Falcon Oil & Gas Ltd Falcon Oil & Gas Ltd.: Update on Amungee NW-1H Horizontal Well and Spudding of Beetaloo W-1 Vertical Well

 
TIDMFOG 
 
Falcon Oil & Gas Ltd.: Update on Amungee NW-1H Horizontal Well and Spudding of Beetaloo W-1 Vertical Well 
NEWS RELEASE TRANSMITTED BY MARKETWIRED 
 
FOR:  FALCON OIL & GAS LTD. 
 
TSX VENTURE SYMBOL:  FO 
AIM SYMBOL:  FOG 
ISE SYMBOL:  FAC 
 
July 25, 2016 
 
Falcon Oil & Gas Ltd.: Update on Amungee NW-1H Horizontal Well and Spudding of Beetaloo W-1 Vertical Well 
 
DUBLIN, IRELAND--(Marketwired - July 25, 2016) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) is 
pleased to announce the successful re-entry and casing of Amungee NW-1H horizontal well and the spudding of the 
Beetaloo W-1 vertical well in the Beetaloo Basin, Australia. 
 
Amungee NW-1H 
 
The Amungee NW-1H well was drilled to a total measured depth of 3,808 metres last November, including a 1,100 
metres horizontal section in the "B Shale" interval of the Middle Velkerri formation. The horizontal section 
was successfully cased and cemented earlier this month and preparations are now being finalised to conduct a 
multi-stage hydraulic stimulation. The hydraulic stimulation is expected to commence around mid-August and will 
involve up to 10 stages and will take up to 2 weeks to complete. This will then be followed by an extended 
production testing program. 
 
Beetaloo W-1 
 
The Beetaloo W-1 well is the fourth of Falcon's fully carried five well 2015-2016 drilling and evaluation 
programme, the initial phase of a nine well drilling and evaluation programme. 
 
/T/ 
 
=-  This well, targeting the unexplored southern Beetaloo Basin for shale 
    and hybrid shale-sand plays in the Velkerri and Kyalla formations, was 
    spudded on 22 July 2016. 
=-  The well is designed to test the presence, depth, thickness and physical 
    reservoir properties of the organic rich mudstones of the Kyalla 
    Formation and the Middle Velkerri member. 
=-  The well is located approximately 85 kilometres south of the first well 
    drilled, Kalala S-1; within exploration permit 117 with drilling 
    estimated to be to a total depth of 3,045 meters. 
=-  Rig 185, an ATS 400 originally commissioned for the drilling of Kalala 
    S-1, Amungee NW-1 and Amungee NW-1H from Saxon Energy Services Australia 
    Pty. Ltd, is being used. 
=-  Drilling is estimated to take between 35 - 50 days. 
=-  The drilling of Beetaloo W-1 will be operated by Origin Resources 
    Limited ("Origin") (35%) with partners Sasol Petroleum Australia Limited 
    ("Sasol") (35%) and Falcon (30%). 
 
/T/ 
 
Philip O'Quigley, CEO of Falcon commented: 
 
"The multi-stage hydraulic stimulation of the horizontal section of the Amungee NW-1H well, scheduled to be 
completed next month, could go a long way towards proving up the resource potential of the Beetaloo Basin. 
 
The Beetaloo W-1 well represents another exciting phase of the exploration program given that it will be the 
first well to penetrate the Middle Velkerri member in the south of the basin. 
 
We look forward to updating the market on both of these key operations as information becomes available." 
 
Ends. 
 
Background - Australia 
 
On 2 May 2014, Falcon announced it had entered into a Farm-Out Agreement and Joint Operating Agreement with 
Origin and Sasol (collectively referred to herein as the "Farminees") with each farming into 35% of the 
Falcon's exploration permits in the Beetaloo Basin, Australia through its 98% subsidiary, Falcon Oil & Gas 
Australia Ltd. ("Falcon Australia"). The Farminees will carry Falcon in a nine well exploration and appraisal 
programme from 2015 to 2018. 
 
/T/ 
 
=-  Farminees will pay for the full cost of completing the first five wells 
    estimated at A$64 million, and will fund any cost overruns, with work 
    expected to be completed between 2015 and 2016. 
=-  Farminees to pay the full cost of the following two horizontally 
    fracture stimulated wells, 90 day production tests and micro seismic 
    data collection with a capped expenditure of A$53 million, any cost 
    overrun funded by each party in proportion to their working interest. 
    This work programme is expected to be undertaken in 2017. 
=-  Farminees to pay the full cost of the final two horizontally fracture 
    stimulated wells and 90 day production tests capped at A$48 million, any 
    cost overrun funded by each party in proportion to their working 
    interest. This work programme is expected to be undertaken in 2018. 
=-  Farminees may reduce or surrender their interests back to Falcon 
    Australia only after: 
    --  The drilling of the first five wells; or 
    --  The drilling and testing of the next two horizontally fracture 
        stimulated wells. 
 
/T/ 
 
This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr. 
Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary and his PhD at the Vrije 
Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE. 
 
About Falcon Oil & Gas Ltd. 
 
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and 
development of conventional and 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. 
 
For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com 
 
About Origin Energy 
 
Origin Energy (ASX:ORG) is the leading Australian integrated energy company with market leading positions in 
energy retailing (approximately 4.2 million customer accounts), power generation (approximately 6,000 MW of 
capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 
PJe). 
 
Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is 
developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base. 
 
www.originenergy.com.au 
 
About Sasol 
 
Sasol is an international integrated chemicals and energy company that leverages technologies and expertise of 
its 30,400 people working in 36 countries. Sasol develop and commercialise technologies, and build and operate 
world-scale facilities to produce a range of high-value product streams, including liquid fuels, chemicals and 
low-carbon electricity. 
 
Sasol, through its subsidiary, Sasol Exploration and Production International ("E&PI") develops and manages the 
group's upstream interests in oil and gas exploration and production in Mozambique, South Africa, Australia, 
Canada and Gabon. It produces natural gas and condensate from Mozambique's Pande and Temane fields, shale gas 
from their share in the Farrell Creek and Cypress A assets in Canada, and oil in Gabon through their share in 
the offshore Etame Marin Permit. E&PI sells Mozambican gas under long-term contracts to Sasol Gas and external 
customers, condensate on short term contracts, while selling Canadian gas into the market at spot prices. Oil 
is sold to customers under annual contracts. For more information go to www.sasol.com. 
 
Glossary of terms 
 
A$ Australian dollar 
 
CSG Coal seam gas 
 
LNG Liquefied natural gas 
 
LPG Liquefied petroleum gas 
 
MW Megawatt 
 
PJ(E) Petajoule (equivalent) 
 
Km Kilometers 
 
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. 
 
Certain information in this press release may constitute forward-looking information. This information is based 
on current expectations that are subject to significant risks and uncertainties that are difficult to predict. 
Such information may include, 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 basin Australia, expected 
contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays and the prospect 
of the exploration programme being brought to commerciality. 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. 
 
 
-30- 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Falcon Oil & Gas Ltd. 
[phone] 
 
OR 
 
Falcon Oil & Gas Ltd. 
[phone] 
 
OR 
 
Falcon Oil & Gas Ltd. 
[phone] 
 
OR 
 
Davy (NOMAD & Broker) 
John Frain / Anthony Farrell 
[phone] 
 
INDUSTRY:  Energy and Utilities-Oil and Gas 
SUBJECT:   OEX 
 
 
 
 
Falcon Oil & Gas Ltd. 
 

(END) Dow Jones Newswires

July 25, 2016 02:00 ET (06:00 GMT)