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(Alliance News) - Falcon Oil & Gas Ltd on Friday reported "very encouraging" preliminary results for its Velkerri 76 well.
Shares in Falcon were trading up 15% at 8.16 pence each in London on Friday.
The Dublin-based oil and gas company reported the presence of four prospective intervals within the well - the A, AB, B and C shales - as established in the Amungee NW-1 / 1H, Beetaloo W-1 and Kalala S-1 wells.
Falcon said it has now completed drilling the Velkerri 76 well to a depth of 2,129 metres at the Beetaloo Sub-Basin in the Northern Territory region of Australia.
The drilling was undertaken with joint venture partner Origin Energy B2 Pty Ltd, a wholly-owned subsidiary of Origin Energy Ltd.
"The preliminary drilling results at Velkerri 76, together with the revised normalised gas flow rate equivalent to 5 MMscf/d at Amungee NW-1H announced in September 2021, is really exciting news for Falcon shareholders as attention shifts to future activity in the Beetaloo," said Chief Executive Philip O'Quigley.
Diagnostic fracture injection testing is schedule to be carried out shortly, the company said. This will improve Falcon's understanding of the area for future appraisal of the Velkerri wet gas play.
By Scarlett Butler; scarlettbutler@alliancenews.com
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