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Falcon Oil & Gas Ltd - Dublin-based explorer with assets in Australia, South Africa and Hungary - Reports results from the production log test at the Amungee NW-1H well in the Beetaloo shale basin, Northern Territory, Australia. They suggest a normalised gas flow rate between 5.2 million and 5.8 million cubic feet of gas per day. A recent analyst report suggests that gas flows greater than 3 million cubic feet per day are needed to commercialise Beetaloo.
"Not only does this test result significantly exceed these parameters...it also puts the Beetaloo on a par with other shale gas basins in North America," Chief Executive Paul O'Quigley says. The results provide "line of sight" to commercialisation, he adds.
Current stock price: 11.00 pence, up from 4.91p on Thursday
Year-to-date change: up 22%
By Ivan Edwards; ivanedwards@alliancenews.com
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