Falcon Oil upbeat on spudding of Beetaloo well

(Sharecast News) - Falcon Oil & Gas announced the spudding of the Shenandoah S2-4H (SS4H) horizontal well in the Beetaloo Sub-basin of Australia's Northern Territory on Monday. The AIM-traded company said the well, part of the Shenandoah South Pilot Project, was being developed in collaboration with joint venture partner Tamboran (B2) Pty Limited.

SS4H, drilled from the same pad as the Shenandoah S2-2H ST1 sidetrack well, would use the H&P super-spec 'FlexRig' Flex 3 Rig to reach a total measured depth of 20,669 feet, including a horizontal section of about 10,000 feet.

The well was targeting the Amungee Member B-shale, a key focus in the region's exploration efforts.

Following the drilling, Liberty Energy was set to stimulate both the SS2H ST1 and SS4H wells, planning 34 and 60 stages, respectively.

Stimulation was expected to start in the first quarter of next year, with initial 30-day production flow rates anticipated during the same period.

Falcon Australia holds a 5% participating interest in the Shenandoah South Pilot Project.

"The spudding of the SS4H horizontal well is an exciting next step in the development of the Beetaloo Sub-basin and we will look forward to updating the market as operations progress," said chief executive officer Philip O'Quigley.

At 1121 GMT, shares in Falcon Oil & Gas were down 2.94% at 4.13p.

Reporting by Josh White for Sharecast.com.