Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Notification Of Discovery - Kyalla 117 N2-1H St2
19 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Notification of Discovery - Kyalla 117 N2-1H ST2
19 January 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased
to announce that Origin Energy B2 Pty Ltd., a subsidiary of Origin
Energy Resources Limited ("Origin"), our Joint Venture partner, has
submitted a notification of discovery and an initial report on discovery
("Notification of Discovery") to the Department of Industry, Tourism and
Trade of the Northern Territory ("DITT") on the Kyalla 117 N2-1H ST2
well ("Kyalla 117") in the Beetaloo Sub-basin, Australia. The
Notification of Discovery is a requirement under s64(1) of the Petroleum
Act 1984 (Northern Territory) and the NT Guidelines for reporting a
petroleum discovery.
Details of the Notification of Discovery from Origin to the DITT are as
follows:
-- The Notification of Discovery is supported by preliminary production test
data and petrophysical modelling.
-- This follows the introduction of nitrogen to lift the fluids in Kyalla
117, which has enabled Kyalla 117 to flow unassisted for a period of
seventeen hours.
-- Unassisted gas flow rates ranging between 0.4-0.6 MMscf/d over seventeen
hours were recorded.
-- Flow back of hydraulic fracture stimulation water to surface over the
same period, averaged between 400-600 bbl/d.
-- Initial analysis suggests a liquid-rich gas composition with less than 1%
CO2.
-- Condensate shows were also observed.
Further Information
-- These early-stage flow rates are preliminary indications of well
performance, and an extended production test ("EPT") will be required to
determine the long-term performance of Kyalla 117.
-- Longer-term measures will be put in place to flow back sufficient
hydraulic fracture stimulation water to allow Kyalla 117 to flow
continually without assistance and enable an EPT to continue in the
coming months during the dry season.
-- A further update will be provided when production testing has concluded,
and detailed evaluation has been undertaken, expected to be in Q2 2021.
Australian Government
The Australian Government announced last week that it would invest
A$217m in economic enabling infrastructure and upgrades to remote roads
in the Northern Territory. These upgrades will provide quality
infrastructure to support gas development and other industries in and
around the Beetaloo Sub-basin. This is in addition to the A$50m being
provided by the Australian Government to accelerate exploration activity
in the Beetaloo announced last December.
This announcement contains inside information.
Philip O'Quigley (CEO of Falcon) commented:
"The Notification of Discovery and Initial Report issued by Origin mark
an encouraging development and the results to date meet our objective to
flow liquids rich gas from the Kyalla formation.
We look forward to our operator, Origin, putting in place longer term
measures to flow back sufficient hydraulic fracture stimulation water to
allow the well to flow continually without assistance and enable
production testing to occur in the coming months during the dry season.
In addition to this we welcome the news from the Australian Government
to invest a further A$217m in the Northern Territory in infrastructure
to support gas development and other industries in and around the
Beetaloo Sub-basin.
We will update the market when production testing has concluded, and a
detailed evaluation has been undertaken."
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=MAKn1zT2ZCK2WwYvUBN66yxPOj_seaP8I6QrKxXNNy7L-0fhMBD7wo2feB3BVH4yAHzbkTeol7TWUUuZ6kveEg_B0xr-e5HbU3_LYda0thg=
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
A$ Australian dollar
bbl/d Barrels per day
CO(2) Carbon dioxide
LNG Liquefied natural gas
MMscf/d Million standard cubic feet per day
MW Megawatt
NT Northern Territory
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=MAKn1zT2ZCK2WwYvUBN667_K7BqBmJfpsZ_2XSaKDux0i5OrQXUknmlXCii7O-GUh2ZTvL4iTRMmtRUhJ_ALVA==
www.sedar.com, including under "Risk Factors" in the Annual Information
Form.
Advisory regarding initial production rates
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.
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 19, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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