06:54 AM EST, 11/18/2024 (MT Newswires) -- Falcon Oil & Gas Ltd. ( FOLGF ) (TSXV: FO, AIM: FOG) was at last look down near 3% and nearer to 52 week lows in UK trade after earlier Monday announcing that the Shenandoah South 2H sidetrack well has been cased and suspended at a total measured depth of 16,182 feet (4,932 metres) in the Beetaloo Sub-basin, Northern Territory, Australia.

A statement noted this includes a 5,906-foot (1,800-metre) horizontal section within the Amungee Member B-Shale, of which near 5,577 feet (1,700 metres) is planned to be stimulated with Falcon Australia joint venture partner, Tamboran B2.

According to the statement, the decision to case and suspend SS2H ST1 comes following consultation with Tamboran B2 on the failure of a directional drilling tool while drilling the horizontal section. It said this decision avoids additional rig costs and will enable the immediate drilling of the Shenandoah South 3H well from the same well pad, which is planned to be drilled with a 10,000-foot (3,000 metre) horizontal section in the Amungee member B-Shale.

Following the drilling of the SS3H well, Liberty Energy will complete the stimulation of the SS2H ST1 and SS3H wells with 34 and 60 stages planned at the respective wells. Monday's statement said stimulation of both wells is expected to commence in Q1 2025 with 30 day initial production flow rates expected in the same period. It added the successful stimulation of SS2H ST1 will create a drilling spacing unit of 20,480 acres.

Falcon Australia will continue its participation in both wells in the Shenandoah South Pilot Project at its elected participating interest of 5%.

Falcon edged up $0.005 to $0.085 in Canada last Friday.