Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Covid-19 -- Beetaloo Project Update
March 26 2020 - 3:00AM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
COVID-19 -- Beetaloo Project Update
26 March 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) ("Falcon")
provides the following operational update on the Beetaloo project in the
Northern Territory, Australia in light of COVID-19.
Following the successful completion of drilling operations, including
cementing and casing of the horizontal well section of the Kyalla 117
N2-1H ST2 well (the "Kyalla Well"), the JV has completed the
installation of water monitoring bores and preparatory work has
continued towards the next phase of operations, which will include the
fracture stimulation of the Kyalla Well.
Given the unprecedented circumstances brought about by COVID-19 in
recent weeks, the JV has made changes to its operations to protect the
health and well-being of Origin Energy Limited employees, contractors
and communities across the Northern Territory. Adhering to the latest
guidelines and advice from the Northern Territory and Federal Government
on health and safety and social distancing are of the utmost importance
to the JV and all present on site are observing health authority
requirements.
Following the implementation of the necessary control procedures, the JV
has now elected to temporarily pause activities at the Kyalla Well site,
reducing those on site to essential personnel only, whilst ensuring the
required regulatory and environmental management conditions to monitor
and maintain the site can be met. The JV plans to resume activities in
the latter half of 2020 and during this interim period the JV will use
Northern Territory based employees and contractors to undertake civil
and other works in preparation for the resumption of activities.
The JV remains committed to the Beetaloo project which, if successful,
has the potential to deliver long-term economic and social benefits for
the Northern Territory, Australia and is encouraged by the positive
results to date. However, the circumstances presented by COVID-19 have
led the JV to conclude that the focus at this time must be to protect
the people and communities of the Northern Territory.
Philip O'Quigley (CEO of Falcon) commented:
"We find ourselves in unprecedented circumstance due to COVID-19 where
it is imperative that the JV acts responsibly and quickly to ensure the
health and safety of people and communities. While the JV is committed
to the Beetaloo project and results to date are encouraging, the focus
at this time must be on the health and safety of people."
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.
For further information on Falcon Oil & Gas Ltd. please visit
https://www.globenewswire.com/Tracker?data=cbxiEE0XFsLE7KLxStPyzSZgt3cfshNnW81hd2qYsdhAe3elLCYk_MFZbCaQxPqtvlvA-Icn7bItpA1xDi24JQUmy42ZBT_ObVAhdTkNSD4=
www.falconoilandgas.com
This announcement contains inside information.
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
JV Joint venture between Origin Energy and
Falcon Oil & Gas Australia Ltd.
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=cbxiEE0XFsLE7KLxStPyzVT5OsIPJXdccQJFImdnER6GwKwGHNFeKbBzKpN3GDqlu0jDPINizzoT3bBVxy8dpA==
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
March 26, 2020 03:00 ET (07:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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