Falcon Oil & Gas Ltd on Thursday - Dublin-based oil and gas company focused on Australia, South Africa and Hungary - Says A2H well in the Beetaloo sub-basin in Australia has been flowing at 0.97 million cubic feet per day for over 50 days, and is currently producing at 0.83 mmcf/day. Adds third-party analysis from a US laboratory identified a potential skin inhibiting the flow of gas from the simulated shale and is thus testing potential clean-up methods. Notes flow rates are not reflective of the "true deliverability" of the A2H well. Says it remains in a "very strong financial position" with around USD16 million in cash.
Current stock price: 6.63 pence, down 34%
12-month change: down 20%
By Sabrina Penty, Alliance News reporter
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Falcon Oil (FOG)