Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd.
January 22 2021 - 02:00AM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Gas Composition Data Confirm Kyalla Liquids Rich Gas Play
22 January 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased
to announce the following update on the first gas composition data
obtained during the 17-hour unassisted flow period of the Kyalla 117
N2-1H ST2 well ("Kyalla 117") in the Beetaloo Sub-basin, Australia.
The initial analysis of natural gas by gas chromatography confirms a
liquids-rich gas stream low in CO(2) as follows:
-- C1 = 65.03 mol%
-- C2 = 18.72 mol%
-- C3 = 8.37 mol%
-- iC4 = 1.29 mol%
-- nC4 = 2.03 mol%
-- C5+ = 2.73 mol%
-- CO2 = 0.91 mol%
-- N2 = 0.92 mol%
The elevated C(3) + gas component of 14.42 mol%, which meets our
pre-drill expectations, confirms the Lower Kyalla Shale as a
liquids-rich gas play. Gas composition data also support the view that
the Kyalla gas stream will have elevated LPG and condensate yields.
As announced on 19 January 2021, longer term measures will be put in
place to flow back sufficient hydraulic fracture stimulation water to
allow the Kyalla 117 to flow continually without assistance. This work
is expected to commence at the start of the dry season in Q2 2021 and if
successful will allow an extended production test ("EPT") of between 60
and 90 days to commence.
Philip O'Quigley (CEO of Falcon) commented:
"The initial gas composition data are very encouraging providing a
strong indication for the liquids rich gas play in the Kyalla formation.
We will update the market when operations recommence at Kyalla 117 at
the beginning of the dry season in Q2 2021."
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.
For further information on Falcon Oil & Gas Ltd. please visit
https://www.globenewswire.com/Tracker?data=s-rcIcRq7B0OfNOwVoKSb5Z20MzY9yZxrY9bwGzsqW6ImrUEpyc3On4LsUWp887P2_fNPqEeeEiuM-KRwkPDPIrtxN-dSGYETVPSv0e3rOI=
www.falconoilandgas.com
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 owner and contracted 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(1) Methane
C(2) Ethane
C(3) Propane
C(3) + Propane and heavier constituents of natural gas
iC(4) Iso-Butane
nC(4) N-Butane
C(5) + Pentane and heavier constituents of natural gas
CO(2) Carbon dioxide
LPG Liquefied petroleum gas
N(2) Nitrogen
mol% mole percent
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. In particular, forward-looking information
in this press release includes, 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. This information is based on current expectations that
are subject to significant risks and uncertainties that are difficult to
predict. The risks, assumptions and other factors that could influence
actual results include 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=s-rcIcRq7B0OfNOwVoKSb8PaYQ9-pC2--zXNokN-XO3dDDDdKU_cn2Faet6OzVwKmbFiW87xoPqiJ7h4pC81fQ==
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
January 22, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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