Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Kyalla 117 N2-1H St2 Update -- Beetaloo Sub-Basin
September 14 2021 - 1:00AM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon" or the "Company")
Kyalla 117 N2-1H ST2 Update -- Beetaloo Sub-Basin
14 September 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM:
FOG) is pleased to announce that operations have resumed 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.
As noted in the Company's press release on 20 July 2021, while
Kyalla 117 flowed liquids rich gas without assistance for
intermittent periods, production was not sustained and there was
evidence of a potential downhole flow restriction.
Current operations, if successful in resolving the restriction,
will result in an extended production test being carried out to
determine the expected longer-term performance of the well. As a
reminder to shareholders, Falcon is fully carried for all of the
capex associated with this work.
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
Camarco
James Crothers / Rebecca Waterworth
/ Billy Clegg +44 (0)20 3781 8331
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,
resumed operations at Kyalla 117 and resolving the restriction, the
prospectivity of the Kyalla play 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
September 14, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Apr 2023 to Apr 2024