TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon" or the "Company")
2021 Work Programme Update -- Beetaloo Sub-Basin
20 July 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
provides an update to the 2021 work programme.
As noted in the Company's press release on 22 June 2021,
operations recommenced at Kyalla 117 N2-1H ST2 ("Kyalla 117") 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.
Activity has focussed on the continued clean-up of Kyalla 117 in
preparation for extended production testing, using nitrogen to
support operations.
This has allowed the Kyalla 117 well to begin flowing again
without assistance for intermittent periods, however, production
has not been sustained and there is evidence of a potential
downhole flow restriction.
Operations will now be temporarily paused while the cause of the
restriction is investigated, the results of which will inform the
development of a new go-forward plan for Kyalla 117.
In the meantime, the JV's focus will continue on other elements
of the work programme. The JV remains on track to drill the
Velkerri 76 well and commence a further extended production test at
Amungee NW 1H in the coming weeks.
This announcement contains inside information.
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 ("JV") partners in respect of the
Beetaloo project.
For further information on Falcon Oil & Gas Ltd. please
visit 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
JV Joint venture between Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG)
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. In particular, forward-looking information in this press
release includes, but is not limited to, information relating to
the 2021 work programme, the pause to operations at Kyalla 117,
operations to be conducted at Amungee NW-1H and Velkerri 76, 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 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
July 20, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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