydraulic fracture stimulation costs of two horizontal wells. With the removal of the fracture stimulation of the vertical well and accelerating the commencement of Stage 2, Origin has agreed to increase the Stage 2 Cost Cap by A$15 million, to approximately A$65 million. Any portion of the A$15 million increase not utilised during Stage 2 will transfer to the Stage 3 Cost Cap, which currently stands at A$48 million.

Stage 2 Exploration and Appraisal Drilling Program

The JV has agreed to evaluate the potential of the liquids-rich gas fairways in both the Kyalla and Velkerri plays. Exploration and appraisal activities planned for 2019 include the drilling of one vertical well and the drilling and hydraulic fracture stimulation of two horizontal wells. Preparations for this drilling program has started. This will allow for the assessment of three plays, including the Velkerri B dry gas play discovered in 2016, so that the most commercially prospective play can be targeted during Stage 3.

Stage 3 Early Capital Commitments

The Stage 2 exploration and appraisal drilling programme will determine the most commercially prospective play to be targeted during Stage 3. The JV has agreed to the early commitment of Stage 3 capital expenditure during 2019, allowing for an efficient transition from Stage 2 to Stage 3, in the case that Origin and Falcon agree to proceed to Stage 3.

Philip O’Quigley, CEO of Falcon, commented:

“Today’s announcement is an exciting development for Falcon shareholders and is due to significant technical work carried out by Origin over the past 18 months. The agreed acceleration of the work

program into Stage 2 is technically driven and the A$15m cost cap increase provides Falcon with additional financial flexibility. We are very excited about the upcoming drilling program with the objective of appraising and assessing commerciality of the prospective plays.”

For further information, please contact:

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

Davy (NOMAD & Joint Broker)

John Frain / Barry Murphy

+353 1 679 6363

RBC (Joint Broker)

Matthew Coakes / Martin Copeland

+44 20 7653 4000

This announcement contains inside information.

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”, “support” or the negative of those terms or similar words suggesting future outcomes. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Such information may include, but is not limited to, comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, the prospectivity of the Middle Velkerri play and the prospect of the exploration programme being brought to commerciality, 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; 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.

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 acquisition, exploration and development of conventional and 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.

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

About Origin Energy

Origin Energy (ASX: ORG) is the leading Australian integrated energy company. Origin is the leading energy retailer with approximately 4.2 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

A$ Australian dollar

Cost Cap The costs up to which Origin has agreed to fund 100%. Any costs incurred above the Cost Cap will be paid 70% by Origin and 30% by Falcon

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.

Four additional potential plays in the Beetaloo Basin, Australia

By | News

Falcon Oil & Gas Ltd. (“Falcon”)
Four additional potential plays in the Beetaloo Basin, Australia

15 May 2018 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is pleased to report that Origin Energy Limited (“Origin”) presented a technical paper, headlined – “Australia’s premier shale basin: 5 plays 1,000,000,000 years in the making”, at the Australian Petroleum Production and Exploration Association (“APPEA”) Conference in Adelaide earlier today. The key findings are summarised below.

Overall

  • Origin has identified four additional potential plays in the Beetaloo sub-basin in addition to the existing and explored Velkerri shale dry gas play, namely;
    • Velkerri shale liquids rich gas play,
    • Kyalla shale and hybrid liquids rich gas plays, and
    • Hayfield sandstone oil/condensate play.
  • The Velkerri shale dry gas remains the most materially and technically mature resource.
  • Origin stated, “as such, the Beetaloo provides the JV with a diversified portfolio of material multi-TCF plays, each with the potential to redefine Australia’s energy market.”

Velkerri shale liquids rich gas play

  • Located along the northern and south-eastern flanks of the Beetaloo sub-basin.
  • Indications that porosity and permeability are higher in these areas.
  • Gas composition and maturity modelling indicate a possible condensate to gas ratio (“CGR”) in the region of 5-40 bbl/MMscf.
  • A horizontal fracture stimulated well to test the deliverability of the play is required to assess technical viability.

Kyalla shale and hybrid lithology liquids rich gas play

  • Two related liquid rich gas play types have been identified for further appraisal:
    • shale play targets, and
    • hybrid play targets.
  • Prospective areas are interpreted to be confined to the JV’s permits.
  • There is likely a cost advantage over the Velkerri shale dry gas play as it is shallower.
  • Liquid yields could be in the range of 15-60 bbl/MMscf.
  • Additional work is required to rank these plays for further appraisal.

Hayfield sandstone oil/condensate play

  • Interpreted as a thin but regionally extensive sandstone confined to the north of the JV permits.
  • Strong wet gas shows in the Amungee NW-1 and other regional wells suggest the presence of liquid hydrocarbons without significant formation water.
  • The Hayfield Sandstone is a tight sandstone with a significant secondary porosity network (but low matrix permeability) and potentially the presence of open, uncemented, hydrocarbon filled natural fractures.
  • Anticipated to have the highest liquid yields and lowest well costs that could contribute to improved economics of a stacked play development.
  • Success will be dependent on the combination of system permeability and resource density.
  • Would require a horizontal fracture stimulated well to assess the technical viability of the play.

Philip O’Quigley, CEO of Falcon, commented:

“The Beetaloo sub basin provides us with an exciting diversified portfolio, having exposure to all five identified plays. When activity resumes, the JV will look to demonstrate improved well deliverability through longer laterals in the Velkerri shale while simultaneously seeking to prove up high value plays with increased liquids potential with lower well cost and improved economics. We look forward to announcing a forward exploration and appraisal drilling programme in due course.”

For further information, please contact:

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

Davy (NOMAD & Joint Broker)

John Frain / Barry Murphy

+353 1 679 6363

RBC (Joint Broker)

Matthew Coakes / Martin Copeland

+44 20 7653 4000

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”, “support” or the negative of those terms or similar words suggesting future outcomes. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Such information may include, but is not limited to, comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, the prospectivity of the Middle Velkerri play and the prospect of the exploration programme being brought to commerciality, 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; 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.

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 acquisition, exploration and development of conventional and 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.

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

About Origin Energy

Origin Energy (ASX: ORG) is the leading Australian integrated energy company. Origin is the leading energy retailer with approximately 4.2 million customer accounts, has approximately 6,000 MW of power generation capacity and is also a large natural gas supplier. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au

Glossary of terms

bbl stock tank barrels of oil

CGR condensate to gas ratio

JV Joint venture

MMscf million standard cubic feet

TCF trillion standard cubic feet

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

Final Report from the scientific inquiry into hydraulic fracturing

By | News

Falcon Oil & Gas Ltd. (“Falcon”)
Final Report from the scientific inquiry into hydraulic fracturing

27 March 2018 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) notes the publication of the Final Report (“Report”) by the scientific inquiry into hydraulic fracturing.

The Inquiry Chair, Justice Rachel Pepper noted the following in Community Update #31:

It was not the role of the Inquiry to recommend whether the moratorium on hydraulic fracturing in the Northern Territory be lifted, that is a political decision that rests with the Government alone.

The overall conclusion is that risk is inherent for the onshore shale gas industry, however if all of the recommendations are implemented, the identified risks associated with any onshore shale gas industry can be mitigated or reduced to an acceptable level, and in some cases, the risks can be eliminated.

Summary of Final Report

The summary of the Final Report provided the following conclusion:

“No industry is completely without risk, and the development of any onshore shale gas industry in the NT [Northern Territory] is no exception. But having considered the latest and best-available scientific data from a wide range of sources, and noting the recent and continuing technological improvements

in the extraction of onshore shale gas, the conclusion of this Inquiry is that the challenges and risks associated with any onshore shale gas industry in the NT can be appropriately managed by, among other things:

releasing land that is environmentally, socially and culturally appropriate for use for shale gas development;

mandating world-leading engineering standards for the construction, maintenance and de-commissioning of all onshore shale gas wells and for the extraction of shale gas by hydraulic fracturing;

• implementing new technologies where relevant as soon as they become available;

requiring the comprehensive monitoring and reporting of all aspects of onshore shale gas operations with real-time public scrutiny of the resulting data;

• implementing area (regional) based approval processes;

the completion of a SREBA [strategic regional environmental and baseline assessment] before production to gather essential baseline data prior to any onshore shale gas industry being developed;

insisting on a standalone comprehensive SIA [social impact assessment] for each onshore shale gas project;

ensuring that traditional Aboriginal owners and Aboriginal communities are properly and comprehensively consulted about all aspects (positive and negative) of any onshore shale gas project on or affecting their country;

ensuring that the regulator is truly independent and that laws protecting the environment are properly enforced with sufficiently stringent sanctions for non-compliance;

ensuring greater access to justice;

reforming the current regulatory framework governing onshore shale gas development in the NT to strengthen transparency and accountability of all decision-making;

introducing full fee recovery to fund the necessary regulatory reforms and to ensure that strong oversight is maintained; and

• ensuring that all of the recommendations contained in this Report are implemented in full.

Of course, nothing is guaranteed. And with any new industry, it is not uncommon for problems to emerge. However, it is the Panel’s opinion that, provided that all of the recommendations made in this Report are adopted and implemented in their entirety, not only should the risks associated with an onshore shale gas industry be minimised to an acceptable level, in some instances, they can be avoided altogether.”

Final Report

The full Report can be found on the scientific inquiry website at the following link: httpss://frackinginquiry.nt.gov.au/inquiry-reports/final-report

Community Update 31

The community update which accompanied the Report can be found at the following link:

httpss://frackinginquiry.nt.gov.au/news/community-update-31

Government Decision

Falcon awaits the Northern Territory Government’s decision on the current moratorium following the publication of the Final Report.

Philip O’Quigley, CEO of Falcon, commented:

“We are very pleased with the conclusions reached by the scientific inquiry as set out in the Final Report and encouraged by the final position of the Panel regarding SREBA, which requires some elements to be implemented immediately while others can proceed in parallel with the relatively small activity footprints associated with exploration. We look forward to the government’s decision on the moratorium, which we hope will be announced soon.”

For further information, please contact:

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

Davy (NOMAD & Joint Broker)

John Frain / Barry Murphy

+353 1 679 6363

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and 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.

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

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.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that 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.