Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Beetaloo Operational Update
September 21 2020 - 2:00AM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Beetaloo Operational Update
21 September 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 play
Operations have recommenced at Kyalla 117 N2-1H ST2 ("Kyalla 117 well")
with the fracture stimulation of the well, extended production testing
to follow. Initial production test results 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.
Philip O'Quigley (CEO of Falcon) commented:
"We look forward to the next phase of operations with the production
testing 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. Falcon Oil & Gas Australia Limited and a wholly-owned
subsidiary of Origin Energy Limited (ASX: ORG) ("Origin Energy") are
joint venture partners in respect of the Beetaloo project.
About Origin Energy
Origin Energy is a leading Australian integrated energy company. Origin
is a leading energy retailer with approximately 4.2 million customer
accounts, has approximately 7,500 MW of power generation and storage
capacity and is a large natural gas supplier. Origin is also the
upstream operator of Australia Pacific LNG, which supplies natural gas
to Australian domestic markets and exports LNG under long term
contracts.
www.originenergy.com.au
Glossary of terms
LNG Liquefied natural gas
MW Megawatt
Advisory regarding forward looking statements
Certain 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 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
https://www.globenewswire.com/Tracker?data=V7nP1mVwC0TLWChC1w-0Vw1Ld8qviEae_grwLyH-J2x_5QWaGewdXWy_kTQmlqhuyG0vf2qYmGRLIZQrrq-aqQ==
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)
accept responsibility for the adequacy or accuracy of this release.
(END) Dow Jones Newswires
September 21, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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