Falcon Oil & Gas Ltd.
(“Falcon”)
Kyalla 117 N2-1H
Horizontal Well Operational Update
13 January 2020 - Falcon Oil & Gas Ltd.
(TSXV: FO, AIM: FOG) provides the following operational update on
the drilling of the Kyalla 117 N2-1H well in the Beetaloo
Sub-Basin, Australia.
The vertical section of the Kyalla 117 well was successfully and
safely completed in late November 2019. Drilling of the horizontal
production hole section with a target length of 1,000 to 2,000
metres, commenced in early December.
However, after reaching a horizontal length of 700 metres,
operational challenges were experienced in maintaining adequate
clean hole conditions and stability over portions of the horizontal
production hole section appropriate to complete operations.
The initial horizontal production hole section
will now be plugged in line with regulatory requirements. This will
then be followed by sidetracking and drilling a new horizontal
production hole section.
Plugging back and drilling a new horizontal section from an
existing vertical well is not uncommon in an exploration drilling
program such as this.
With the drilling rig and equipment on-site and
in position, drilling operations will recommence on the new
horizontal well section within the next month.
Fracture stimulation activity will only occur after the
successful completion of drilling and the integrity of the well is
tested and verified.
Results obtained from operations to date in the
target shale formation demonstrate good reservoir continuity,
conductive natural fractures, and continuous gas shows. The JV
remains positive about the potential of the Lower Kyalla Formation,
resulting in the decision to continue with drilling operations.
Philip O’Quigley, CEO of Falcon
commented: “Whilst it is unfortunate to have encountered
these operational difficulties, which will add to the time and cost
to drill the horizontal section, the JV remains as optimistic about
the potential of the Kyalla and we look forward to updating the
market with further updates in due course.”
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.
For further information on Falcon Oil & Gas
Ltd. please visit www.falconoilandgas.com
This announcement contains inside
information.
About Origin EnergyOrigin
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
termsJV
Joint venture between Origin Energy 70% and Falcon Oil & Gas
Australia Ltd.
30%LNG
Liquefied natural gasMW
Megawatt
Advisory regarding forward looking
statementsCertain 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
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.
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