FOG Falcon Oil & Gas Ltd.

 
TIDMFOG 
 
   Falcon Oil & Gas Ltd. 
 
   ("Falcon") 
 
   Kyalla 117 N2-1H Horizontal Well Operational Update 
 
   13 January 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides 
the following operational update on the drilling of the Kyalla 117 N2-1H 
well in the Beetaloo Sub-Basin, Australia. 
 
   The vertical section of the Kyalla 117 well was successfully and safely 
completed in late November 2019. Drilling of the horizontal production 
hole section with a target length of 1,000 to 2,000 metres, commenced in 
early December. 
 
   However, after reaching a horizontal length of 700 metres, operational 
challenges were experienced in maintaining adequate clean hole 
conditions and stability over portions of the horizontal production hole 
section appropriate to complete operations. 
 
   The initial horizontal production hole section will now be plugged in 
line with regulatory requirements. This will then be followed by 
sidetracking and drilling a new horizontal production hole section. 
 
   Plugging back and drilling a new horizontal section from an existing 
vertical well is not uncommon in an exploration drilling program such as 
this. 
 
   With the drilling rig and equipment on-site and in position, drilling 
operations will recommence on the new horizontal well section within the 
next month. 
 
   Fracture stimulation activity will only occur after the successful 
completion of drilling and the integrity of the well is tested and 
verified. 
 
   Results obtained from operations to date in the target shale formation 
demonstrate good reservoir continuity, conductive natural fractures, and 
continuous gas shows. The JV remains positive about the potential of the 
Lower Kyalla Formation, resulting in the decision to continue with 
drilling operations. 
 
   Philip O'Quigley, CEO of Falcon commented: 
 
   "Whilst it is unfortunate to have encountered these operational 
difficulties, which will add to the time and cost to drill the 
horizontal section, the JV remains as optimistic about the potential of 
the Kyalla and we look forward to updating the market with further 
updates in due course." 
 
   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=sYeYkt45KD-kESxBOiKaCHRKbwTeH620BaLiM3dYe3vVRrhwfLbzL1q0smw-2xYb3h2EVHrEQsU30dj3rvIeDr2LkVQkXRO0mWLTduB8UT4= 
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 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=sYeYkt45KD-kESxBOiKaCBXhwAOpy7vDCvDa3_BFPfXB8s0ySR9rxoEh72HAfnMImfNRxHIRTQPSUOJmcBXUXg== 
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 13, 2020 02:05 ET (07:05 GMT)

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