07:46 AM EDT, 03/26/2024 (MT Newswires) -- Falcon Oil & Gas Ltd. ( FOLGF ) was at last look slightly lower in late morning UK trade after earlier Tuesday announcing that the Shenandoah South 1H ( SS-1H ) well in EP117 achieved above commercial IP60 flow rate of 3.0 MMcf/d (normalised to 6.0 MMcf/d over 1,000 metres).

Philip O'Quigley, CEO of Falcon, said: "The SS-1H IP60 flow rate announced today of 3.0 MMcf/d, normalised to 6.0 MMcf/d over 1,000 metres, demonstrates a steady low declining curve while holding its downhole pressure. This augurs well for the initial development in the Shenandoah South area as these rates continue to track average flow rates seen in the Marcellus Shale basin in the US."

Falcon shares lost 10% here in Canada yesterday.