Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. : Drilling Data From Kyalla 117 N2-1 Vertical Well Very Encouraging
November 20 2019 - 2:00AM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Drilling data from Kyalla 117 N2-1 Vertical Well Very Encouraging
20 November 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased
to announce that drilling of the vertical section of the Kyalla 117 N2-1
appraisal well in the Beetaloo Sub-Basin, Australia has been completed
to a vertical total depth ("TD") of 1,895 metres.
Preliminary drilling data from the vertical section of the Kyalla 117
N2-1 appraisal well confirms:
-- The continuation of the regionally pervasive Kyalla Fm between the
Beetaloo W-1 and Amungee NW-1H wells.
-- Elevated gas show with relatively high C3, C4 and C5 components were
observed across the carbonaceous shales.
Other work carried out as part of this drilling operation included:
-- 45 metres of conventional coring was acquired in each of the Upper and
Lower Kyalla reservoir sections.
-- Sidewall cores and extensive wireline logging have been acquired.
Horizontal drilling, stimulation and testing:
-- The JV is now preparing to drill the horizontal section within the Kyalla
formation.
-- Horizontal drilling will commence following the final evaluation of the
vertical well results.
-- Once completed, the horizontal section will be fracture stimulated, and
production tested.
-- The JV has prepared for continued operations during the wet season.
Philip O'Quigley, CEO of Falcon commented:
"Preliminary results of the Kyalla 117 N2-1 vertical appraisal well
represents an excellent re-start to the Beetaloo drilling program. The
election by the JV to immediately proceed to the drilling of the
horizontal section signifies the JV's confidence in the potential of the
Kyalla shale. Whilst it is still early days to fully understand
reservoir characteristics and completion quality, drilling results to
date are very encouraging. Electric logs calibrated by core analysis
results together with the planned fracture stimulation of the horizontal
section will give us a more quantitative view on this play. We look
forward to updating the market as soon as more 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 contains inside information.
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.
For further information on Falcon Oil & Gas Ltd. please visit
https://www.globenewswire.com/Tracker?data=ahhPkTwezMKQheEs_05x-Kbnkg3uQUz4NNKDINSSTZXefh0bQIGnGI9vCBgvySQJPe8zi8ZU3ZunSW3kzSLc9mWBJTGPZnRCVNT_-wDX76w=
www.falconoilandgas.com
About Origin Energy
Origin 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 terms
C(3) , C(4) and C(5) components Constituents of natural gas propane,
butane and pentane, respectively
Fm Formation
JV Joint venture between
Origin Energy 70% and Falcon Oil & Gas Australia Ltd. 30%
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 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
https://www.globenewswire.com/Tracker?data=ahhPkTwezMKQheEs_05x-P9_s9TT0yg28MHbpxVIkBxggw7qRufuvWXQ-mhaHUqT8pj6Wb9Syf7zqlj3l6cvJg==
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.
(END) Dow Jones Newswires
November 20, 2019 02:00 ET (07:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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