Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Planned 2021 Work Programme -- Beetaloo Sub-Basin
19 Marzo 2021 - 01:00AM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Planned 2021 Work Programme -- Beetaloo Sub-Basin
19 March 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to
provide details of the 2021 work programme in the Beetaloo Sub-Basin,
Northern Territory, Australia with our joint venture partner, Origin
Energy B2 Pty Ltd., a wholly owned subsidiary of Origin Energy Limited
("Origin").
The 2021 work programme is expected to include the following:
-- Resume clean-up operations of Kyalla 117 N2-1H ST2 ("Kyalla 117") and
commence an extended production test ("EPT")
-- Drill Velkerri 76 S2-1 vertical well ("Velkerri 76")
-- Perform a production test at Amungee NW 1H
2021 Work Programme Detail
Kyalla 117
Background
-- As announced by Falcon on 19 January 2021, Origin submitted a
notification of discovery and an initial report on discovery to the
Northern Territory Government.
-- Unassisted gas flow rates ranging between 0.4-0.6 MMscf/d were recorded
over seventeen hours, which are preliminary indications of well
performance, and an EPT is now required to determine the long-term
performance of Kyalla 117.
2021 work programme includes:
-- Resumption of reservoir clean-up operations using an artificial lift
technique.
-- If the Kyalla 117 clean-up is successful, progress to an EPT.
Velkerri 76
Background
-- Targeting the Velkerri play along the south-eastern flank of the Beetaloo
Sub-basin, which is predicted to be in a liquids rich gas window.
2021 work programme includes:
-- Drill a vertical pilot well to acquire core and log and run diagnostic
fracture injection test data across the Velkerri.
Amungee NW 1H
Background
-- On 22 December 2016 Falcon announced that, following a 57-day EPT of the
well, production averaged 1.10 MMscf/d.
-- On 15 February 2017 Falcon announced that Origin had submitted the
Results of Evaluation of the Discovery and Preliminary Estimate of
Petroleum in Place for the Amungee NW-1H Velkerri B Shale Gas Pool to the
Northern Territory Government amounting to a gross contingent resource of
6.6 TCF, 1.46 TCF net to Falcon.
2021 work programme includes:
-- A production test to be carried out to determine if all frack stages
contributed to the initial EPT conducted in 2016.
Philip O'Quigley (CEO of Falcon) commented:
"This year's programme covering three different plays in the Beetaloo
will provide key information that will help determine the future
appraisal and development programme. The prospect of multiple positive
results is exciting, and we look forward to providing these results as
soon as they become available. Falcon is fully carried for the 2021 work
programme costs."
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") 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=4YrRYfCGt4_OxaA3qBYSmSHj_dL_7Xv8otIVuZgoaFGBZBnKioaD4aNuLyCzYpNsDBsSpUwfQHc4fkds_PZHMR5WEkszeon6VLvt-1nw5VM=
www.falconoilandgas.com
About Origin
Origin 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
LNG Liquefied natural gas
MMscf/d Million standard cubic feet per day
MW Megawatt
TCF Trillion cubic feet
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, information
relating to the 2021 work programme, the contingent resource estimate
for the Amungee NW-1H Velkerri B shale gas pool, 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=4YrRYfCGt4_OxaA3qBYSmVxHF2PkbIyaq-3c1RS3vuWWdBPvOgOHJ7eOqHBokmbn_-hauYWmcJt2DFtJOBOf5Q==
www.sedar.com, including under "Risk Factors" in the Annual Information
Form.
Advisory regarding oil and gas information
Any references in this news release to initial production rates are
useful in confirming the presence of hydrocarbons; however, such rates
are not determinative of the rates at which such wells will continue
production and decline thereafter and are not necessarily indicative of
long-term performance or ultimate recovery. While encouraging, readers
are cautioned not to place reliance on such rates in calculating the
aggregate production for Falcon. Such rates are based on field estimates
and may be based on limited data available at this time.
Contingent resource estimates are those quantities of gas (produced gas
minus carbon dioxide and inert gasses) that are potentially recoverable
from known accumulations, but which are not yet considered commercially
recoverable due to the need for additional delineation drilling, further
validation of deliverability and original gas in place, and confirmation
of prices and development costs. There is uncertainty that it will be
commercially viable to produce any portion of the resources. For
additional information relating to contingent resource estimates in
respect of the Amungee NW-1H Velkerri B Shale Gas Pool which were
prepared effective as of February 15, 2017, please refer to Falcon's
Annual Information Form dated April 28, 2020, which is available on
SEDAR at www.sedar.com.
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 19, 2021 03:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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