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(Alliance News) - Shares in Falcon Oil & Gas PLC rose Wednesday as the oil and gas company reported "excellent" results from drilling in Australia.
Shares were 8.9% higher on Wednesday in London at a price of 13.50 pence each.
Dublin-based Falcon has completed drilling on the Kyalla 117 N2-1 appraisal well, located in the Beetaloo sub-basin, to a depth of 1,895 metres.
Early data suggests there is a continuation of the "regionally pervasive" Kyalla formation between the Beetaloo W-1 and Amungee NW-1H wells. There were also "elevated" gas shows seen across carbonaceous shales.
"Preliminary results of the Kyalla 117 N2-1 vertical appraisal well represents an excellent re-start to the Beetaloo drilling program. The election by the joint venture to immediately proceed to the drilling of the horizontal section signifies the JV's confidence in the potential of the Kyalla shale," said Chief Executive Philip O'Quigley.
"Whilst it is still early days to fully understand reservoir characteristics and completion quality, drilling results to date are very encouraging. Electric logs calibrated by core analysis results together with the planned fracture stimulation of the horizontal section will give us a more quantitative view on this play. We look forward to updating the market as soon as more results become available," Quigley added.
By George Collard; georgecollard@alliancenews.com
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