Falcon Oil & Gas Ltd. - Beetaloo Operational Update
August 20 2020 - 2:00AM
Falcon Oil & Gas Ltd.
(“Falcon”)
Beetaloo Operational Update
20 August 2020 - Falcon Oil & Gas Ltd.
(TSXV: FO, AIM: FOG) (“Falcon”) provides the
following operational update on the Beetaloo project in the
Northern Territory, Australia.
Kyalla liquids-rich gas playIn
February 2020, the Kyalla 117 N2-1H ST2 well (“Kyalla
117”) was drilled to a total measured depth of 3,809
metres, which included a 1,579 metre lateral section in the Lower
Kyalla Formation. Results obtained demonstrated good reservoir
continuity, conductive natural fractures and continuous gas
shows.
In March 2020, operations in the Beetaloo Basin
were paused in response to the COVID-19 pandemic. The Ensign rig
was secured and maintained locally, and by mid-May all personnel
had left the Kyalla 117 well site.
Subject to COVID-19 related conditions, fracture
stimulation of Kyalla 117 is expected to commence in Q3/Q4 2020
with extended production testing of the well to follow. Initial
results from the production test are expected during Q4 2020 with
final results expected by the end of Q1 2021. These results will
inform the decision to either further evaluate this liquids-rich
gas play or commence activities in the Velkerri liquids-rich gas
play.
Construction of the Velkerri 76 well lease pad
was completed in early December 2019 and environmental approval to
drill and fracture stimulate the Velkerri Flank well was granted in
late December 2019.
Philip O’Quigley (CEO of Falcon)
commented:“We look forward to the next phase of operations
with the fracture stimulation of the Kyalla 117 well and will
update the market as results become available.”
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. |
+353 1 676 8702 |
Philip O'Quigley, CEO |
+353 87 814 7042 |
Anne Flynn, CFO |
+353 1 676 9162 |
|
Cenkos Securities plc (NOMAD & Broker) |
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
This announcement has been reviewed by Dr. Gábor
Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr.
Bada obtained his geology degree at the Eötvös L. University in
Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam,
the Netherlands. He is a member of AAPG.
About Falcon Oil & Gas
Ltd.Falcon Oil & Gas Ltd is an international oil &
gas company engaged in the exploration and development of
unconventional oil and gas assets, with the current portfolio
focused in Australia, South Africa and Hungary. Falcon Oil &
Gas Ltd is incorporated in British Columbia, Canada and
headquartered in Dublin, Ireland with a technical team based in
Budapest, Hungary.
Falcon Oil & Gas Australia Limited is a c.
98% subsidiary of Falcon Oil & Gas Ltd.
About Origin EnergyOrigin
Energy (ASX: ORG) is a leading Australian integrated energy
company. Origin is a leading energy retailer with approximately 4.1
million customer accounts, has approximately 6,000 MW of power
generation capacity and is also a large natural gas supplier.
Origin is the upstream operator of Australia Pacific LNG, which
supplies natural gas to domestic markets and exports LNG under long
term contracts.
www.originenergy.com.au
Glossary of
termsJV
Joint venture between Origin Energy and Falcon Oil & Gas
Australia Ltd.
LNG
Liquefied natural gasMW
Megawatt
Advisory regarding forward looking
statementsCertain information in this press release may
constitute forward-looking information. Any statements that are
contained in this news release that are not statements of
historical fact may be deemed to be forward-looking information.
Forward-looking information typically contains statements with
words such as “may”, “will”, “should”, “expect”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “projects”, “dependent”,
“potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”,
“support” or the negative of those terms or similar words
suggesting future outcomes. This information is based on
current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Such information
may include, but is not limited to, comments made with respect to
the type, number, schedule, stimulating, testing and objectives of
the wells to be drilled in the Beetaloo Sub-basin Australia, the
prospectivity of the Middle Velkerri and Kyalla plays and the
prospect of the exploration programme being brought to
commerciality, risks associated with fluctuations in market
prices for shale gas; risks related to the exploration, development
and production of shale gas reserves; general economic, market and
business conditions; substantial capital requirements;
uncertainties inherent in estimating quantities of reserves and
resources; extent of, and cost of compliance with, government laws
and regulations and the effect of changes in such laws and
regulations; the need to obtain regulatory approvals before
development commences; environmental risks and hazards and the cost
of compliance with environmental regulations; aboriginal claims;
inherent risks and hazards with operations such as mechanical or
pipe failure, cratering and other dangerous conditions; potential
cost overruns, drilling wells is speculative, often involving
significant costs that may be more than estimated and may not
result in any discoveries; variations in foreign exchange rates;
competition for capital, equipment, new leases, pipeline capacity
and skilled personnel; the failure of the holder of licenses,
leases and permits to meet requirements of such; changes in royalty
regimes; failure to accurately estimate abandonment and reclamation
costs; inaccurate estimates and assumptions by management and their
joint venture partners; effectiveness of internal controls; the
potential lack of available drilling equipment; failure to obtain
or keep key personnel; title deficiencies; geo-political risks; and
risk of litigation.
Readers are cautioned that the foregoing list of
important factors is not exhaustive and that these factors and
risks are difficult to predict. Actual results might differ
materially from results suggested in any forward-looking
statements. Falcon assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon’s filings with the Canadian
securities regulators, which filings are available at
www.sedar.com, including under "Risk Factors" in the Annual
Information Form.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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