Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Beetaloo Operational Update

 
TIDMFOG 
 
   Falcon Oil & Gas Ltd. 
 
   ("Falcon") 
 
   Beetaloo Operational Update 
 
   20 August 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) ("Falcon") 
provides the following operational update on the Beetaloo project in the 
Northern Territory, Australia. 
 
   Kyalla liquids-rich gas play 
 
   In February 2020, the Kyalla 117 N2-1H ST2 well ("Kyalla 117") was 
drilled to a total measured depth of 3,809 metres, which included a 
1,579 metre lateral section in the Lower Kyalla Formation. Results 
obtained demonstrated good reservoir continuity, conductive natural 
fractures and continuous gas shows. 
 
   In March 2020, operations in the Beetaloo Basin were paused in response 
to the COVID-19 pandemic. The Ensign rig was secured and maintained 
locally, and by mid-May all personnel had left the Kyalla 117 well site. 
 
   Subject to COVID-19 related conditions, fracture stimulation of Kyalla 
117 is expected to commence in Q3/Q4 2020 with extended production 
testing of the well to follow. Initial results from the production test 
are expected during Q4 2020 with final results expected by the end of Q1 
2021. These results will inform the decision to either further evaluate 
this liquids-rich gas play or commence activities in the Velkerri 
liquids-rich gas play. 
 
   Construction of the Velkerri 76 well lease pad was completed in early 
December 2019 and environmental approval to drill and fracture stimulate 
the Velkerri Flank well was granted in late December 2019. 
 
   Philip O'Quigley (CEO of Falcon) commented: 
 
   "We look forward to the next phase of operations with the fracture 
stimulation of the Kyalla 117 well and will update the market as results 
become available." 
 
   Ends. 
 
   CONTACT DETAILS: 
 
 
 
 
Falcon Oil & Gas Ltd.             [phone] 
Philip O'Quigley, CEO            [phone] 
Anne Flynn, CFO                   [phone] 
 
Cenkos Securities plc (NOMAD & 
 Broker) 
Neil McDonald / Derrick Lee      [phone] 
 
 
   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. 
 
   About Origin Energy 
 
   Origin Energy (ASX: ORG) is a leading Australian integrated energy 
company. Origin is a leading energy retailer with approximately 4.1 
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 
 
   JV                           Joint venture between Origin Energy and 
Falcon Oil & Gas Australia Ltd. 
 
   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.  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 Sub-basin Australia, the prospectivity of the Middle Velkerri 
and Kyalla plays and the prospect of the exploration programme being 
brought to commerciality,  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 
https://www.globenewswire.com/Tracker?data=NrsrDfPt_a4nbZ68oMCLS2JszagDmh5NosPCRqQG2aOZj_bCJF6ad2pPrWWxHzxZF5mOOkiJ9LspiPHLv2G5zQ== 
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

August 20, 2020 02:00 ET (06:00 GMT)

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