Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Operational Update - Kyalla 117 N2-1H St2
December 10 2020 - 01:00AM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Operational Update - Kyalla 117 N2-1H ST2
10 December 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides
an update on exploration activity in the Beetaloo Sub-basin, Northern
Territory, Australia following the successful hydraulic stimulation of
the Kyalla 117 N2-1H ST2 well ("Kyalla 117").
As announced on 25 November 2020, operations were being planned to
re-enter Kyalla 117 with coiled tubing and apply nitrogen lift to lower
the pressure in the wellbore and to assist with achieving and sustaining
gas breakthrough. If successful, this would allow extended production
testing to commence. The timing of operations was carefully considered
as the wet season approaches, with health, safety, environmental and
cost considerations in mind.
The JV has decided to execute operations without delay with all of the
necessary equipment and consumables for the nitrogen lift being prepared
to mobilise to the well site.
Further updates will be provided to the market as appropriate.
Philip O'Quigley (CEO of Falcon) commented:
"The decision to execute operations without delay is really good news
and we look forward to updating the market as information from
operations is available"
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=oN4LUHaBOVbuDXgP6fQhxW13x27qZQG1e7uJBY-K7ejZa9DntwwpNdoICu65ePJiXDS3QXVVKFzZMNkS1J2iDIG8tHhdDe4mIA3aI9566Lg=
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
JV Joint venture between Falcon Oil & Gas
Australia Limited and a wholly-owned subsidiary of Origin Energy Limited
(ASX: ORG)
MW Megawatt
Origin A wholly owned subsidiary of Origin Energy
Limited (ASX: ORG)
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, plans to re-enter Kyalla 117 with coiled tubing and apply
nitrogen lift techniques and the likelihood of such operations being
successful, 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; risks and uncertainties associated with wellbore or reservoir
conditions; 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=oN4LUHaBOVbuDXgP6fQhxaxx70G8SEe-BdbqovpR9L-fVsACz61tjSQk53SDqF4Gax5lcrAT3tAnvEkkJm0zkA==
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
December 10, 2020 02:00 ET (07:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Feb 2024 to Mar 2024
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Mar 2023 to Mar 2024