11:46 AM EST, 01/24/2025 (MT Newswires) -- (Updates shares.)

Falcon Oil & Gas ( FOLGF ) was at last look up 4% on the TSX Venture Exchange after providing an operation update on the Shenandoah S2-2H ST1 and Shenandoah S2-4H wells in the Beetaloo Sub-Basin in Australia's Northern Territory.

The company said it will begin a stimulation campaign across S2-2H ST1's horizontal section of 1,654 meters and S2-4H's horizontal section of 2,977 meters. Liberty Energy will carry out the stimulation campaign, Falcon said.

"We are extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling both wells," Falcon chief executive Philip O'Quigley said. "In addition, we are very confident that the experienced US operator, Liberty Energy, will provide us with the greatest opportunity for the best possible outcome from this stimulation program."

Meanwhile, Falcon said it will reduce its interest in the Shenandoah South Pilot project to 0% from 5% for the next drilling phase.

"This reduction in our participation in the next four wells significantly reduces our 2025 capital expenditure whilst at the same time leaving us very well positioned to capture the overall success of the Beetaloo," O'Quigley said.

Falcon shares were last seen up $0.005 to $0.13 on the TSX Venture Exchange.

Price: 0.13, Change: +0.01, Percent Change: +4.00