Falcon Oil Share News (FOG)

(ShareCast News) - Falcon Oil & Gas announced on Wednesday that its joint venture partner Origin Energy Resources has submitted a notification of discovery and an initial report on discovery to the Department of Primary Industry and Resources of the Northern Territory, Australia, on the Amungee NW-1H well in the Beetaloo Basin.The AIM-traded firm said Origin has now gathered sufficient data to confirm the discovery of a petroleum accumulation, with production test data supported by petrophysical log data along with full and sidewall core analysis confirming the discovery.It said gas rates range between 0.8 and 1.2 million standard cubic feet per day with continuing flow back of hydraulic fracture stimulation fluid of volumes between 100 and 400 barrels per day.Initial estimates suggested a dry gas composition with less than 4% CO2, it said.The main physical properties of the discovered accumulation are a thickness of 30 meters, between 4.0% and 7.5% porosity, a gas saturation range of 50% to 75%, and permeability between 50 and 500 nanodarcy.An evaluation to determine the resource size is underway, Falcon confirmed."The Notification of Discovery issued by Origin is an exciting development and provides further evidence of the scale of the resource potential of the Beetaloo Basin," said CEO Philip O'Quigley."We look forward to updating the market when the evaluation to determine the resource size is concluded."