Falcon Oil & Gas Ltd. - Operational Update on the Stimulation Campaign

Core Viewpoint - Falcon Oil & Gas Ltd. provides an operational update on the stimulation campaign for the SS-2H ST1 and SS-4H wells in the Beetaloo Sub-basin, highlighting strong gas shows and successful stimulation operations, with upcoming flow test results expected in mid-2025 [2][5][7]. Group 1: Operational Update - The stimulation operations were successfully completed over 35 stages across a 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale [7]. - The SS-2H ST1 well is being prepared for initial flow back and extended production testing, with a target announcement of 30-day initial production (IP30) flow rates in April 2025 [7]. - Stimulation operations commenced in January 2025, but were paused due to detected stress in a casing connection, with reinforcement activities planned for Q1 2025 [7]. Group 2: Financial Position - Falcon Australia has received a A$4.7 million (~US$3 million) research and development tax offset in cash [7]. - The Group's current cash balance is US$8.2 million [7]. Group 3: Joint Venture Details - Falcon Oil & Gas Australia Limited holds a 22.5% interest in the Beetaloo Joint Venture, while Tamboran (B2) Pty Limited holds 77.5% [10]. - In the Shenandoah South Pilot Project, Falcon Australia has a 5.0% interest, with Tamboran (B2) Pty Limited holding 95.0% [11].