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Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Notification Of Discovery - Kyalla 117 N2-1H St2

19/01/2021 7:00am

UK Regulatory (RNS & others)


 
TIDMFOG 
 
   Falcon Oil & Gas Ltd. 
 
   ("Falcon") 
 
   Notification of Discovery - Kyalla 117 N2-1H ST2 
 
   19 January 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased 
to announce that Origin Energy B2 Pty Ltd., a subsidiary of Origin 
Energy Resources Limited ("Origin"), our Joint Venture partner, has 
submitted a notification of discovery and an initial report on discovery 
("Notification of Discovery") to the Department of Industry, Tourism and 
Trade of the Northern Territory ("DITT") on the Kyalla 117 N2-1H ST2 
well ("Kyalla 117") in the Beetaloo Sub-basin, Australia. The 
Notification of Discovery is a requirement under s64(1) of the Petroleum 
Act 1984 (Northern Territory) and the NT Guidelines for reporting a 
petroleum discovery. 
 
   Details of the Notification of Discovery from Origin to the DITT are as 
follows: 
 
 
   -- The Notification of Discovery is supported by preliminary production test 
      data and petrophysical modelling. 
 
   -- This follows the introduction of nitrogen to lift the fluids in Kyalla 
      117, which has enabled Kyalla 117 to flow unassisted for a period of 
      seventeen hours. 
 
   -- Unassisted gas flow rates ranging between 0.4-0.6 MMscf/d over seventeen 
      hours were recorded. 
 
   -- Flow back of hydraulic fracture stimulation water to surface over the 
      same period, averaged between 400-600 bbl/d. 
 
   -- Initial analysis suggests a liquid-rich gas composition with less than 1% 
      CO2. 
 
   -- Condensate shows were also observed. 
 
 
   Further Information 
 
 
   -- These early-stage flow rates are preliminary indications of well 
      performance, and an extended production test ("EPT") will be required to 
      determine the long-term performance of Kyalla 117. 
 
   -- Longer-term measures will be put in place to flow back sufficient 
      hydraulic fracture stimulation water to allow Kyalla 117 to flow 
      continually without assistance and enable an EPT to continue in the 
      coming months during the dry season. 
 
   -- A further update will be provided when production testing has concluded, 
      and detailed evaluation has been undertaken, expected to be in Q2 2021. 
 
   Australian Government 
 
   The Australian Government announced last week that it would invest 
A$217m in economic enabling infrastructure and upgrades to remote roads 
in the Northern Territory.  These upgrades will provide quality 
infrastructure to support gas development and other industries in and 
around the Beetaloo Sub-basin. This is in addition to the A$50m being 
provided by the Australian Government to accelerate exploration activity 
in the Beetaloo announced last December. 
 
   This announcement contains inside information. 
 
   Philip O'Quigley (CEO of Falcon) commented: 
 
   "The Notification of Discovery and Initial Report issued by Origin mark 
an encouraging development and the results to date meet our objective to 
flow liquids rich gas from the Kyalla formation. 
 
   We look forward to our operator, Origin, putting in place longer term 
measures to flow back sufficient hydraulic fracture stimulation water to 
allow the well to flow continually without assistance and enable 
production testing to occur in the coming months during the dry season. 
 
   In addition to this we welcome the news from the Australian Government 
to invest a further A$217m in the Northern Territory in infrastructure 
to support gas development and other industries in and around the 
Beetaloo Sub-basin. 
 
   We will update the market when production testing has concluded, and a 
detailed evaluation has been undertaken." 
 
   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=MAKn1zT2ZCK2WwYvUBN66yxPOj_seaP8I6QrKxXNNy7L-0fhMBD7wo2feB3BVH4yAHzbkTeol7TWUUuZ6kveEg_B0xr-e5HbU3_LYda0thg= 
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 
 
   A$                          Australian dollar 
 
   bbl/d                      Barrels per day 
 
   CO(2) Carbon dioxide 
 
   LNG                       Liquefied natural gas 
 
   MMscf/d                 Million standard cubic feet per day 
 
   MW                        Megawatt 
 
   NT                         Northern Territory 
 
   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, 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; 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=MAKn1zT2ZCK2WwYvUBN667_K7BqBmJfpsZ_2XSaKDux0i5OrQXUknmlXCii7O-GUh2ZTvL4iTRMmtRUhJ_ALVA== 
www.sedar.com, including under "Risk Factors" in the Annual Information 
Form. 
 
   Advisory regarding initial production rates 
 
   Any references in this news release to initial production rates are 
useful in confirming the presence of hydrocarbons; however, such rates 
are not determinative of the rates at which such wells will continue 
production and decline thereafter and are not necessarily indicative of 
long-term performance or ultimate recovery. While encouraging, readers 
are cautioned not to place reliance on such rates in calculating the 
aggregate production for Falcon. Such rates are based on field estimates 
and may be based on limited data available at this time. 
 
   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

January 19, 2021 02:00 ET (07:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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