RE: 50 mill shares wall4 Oct 2020 09:53
Another international junior hoping for good drill results soon is Philip O'Quigley's Australia-focused Falcon Oil & Gas Ltd. (FO), down half a cent to 13.5 cents on 491,300 shares. The company and joint venturer Origin Energy are working on their Kyalla-117 well in the Beetaloo shale basin. This well has been a long time coming. Falcon and Origin had to wait out a two-year fracking ban from 2016 to 2018, followed by additional regulatory delays that pushed their drilling date out to October, 2019. Then they had to sidetrack the well in January, 2020, because of "operational challenges." They got the well drilled in February, but then could not frack it, as all activity was suspended in March because COVID-19. Work finally resumed in late August.
Now, although the earliest-stage flow results are still weeks away and the more comprehensive stuff will not get here until 2021, Falcon keeps popping up to let investors know that (knock on wood) things are finally staying on track. An announcement last week noted that stimulation treatments had begun. Today's update declared the treatments to be "successfully executed."
Sadly for Falcon's efforts to stir up excitement about this well, its "things-have-stopped-going-wrong" approach has not been a winner. The stock was previously trading at closer to 20 cents in February when the company was getting ready for fracking. Now, although it has rallied from a COVID-triggered mid-March low of 9.5 cents, it is struggling to get out of the low teens. Today it closed at 13.5 cents. With any luck, once some real news arrives -- the long, long-awaited flow results -- Falcon will finally take flight.
end
https://stockhouse.com/companies/bullboard?symbol=v.lxe&postid=31662605
Sign In
Follow the stocks
