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Falcon Oil & Gas

 

Falcon Oil & Gas Ltd. is a global energy company that is focused on acquiring, exploring and developing large acreage positions of unconventional and conventional oil and gas resources. We focus on areas in politically and economically stable countries that are characterized by a high regional demand for energy with existing infrastructure allowing rapid delivery of oil and gas to market. Falcon has interests in approximately 12.3 million gross acres in three major exploration projects in Australia, South Africa and Hungary.
Our offices are in Dublin, Ireland and Budapest, Hungary. Shares of our company trade in Toronto on the TSX Venture Exchange (TSXV) under the ticker symbol 'FO', in London on the London Stock Exchange (AIM) under the ticker symbol 'FOG' and in Dublin on the Irish Stock Exchange (ESM) under the ticker symbol 'FAC' .

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Falcon Oil & Gas gives more insights to massive discovery in Australia’s Northern Territory

 
 
12:00 18 Feb 2017
Here, we feature questions and answers that provide valuable insights to the Beetaloo shale project, and what investors can expect in the coming months.
oil drilling, wells
Falcon share price has risen some 95%.

Falcon Oil & Gas Ltd (LON:FOG) this week revealed it is sitting on a potentially massive discovery in Australia’s Northern Territory.

On Wednesday, citing figures produced by Origin Energy, its partner in and operator of 16,000-square kilometres of licences, the gross best estimate of gas in place is put at a world-class 496 trillion cubic feet (TCF).

Converting that to oil equivalent, it stacks up to 82bn barrels of the black stuff.

This breakthrough has seen the Falcon share price rise some 95%.

Here, we feature questions and answers that provide valuable insights to the project, and what investors can expect in the coming months.

Falcon - Beetaloo discovery Q&A

Q: Wednesday’s press release was in two parts, can you tell us more about that?

A: The first part of our press release talks about the Discovery Report that was submitted to the Northern Territory Government, which was a requirement following the declaration of a discovery in October 2016.

The second part talks about the contingent resource numbers that Origin announced.

Q: Who prepared the Discovery Report?

A: The Discovery Report was prepared by the operator, Origin Energy Resources Limited on behalf of the Beetaloo Joint Venture.

Q: Why was the Discovery Report prepared and to whom was it submitted?

A: The Report was prepared in accordance with the requirements of Section 64 of the Northern Territory Petroleum Act (2016) and submitted to the NT Department of Primary Industry and Resources (DPIR).

It follows the Declaration of a Discovery submitted to the DPIR on the 7th October 2016.

Q: What are the key findings in the Discovery Report?

A: The most significant part of the Report is the estimated Original Gas in Place (OGIP).

Origin calculated a gross best estimate for OGIP of 496 TCF over an area of over 16,000 km2. 

Q What work has Origin based the OGIP estimate on?

A: The JV drilled three vertical wells and one horizontal well over the past couple of years.

In addition, we carried out a hydraulic fracture stimulation on the horizontal well and then completed a 57day extended production test.

All the data from this drilling and production and testing program together with the previously acquired 1,000’s of km’s of seismic was used in determining the OGIP number.

Q: So this basically covers everything Falcon owns in the Beetaloo

A: Not at all. This OGIP number is based solely on the B shale within the middle Velkerri formation.

That is the shale formation that we carried out the extended production test on last year.

However, within the Middle Velkerri we have also identified an “A” and “C” shale.

And then there is the real potential of the Kyalla shale which has yet to be tested. 

Q: Just how big is the project? 16,000 square kilometres sounds like a very large area.

A: It is equivalent to almost 4 million acres. Wales measures around 5m acres. Leinster is about 4.9m acres – so it’s a pretty big area alright. 

Q: And just how big a project would 496 trillion cubic feet really be?

A: While the OGIP is a big number and has a BOE equivalent of 82 billion barrels of oil, we should look at what we think is technically recoverable.  

Origin has taken a conservative view and has taken into account subsurface and surface utilisation factors to come up with a best estimate recovery factor of 16%.

Q: So that is still a pretty big number, in terms of a technically recoverable resource?

A: Yes, it certainly is. It works out to be around 85 TCF.

Q: It seems that Origin has gone further than the OGIP in the Discovery Report and has indicated a contingent gas resource

A: Yes, Origin’s own press release indicates 6.6 trillion cubic feet of gross contingent gas resources, around an area of just 1,968 square kilometres.

This is a very exciting development to be able to advance some of our resource categorisation to a contingent resource.

Q: The 6.6 TCF is just around 1,968 square kilometres - how was this area calculated?

A: This is just the area surrounding and adjacent to the Amungee NW-1H well – the well that we flow tested late last year for 57 days.

Q: Is it possible to extrapolate that number over the entire permit area of 16,000 square kilometre area?

A: It’s a bit too early to do that and we need a lot more wells drilled and extended production tests.

But based on the very encouraging results we got from the Beetaloo W-1 well 85km south of the Amungee well it is exciting.

Q: How does the Beetaloo compare to other shale plays, particularly in the US?

A: In Origin’s opinion and as set out in their own press release as one of the basis for determining a discovery the Marcellus and Barnett Shales in the USA are analogous, commercially productive fields that are similar to the Middle Velkerri B Shale reservoir.

Q: Remind us of the ownership structure, how much of the project does Falcon own?

A: Falcon farmed out 70% of this project to Origin and Sasol back in 2014 in exchange for them carrying Falcon through approximately $200m of capex.

Falcon still own 30% through our 98.1% Australian subsidiary.

Q: There’s currently a moratorium on hydraulic fracturing in the Northern Territory - what is the latest news on this?

A: The moratorium on hydraulic fracturing was introduced by the NT Government on 14 September 2016. Since then an independent Panel has been established to conduct an independent inquiry and report back to the Government.

They plan on publishing an “Issues Paper” before the end of February and then publish an interim report by the mid 2017 with a final report by the end of the year. 

Q: Do you think that this discovery will influence the outcome of the moratorium?

A: The Independent panel has to look at all the issues such as the potential impact on the environment but also the potential economic impact.

This Discovery Report together with Origin’s contingent resource estimate will hopefully provide insight into the potential positive impact this unconventional resource may have on the economy of the NT and on Australia. 

Q: What are the future plans for the joint venture? Will there be more drilling in 2017?

A: Pending the outcome of the moratorium currently in place, Origin has requested a suspension of all drilling operations with the DPIR and await their formal response to the request.


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Falcon Oil & Gas Ltd. is a global energy company that is focused on acquiring, exploring and developing properties where we believe significant commercial reservoirs of oil and natural gas exist.

http://www.falconoilandgas.com/

Our expertise includes some of the world’s top oil and gas experts with several decades of highly successful unconventional and conventional natural gas drilling, development and production in North America. We are the first North American company to bring unconventional drilling and extraction technologies (developed in the tight gas sands of the U.S. Rocky Mountain region) to Europe.

Our global operations are focused in countries characterized by stable political leadership, a healthy, growing economy, a high regional demand for energy and an existing pipeline infrastructure that permits rapid delivery of oil and gas to market.

Our offices are in Denver, Colorado, Vancouver, British Columbia, and Budapest, Hungary. Shares of our company trade on the Toronto TSX Venture Exchange under the trading symbol ‘FO’. On US OTC they trade as FOLGF.PK.

MOST SIGNIFICANT RECENT PRESS RELEASE:
Thursday April 10th, 2008 Falcon Oil & Gas Ltd. announced that it and its wholly owned subsidiary, TXM Exploration and Production LLC, have entered into a Production and Development Agreement with Exxon Mobil Corporation affiliate Esso Exploration International Limited (ExxonMobil) under which Falcon and ExxonMobil will become joint owners in a specified portion (the "Contract Area") of Falcon's long-term production license (the "Production License") in the Mako Trough, Hungary. ExxonMobil will operate the Contract Area.

Latest Press Release:

Falcon Oil & Gas Ltd. Receives an Updated Independent Resource Assessment From RPS Scotia for Its Mako Trough Deep Gas Project in Hungary
Monday May 5, 11:05 am ET

DENVER, May 5 /PRNewswire/ -- Falcon Oil & Gas Ltd. (TSXV: FO) announced that it has received a new, updated, independent report from RPS Scotia disclosing an updated resource estimate of the Mako Trough Pannonian Basin Gas Accumulation (the "Mako Trough") within the production license area of Falcon's deep gas exploration project in southeastern Hungary (the "RPS Scotia Report").

The RPS Scotia Report is compliant with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101").

The RPS Scotia Report on the resource of the Mako Trough describes a probabilistic distribution of the potentially recoverable portion of "Contingent Resources" as defined by the Canadian Oil and Gas Evaluation Handbook and does not represent an estimate of reserves.

Based on all available data, RPS Scotia has assigned the following probabilistic estimation of potentially recoverable contingent resources in the Szolnok formation, the Lower Endrod, the Basal Conglomerate and the Synrift Sequence. The RPS Scotia Report measures the Mako Trough in trillions of cubic feet (Tcf) and millions of barrel oil (mmbo):

Probability Greater Than
P90 (90%) P50 (50%) P10 (10%)
Probabilistic estimation
of potentially recoverable 25.8 Tcf 43.9 Tcf 68 Tcf
contingent resources (1) (2) 42.6 mmbo 97.8 mmbo 202.7 mmbo


Notes:

(1) The resource estimate has been conducted using the definitions
specified by the Canadian Oil and Gas Evaluation Handbook. The Mako
Trough resource falls under the "Discovered Resources" classification.

The values refer to the probabilistically estimated recoverable
fraction of "Contingent Resources" within that classification.
Contingent resources are those quantities of oil and gas estimated on
a given date to be potentially recoverable from known accumulations
but are not currently economic. The economic nature of this resource
has not yet been assessed due to the early stage of data gathering for

the Mako Trough resource. The recoverable portion of this "Contingent
Resource" is contingent upon the demonstration of productive
capability of the various zones of interest through well testing and
longer term production testing which has not occurred as of the
effective date of the report.
(2) Estimates are as of March 31st, 2008, the effective date of the RPS
Scotia Report.


A copy of the RPS Scotia Report is available at http://www.sedar.com.

About The Scotia Group

Founded in 1981, The Scotia Group recently joined The RPS Group and is now known as RPS Scotia, Inc. RPS Scotia consists of approximately 20 geoscience and petroleum engineering professionals and has offices in Houston and Dallas. RPS Scotia provides advisory services to the oil and gas industry specializing in technical and economic analysis of projects, properties and companies. In addition to advisory services RPS Scotia provides traditional consulting services including integrated field studies, reserves reporting, geology, geophysics, and reservoir engineering. Clients include banks, financial institutions, the legal community, government agencies, and major and independent international energy organizations including ChevronTexaco, EnCana, Petrobras, Reliance Industries, Repsol Exploration, Pemex Exploracion y Produccion, Woodside Petroleum and the U.S. Department of Energy. The RPS Group has over 164 professionals located worldwide, in the U.S.; Canada, the U.K., Australia, Russia, and Singapore and provides similar and expanded capabilities including sedimentology, environmental services, and geohazards.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the business of oil and gas exploration and production. It has operations in Hungary through its wholly-owned subsidiary TXM Exploration and Production, LLC, and in Romania through its wholly-owned subsidiary JVX Energy Corporation. Further information about Falcon is available at http://www.falconoilandgas.com.

Falcon Oil and Gas Ltd. Investor and Public Relations:
Alexander Hubbard-Ford
+1 303-951-1116
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PostSubject
#164   The report that was supposed to come in tsoprano-1 11/08/17 06:00:42 PM
#163   Anybody know why so much volume yesterday with 222 11/08/17 01:35:51 PM
#162   Article on pressure to lift ban coming from tsoprano-1 10/15/17 11:29:40 AM
#161   Thanks, GC! T tsoprano-1 07/19/17 11:56:31 AM
#160   Sure, here you go. TheGreenComma 07/19/17 11:56:00 AM
#159   Just picked up a small position this morning. Whitebelt 07/19/17 11:55:43 AM
#158   GC, came up as subscriber only. Any way tsoprano-1 07/19/17 11:49:59 AM
#157   T, the interim report came out Friday and TheGreenComma 07/19/17 11:33:54 AM
#156   Interesting action. I have been thinking news was tsoprano-1 07/18/17 09:54:32 AM
#155   I just realized that Lamesa bought the stock tsoprano-1 07/12/17 11:58:09 AM
#154   Winter cant come fast? :-) PyschoNoobStock 07/12/17 10:27:56 AM
#153   No problem T. Been slow over the TheGreenComma 07/12/17 10:25:47 AM
#152   Thanks for info, GC. T tsoprano-1 07/12/17 09:56:24 AM
#151   It's actually closer to 17%. TheGreenComma 07/12/17 09:36:39 AM
#150   16% outstanding shares sound really good.. IMO PyschoNoobStock 07/12/17 02:14:26 AM
#149   Must be talking about this. The TheGreenComma 07/11/17 11:32:31 PM
#148   GC, you heard anything about a prelim report tsoprano-1 07/11/17 06:06:32 PM
#147   Anyone hear about some wind disaster in Southern tsoprano-1 07/10/17 08:35:43 PM
#146   News from SA: http://af.reuters.com/article/investingNews/idAFKCN18B0U8-OZABS?p tsoprano-1 06/26/17 08:37:28 PM
#145   http://www.cnbc.com/2017/06/01/fact-checking-the-energy-claims-in-trumps-paris-a PyschoNoobStock 06/02/17 04:31:25 PM
#144   Yeah, my uncle had sent me the announcement tsoprano-1 05/05/17 03:41:38 PM
#143   Origin doubles down in the Beetalo, buys out TheGreenComma 05/05/17 05:55:53 AM
#142   This could be the reason for the recent TheGreenComma 05/04/17 09:03:32 AM
#141   Good catch. Might explain renewed interest. Could be tsoprano-1 05/02/17 01:36:37 PM
#140   I hear ya T, the wait too can TheGreenComma 05/02/17 10:49:08 AM
#139   Thanks, GC. Eventually Australia will move forward and tsoprano-1 04/30/17 01:38:40 PM
#138   2016 financial statements are posted on Falcons homepage, TheGreenComma 04/28/17 08:47:53 AM
#137   Another "potential" Australian project being discussed. Kinda TheGreenComma 04/20/17 11:04:23 AM
#136   True dat. T tsoprano-1 04/13/17 12:33:30 PM
#135   I agree T. Alot of shares exchanged TheGreenComma 04/13/17 12:03:19 PM
#134   I am guessing the big boys are shaking tsoprano-1 04/12/17 08:31:09 PM
#133   12, April 2017 - Falcon Oil & Gas TheGreenComma 04/12/17 07:34:25 PM
#132   Something to read while we wait. TheGreenComma 04/06/17 02:57:26 PM
#131   GC, thanks for info. Government interference as usual. tsoprano-1 04/03/17 01:36:01 PM
#130   Meanwhile, back in Australia it seems there's some TheGreenComma 04/03/17 11:57:11 AM
#129   My uncle keeps pretty good tabs on all tsoprano-1 03/31/17 10:49:15 AM
#128   T, no problem at all, glad you shared TheGreenComma 03/31/17 10:36:18 AM
#127   GC, thanks for info. Gave me a chance tsoprano-1 03/31/17 09:46:37 AM
#126   Just in case anyone is wondering why I TheGreenComma 03/30/17 07:04:47 PM
#125   One country down, one to go. This TheGreenComma 03/30/17 04:35:27 PM
#124   The guy I mentioned starting Falcon is back, tsoprano-1 03/25/17 10:52:14 AM
#123   Filled my .28 toward end of day yesterday. tsoprano-1 03/23/17 10:49:08 AM
#122   Investors give Falcon Oil & Gas more credit PyschoNoobStock 03/22/17 06:23:14 PM
#121   Tried to use the Fibonacci numbers to my tsoprano-1 03/21/17 05:02:28 PM
#120   Thanks for info, GC. T tsoprano-1 03/21/17 09:00:54 AM
#119   Australian deputy prime minister Barnaby Joyce is a TheGreenComma 03/21/17 08:28:11 AM
#118   Checked the volume of FO on Canadian side tsoprano-1 03/20/17 07:29:29 PM
#117   I like the volume. The name is getting tsoprano-1 03/20/17 05:24:41 PM
#116   1 dollar sooner ~ Blue ~ 03/20/17 10:46:19 AM
#115   Looking good this morning T, huge buys on TheGreenComma 03/20/17 09:43:17 AM
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