Falcon is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical personnel based in Budapest, Hungary. Falcon’s Common Shares are traded on the TSX Venture Exchange and AIM.

Falcon’s principal interests are located in two major underexplored basins in Australia and South Africa and further interests in Hungary, covering approximately 12.3 million gross acres in total. 

GLOBAL OPERATIONS

AUSTRALIA

Beetaloo Basin

• 4.6 million gross acres (1 million net acres) onshore in the Beetaloo Basin, Australia
• Three exploration permits granted in 2005 and 2006
• Farm-Out with Origin and Sasol completed in August 2014
• Commencement of a nine well exploration and appraisal programme in 2015
• Notification of Discovery announced in October 2016
• Material gas resource announced in February 2017
• Origin acquired Sasol’s 35% interest in May 2017
• Acceleration of exploration and appraisal drilling programme into Stage 2 in August 2018
• Exploration and appraisal activities re-commenced in 2019

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

Falcon Australia is one of the two registered holders of approximately 4.6 million gross acres (~ 18,619 km²), 1 million net acres, of three Exploration Permits (EP 76, EP98 and EP117) in the Beetaloo Sub-basin, Northern Territory, Australia with Tamboran (B2) Pty Limited appointed as operator for the joint venture. The Beetaloo Sub-basin is located 600 kilometres south of Darwin, close to infrastructure including a highway, a pipeline and a railway, offering transport options to the Australian market and beyond via the existing and developing liquified natural gas capacity in Darwin.

The Beetaloo Sub-basin is a Proterozoic and Cambrian tight oil and gas basin. In its entirety, the Beetaloo Sub-basin covers approximately 8.7 million acres (~ 35,260 km2) and is a relatively underexplored onshore exploration basin. The area is also remote and sparsely populated. Considering all these factors, the Board believes the Beetaloo Sub-basin has shale oil and shale gas potential.

In October 2023, Falcon successfully completed well in EP98 with Falcons Australia’s joint venture partner, Tamboran.

Details of operations:

• The A3H well was drilled, cased and cemented to a total measured depth (“TD”) of 3,837 metres, including a horizontal section of 1,100 metres in the Amungee Member B-shale.
• The well intersected the Amungee Member B-shale at a total vertical depth (“TVD”) of 2,272 metres and encountered significant gas shows, in line with pre-drill expectations.
• Drilling took 17.9 days, at an average rate of 214 metres per day, and at 20 days faster than the Amungee 2H (“A2H”) well, the Helmerich & Payne, Inc. (H&P), (NYSE: HP), super-spec FlexRig® Flex 3 Rig delivered the anticipated drilling efficiencies.
• A stimulation program is planned for the second quarter of 2024, following the Northern Territory wet season.
• Total costs for the drilling and cementing of the A3H well was A$12.6 million. Cost reductions of A$1.8 million compared to A2H, demonstrates the application of learnings from previously drilled wells and the improvement in drilling technology with the H&P super-spec FlexRig® Flex 3 Rig.

SOUTH AFRICA

Karoo Basin

• 7.5 million acres onshore Karoo Basin, South Africa
• Highly competitive, strategic location
• Technical Cooperation Permit granted 2009, Exploration License pending

Falcon Oil & Gas holds a TCP covering an area of approximately 7.5 million acres (~ 30,327 km²), in the southwest Karoo Basin, South Africa. The TCP granted Falcon exclusive rights to apply for an exploration right over the underlying acreage, which they duly did in August 2010, submitting an application to the Petroleum Agency of South Africa (“PASA”). The Company also submitted an environmental management plan in January 2011 which was updated at the request of the PASA and submitted on 27 February 2015.

Until recently, the Karoo Basin was not considered prospective for commercial hydrocarbons resulting in very limited modern hydrocarbon exploration onshore in South Africa.

The Karoo Basin
The Karoo Basin is a sedimentary basin covering 600,000 km² in central and southern South Africa. It contains thick, organic rich shales such as the Permian Whitehill Formation representing the prime focus of shale gas permit applications. Until recently, the Karoo Basin was not considered prospective for productive hydrocarbons and thus hydrocarbon exploration onshore South Africa was very limited and restricted to acquiring some 2D seismic data and drill a couple of exploration wells in the late 1960’s and 1970’s.

According to the US Energy Information Administration, the Karoo basin is 8th in the world for shale gas potential with an estimated 390 TCF of technically recoverable shale gas resources (EIA, June 2015). The main shale target is the organically rich and thermally gas mature Whitehill Formation and similar shales (Prince Albert and Collingham shales) within Permian Ecca Group. Falcon estimates ~20 TCF recoverable gas resources within Falcon’s core area.

Falcon has chosen an optimum location for its permit within the Karoo basin. The area provides a wide depth range for the target Whitehill Shale regarding reservoir quality and gas retention potential. Moreover, the southern part of the Karoo basin is off the areas with abundant volcanic activity to the north that enhances the chance to drill and complete successful exploration and development wells in the future.

HUNGARY

Makó Trough

• 245,775 acres in the Mako Trough, Central Pannonian Basin, Hungary
• 35-year Production License granted May 21, 2007

Falcon maintains its 100% interest in the Makó Trough Production License and is continuing to review its operations in Hungary.

Cross section of the Makó Trough showing the two main petroleum accumulations in the Shallow and the Deep Makó Plays

LEADERSHIP / CONTACT

John Joseph (Joe) Nally Non-Executive Chairman
Philip O’Quigley Chief Executive Officer
Anne Flynn Chief Financial Officer
Dr. Gábor Bada Technical Operations
John Carroll Non-Executive Director, Falcon Australia

Head office - Falcon Oil & Gas Ltd
68 Merrion Square South
Dublin 2
Ireland

Tel: +353 1 676 8702

KeyFacts Energy country profiles: Australia country profile   l   South Africa copmpany profile   l   Hungary company profile

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