Falcon Oil & Gas Ltd. - Beetaloo Farm-Out
2020年4月7日 - 3:00PM
Falcon Oil & Gas
Ltd.(“Falcon”)
Beetaloo Farm-Out
7 April 2020 - Falcon Oil & Gas Ltd.
(TSXV: FO, AIM: FOG) (“Falcon”) is pleased to
announce that its c. 98% subsidiary, Falcon Oil & Gas Australia
Limited (“Falcon Australia”), has
executed an agreement which includes a restated Farm-Out Agreement
and Joint Operating Agreement (collectively “the
Agreements”) with Origin Energy B2 Pty Ltd., a subsidiary
of Origin Energy Limited (“Origin”) to farm down
7.5% of Falcon Australia’s 30% participating interest
(“PI”) in the Exploration Permits in the Beetaloo
Sub-basin, Northern Territory, Australia (“the
Permits”). Falcon and Origin are obligated to seek the
Northern Territory government and TSXV stock exchange approvals, in
respect of the Agreements.
Transaction details
- With the necessary approvals, the PI of the respective JV
partners will be:
- Falcon Australia 22.5%
- Origin 77.5%
- In consideration of Falcon Australia transferring 7.5% of its
PI, Origin will increase the gross cost cap of the work program by
A$150.5 million.
- The previous farm-in arrangement included a Stage 2 gross cost
cap of A$65.3 million and a Stage 3 gross cost cap of A$48 million,
or A$113.3 million in total. Under the Agreements, the Stage 2 and
Stage 3 gross cost caps will be combined and increased by A$150.5
million to A$263.8 million (the “Overall Cost
Cap”),
- This Overall Cost Cap will be applied to the completion of the
Stage 2 and Stage 3 work programmes.
- Amounts of the Overall Cost Cap not utilised during Stage 2 and
Stage 3 will be applied to future work programmes.
- Expenditure above the Overall Cost Cap will be borne by the JV
partners in proportion to their PI.
- Origin will assume 25% of the cost of Falcon Australia’s
remaining call option to reduce the overriding royalties with the
TOG Group. The cost to Falcon Australia, should it wish to exercise
the call option, will reduce from US$7.5 million to US$5.625
million, in line with its reduced PI.
Operational Update
Drilling operations on the Kyalla 117 N2-1H ST2
well (“Kyalla Well”) were successfully completed in February 2020,
reaching a total measured depth of 3,809 metres, including a
1,579-metre lateral section (from 90 degrees) in the Lower Kyalla
Formation. Water impact monitoring bore drilling was completed in
March and final preparatory work continues ahead of the next stage
of operations. On 26 March, in response to the COVID-19 pandemic,
Origin confirmed forward operations in the Beetaloo had been
temporarily paused. As a result, Origin expects a delay to the
Kyalla Well stimulation and extended production test of at least 3
months to now occur in H2 2020, and the drilling of the Velkerri
Flank well in H1 2021.
Philip O’Quigley, CEO of Falcon
commented: “Falcon Australia’s farm down of 7.5% of its PI
in the Permits for a further gross cost cap of A$150.5 million,
provides Falcon with additional funding that can be applied to the
completion of the Stage 2 and Stage 3 work programmes. It also
demonstrates Origin’s continued commitment to the Beetaloo
Sub-basin. This farm down together with Falcon’s unaudited cash
reserves of US$11.5 million at 31 March 2020 leaves us well
positioned to participate in the future upside potential of the
Beetaloo. We look forward to updating the market as soon as
operations recommence in the Beetaloo.”
Ends.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. |
+353 1 676 8702 |
Philip O'Quigley, CEO |
+353 87 814 7042 |
Anne Flynn, CFO |
+353 1 676 9162 |
|
Cenkos Securities plc (NOMAD & Broker) |
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
This announcement has been reviewed by Dr. Gábor
Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr.
Bada obtained his geology degree at the Eötvös L. University in
Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam,
the Netherlands. He is a member of AAPG.
About Falcon Oil & Gas
Ltd.Falcon Oil & Gas Ltd is an international oil &
gas company engaged in the exploration and development of
unconventional oil and gas assets, with the current portfolio
focused in Australia, South Africa and Hungary. Falcon Oil &
Gas Ltd is incorporated in British Columbia, Canada and
headquartered in Dublin, Ireland with a technical team based in
Budapest, Hungary.
Falcon Oil & Gas Australia Limited is a c.
98% subsidiary of Falcon Oil & Gas Ltd.
For further information on Falcon Oil & Gas
Ltd. please visit www.falconoilandgas.com
This announcement contains inside
information.
About Origin EnergyOrigin
Energy (ASX: ORG) is a leading Australian integrated energy
company. Origin is a leading energy retailer with approximately 4.1
million customer accounts, has approximately 6,000 MW of power
generation capacity and is also a large natural gas supplier.
Origin is the upstream operator of Australia Pacific LNG, which
supplies natural gas to domestic markets and exports LNG under long
term contracts.
www.originenergy.com.au
Glossary of terms
A$ |
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 77.5% by Origin and 22.5% by Falcon
Australia |
H1 |
First six months
of the calendar year |
H2 |
Second six months
of the calendar year |
JV Partners |
Joint venture
between Origin Energy and Falcon Oil & Gas Australia Ltd. |
LNG |
Liquefied natural
gas |
MW |
Megawatt |
TOG Group |
Malcolm John
Gerrard, Territory Oil & Gas LLC & Tom Dugan Family
Partnership LLC |
Stage 2 |
Drilling
operations include the drilling and hydraulic fracture stimulation
of two horizontal wells to evaluate the potential of liquids rich
gas fairways in the Kyalla and Velkerri shale plays |
Stage 3 |
Drilling
operations include the drilling and hydraulic fracture stimulation
of two horizontal wells to prove flow rates of gas/liquids that
provide a range of commercialisation options |
TSXV |
The TSX Venture
Exchange is a stock exchange in Canada |
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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