08:44 AM EST, 12/23/2024 (MT Newswires) -- Falcon Oil & Gas ( FOLGF ) said Monday that it completed drilling the second well in the Shenandoah South pilot project in Australia's Northern Territory.

The company said it drilled, cased and cemented to a measured depth of 6,452 meters. Data from the SS4H well indicated strong gas shows and a continuation of the high-quality shale and rock properties observed in the Shenandoah South 1H and Shenandoah South 2H locations, with no faulting observed along the entire 3,048-meter lateral section.

Falcon said Liberty Energy's stimulation equipment and sand has been mobilized to location ahead of the stimulation campaign, which is planned to commence in early first quarter of 2025.

"The completion of the SS4H well is another milestone in the development of the Beetaloo Sub-basin and we will look forward to the upcoming stimulation campaign and updating the market as operations progress," Falcon CEO Philip O'Quigley said.

Falcon traded down 0.7% at last look to 3.82 pounds on the London Stock Exchange.