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Pin to quick picksFalcon Oil Share News (FOG)

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Falcon Oil Gets Encouraging Results From Beetaloo Basin In Australia

Wed, 15th Feb 2017 07:39

LONDON (Alliance News) - Falcon Oil & Gas Ltd on Wednesday said drilling results from the Beetaloo Basin project in Australia's Northern Territory indicate a material shale gas resource at the site.

Falcon, which is working on the project under a joint venture with Origin Energy Resources Ltd, said Origin's report on the Middle Velkerri B indicates a gross 496 trillion cubic feet of gas in place.

Drilling operations at the project have been suspended following a moratorium placed on fracking in the Northern Territory by local authorities. Falcon said it is awaiting the outcome of the independent inquiry which has been launched into fracking.

Falcon Chief Executive Philip O'Quigley said the results of the work at the project were "exciting" and said further exploration and appraisal activity will be needed to refine the pool size and better assess the recoverable resources at the site.

Falcon has a 29.43% working interest in the project.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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28 Mar 2024 10:28

TRADING UPDATES: Develop North net asset value down amid rising rates

(Alliance News) - The following is a round-up of updates by London-listed companies, issued this week and not separately reported by Alliance News:

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25 Mar 2024 11:32

Falcon Oil lowers working interest in planned Shenandoah pilot project

(Alliance News) - Falcon Oil & Gas Ltd shares fell on Monday, as the company said it will reduce its working interest in the proposed Shenandoah South pilot project.

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26 Feb 2024 14:00

Falcon Oil tops pre-drill expectations at Shenandoah South well

(Sharecast News) - Falcon Oil & Gas announced significant achievements at the Shenandoah South 1H (SS-1H) well in EP117 on Monday, surpassing pre-drill expectations.

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26 Feb 2024 11:10

IN BRIEF: Falcon shares surge on Beetaloo well flow rates

Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Says the SS-1H well in EP117, in the Beetaloo sub-basin in the Northern Territory, Australia achieved an average 30-day initial production flow rate of 3.2 million standard cubic feet per day. Adds that results from the well significantly exceeded pre-drill expectations. Also notes that at the end of January, cash held was USD5 million. Chief Executive Officer Philip O'Quigley says: "We can now look forward with confidence to commencing the proposed 40 MMcf/d pilot development project which will start with the drilling of the first of six 10,000 [foot] development wells in Q2 2024, subject to stakeholder approval and funding, and look forward to updating the market as those plans begin to materialise."

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2 Feb 2024 18:53

IN BRIEF: Falcon Oil & Gas starts testing at Shenandoah South well

Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - On Monday, announces the start of the 30-day initial production testing at the Shenandoah South 1H well in EP117, operated by Falcon Oil & Gas Australia Ltd's joint venture partner, Tamboran B2 Pty Ltd. Explains for normal operational reasons, the SS1H well was shut-in for a three week soak period and was successfully re-opened on January 25. The aim of soaking was to allow for sufficient stimulation fluid to be absorbed by the shale, increasing the relative permeability to gas of the formation and enhancing future production performance. The IP30 test has now commenced, and results are expected by the end of February.

Read more
29 Jan 2024 17:19

Falcon Oil starts production testing at Shenandoah South 1H

(Sharecast News) - Falcon Oil announced the start of the 30-day initial production (IP30) testing at the Shenandoah South 1H (SS1H) well in EP117 on Monday.

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7 Dec 2023 14:07

IN BRIEF: Falcon Oil & Gas celebrates "successful" well stimulation

Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Announces "successful completion" of 10-stage stimulation programme over a 500-metre horizontal section of the Amungee Member B-Shale within the Shenandoah South 1H well in EP117. Says programme delivered proppant intensity of 2,212 pounds per foot and rates of 100 barrels of oil per minute. EP117 is one Falcon's three exploration permits in Australia's Beetaloo sub-basin. 30-day initial production testing will commence in mid-December.

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7 Dec 2023 12:59

Falcon Oil completes Shenandoah South stimulation programme

(Sharecast News) - Falcon Oil has completed a ten-stage stimulation programme on a 500-metre horizontal section of the Amungee Member B-Shale within the Shenandoah South 1H (SS1H) well, it announced on Thursday, located in the EP117 licence.

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27 Nov 2023 15:50

Falcon Oil kicks off Shenandoah stimulation

(Sharecast News) - Falcon Oil & Gas has officially initiated stimulation activities at the Shenandoah South 1H well, it announced on Monday.

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27 Nov 2023 14:29

EARNINGS AND TRADING: SysGroup loss widens, Ajax interim loss narrows

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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16 Nov 2023 16:45

IN BRIEF: Falcon Oil & Gas third-quarter loss widens

(Alliance News) - Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Says its loss for the third quarter of 2023 was USD1.0 million, widening from USD822,0000 the year prior. In the first nine months of the year, the firm's loss narrowed to USD2.5 million, from USD2.9 million previously. Does not record any revenue for the period, unchanged from a year ago. Says it will continue to focus on cost management and improving the efficiency of its operations.

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16 Oct 2023 10:57

IN BRIEF: Falcon Oil completes latest well drilling, plans stimulation

Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Announces successful completion of drilling on the Amungee NW 3H well in Exploration Permit 98 in the Beetaloo Sub-Basin, in Australia's Northern Territory. Work was completed with Falcon Oil & Gas Australia Ltd's joint venture partner Tamboran (B2) Pty Ltd. Falcon says drilling took 17.9 days at an average 214 metres per day, 20 days faster than Amungee 2H drilling. Total cost for A3H drilling and cementing was AUD12.6 million, AUD1.8 million less than work on A2H. Falcon is planning a stimulation programme for the second quarter of 2024, following the Northern Territory's wet season. Also says stimulation activities for the Shenandoah South 1H well in EP117 are on track to start in November, with IP30 flow rates expected in early 2024.

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25 Sep 2023 13:23

Falcon Oil starts drilling A3H well in Beetaloo Sub-basin

(Sharecast News) - Falcon Oil & Gas has started drilling the Amungee NW-3H (A3H) horizontal well in exploration permit 98 in the Beetaloo Sub-basin, located in Australia's Northern Territory, it announced on Monday.

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18 Sep 2023 21:08

IN BRIEF: Falcon Oil hails successful drilling of Shenandoah well

Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Reports successful drilling of Shenandoah South 1H well, completed with Falcon Oil & Gas Australia Ltd's joint venture partner Tamboran B2 Pty Ltd. Well is drilled to total measured depth of 4,300 metres. Falcon Oil Chief Executive Officer Philip O'Quigley says: "We are delighted to have successfully completed the SS1H horizontal well section and we now look forward to the next phase of operations with the stimulation and extended production testing of the well. We will continue to update the market as results become available."

Read more
30 Aug 2023 11:06

Falcon Oil upbeat on progress at Beetaloo well

(Sharecast News) - Falcon Oil announced on Wednesday that the Shenandoah South 1H (SS1H) pilot hole, located in exploration permit 117 in the Beetaloo Sub-basin, had reached a total vertical depth (TVD) of 3,300 metres.

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