Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - 2019 Beetaloo Drilling Programme - Rig Contract Signed

 
TIDMFOG 
 
   FALCON OIL & GAS LTD. 
 
   ("Falcon") 
 
   2019 Beetaloo Drilling Programme - Rig Contract Signed 
 
   21 January 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) 
is very pleased to announce that Origin Energy B2 Pty Ltd. ("Origin"), 
our joint venture ("JV") partner and Operator of the Beetaloo project, 
in the Northern Territory, Australia, has signed a rig contract with 
Ensign Australia Pty Ltd. for Rig 963 for the 2019 Stage 2 Beetaloo 
drilling programme, with an option to extend the contract into 2020. 
 
   2019 Stage 2 Beetaloo Drilling Programme 
 
   Subject to relevant approvals, and implementation of the exploration 
recommendations of the Inquiry into Hydraulic Fracture Stimulation in 
the Northern Territory, the JV will evaluate the potential of the 
liquids-rich gas fairways in both the Kyalla and Velkerri plays. 
Exploration and appraisal activities include the drilling and hydraulic 
fracture stimulation of two horizontal wells. Together with the Velkerri 
B dry gas play discovered in 2016, this allows for the assessment of 
three plays, enabling the most commercially prospective play to be 
targeted for Stage 3 drilling during 2020. 
 
   Work has already commenced at some well sites, including water bore 
drilling and water monitoring, with drilling targeted to commence in 
June 2019. 
 
   The Stage 2 Cost Cap is approximately A$65m for the exploration and 
appraisal programme, including the drilling and hydraulic fracture 
stimulation costs of two horizontal wells. 
 
   Philip O'Quigley, CEO of Falcon, commented: 
 
   "Today's announcement is an exciting development for Falcon shareholders 
as the JV prepares to commence drilling in the highly prospective 
Beetaloo Sub-basin. We look forward to updating the market as work 
progresses over the coming months." 
 
   For further information, please contact: 
 
   CONTACT DETAILS: 
 
 
 
 
Falcon Oil & Gas Ltd.                    [phone] 
Philip O'Quigley, CEO                   [phone] 
Anne Flynn, CFO                          [phone] 
 
Davy (NOMAD & Joint Broker) 
John Frain / Barry Murphy                [phone] 
 
RBC (Joint Broker) 
Matthew Coakes / Martin Copeland        [phone] 
 
Cenkos Securities plc (Joint Broker) 
Neil McDonald/Derrick Lee               [phone] 
 
   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 
https://www.globenewswire.com/Tracker?data=MH6XSuud_xnE1E1DEbwa8BjH49ucTUt75n16o9HHDCbeD4Eg5wN9Da51PXTGv49MlRSwHNjzGWjsnZy-l4IlYXXjwddckvbt57MjFOLpHXU= 
www.falconoilandgas.com 
 
   About Origin Energy 
 
   Origin Energy (ASX: ORG) is a leading Australian integrated energy 
company. Origin is a leading energy retailer with approximately 4.2 
million customer accounts, has approximately 6,000 MW of 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 
 
   Cost Cap          The costs up to which Origin has agreed to fund 100%. 
Any costs incurred above the Cost Cap will be paid 70% by Origin and 30% 
by Falcon 
 
   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. 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. 
 
 
 
 

(END) Dow Jones Newswires

January 21, 2019 02:00 ET (07:00 GMT)

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