TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Spudding of the Velkerri 76 S2-1 well -- Beetaloo Sub-Basin
12 August 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG)
is pleased to announce the spudding of the Velkerri 76 S2-1 well
("Velkerri 76") in the Beetaloo Sub-Basin, Northern Territory,
Australia with joint venture partner, Origin Energy B2 Pty Ltd., a
wholly owned subsidiary of Origin Energy Limited ("Origin").
Velkerri 76 is targeting the Velkerri play along the
south-eastern flank of the Beetaloo Sub-Basin, which is predicted
to be in a liquids rich gas window.
The principal objectives for the drilling of Velkerri 76 are
to:
-- drill a vertical pilot well to acquire core and log and conduct a
diagnostic fracture injection test data across the Velkerri;
-- penetrate the Velkerri formation to assess hydrocarbon maturity,
saturation and reservoir quality;
-- provide further information on the areal distribution of the Velkerri
formation; and
-- collect data for potential future horizontal drilling, completion,
stimulation and production testing, including ability to flow liquids
rich gas.
Philip O'Quigley (CEO of Falcon) commented:
"The spudding of Velkerri 76 marks yet another exciting
milestone for the joint venture and we look forward to updating the
market as soon as results become available."
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") are joint venture partners in respect of the Beetaloo
project.
For further information on Falcon Oil & Gas Ltd. please
visit www.falconoilandgas.com
About Origin
Origin 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
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. In particular, forward-looking information in this press
release includes, but is not limited to, information relating to
the 2021 work programme, the drilling of the Velkerri 76 S2-1 well,
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 Velkerri
play 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 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 12, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Apr 2024 to May 2024
Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From May 2023 to May 2024