Falcon Oil & Gas Ltd. - Spudding of Kyalla 117 N2-1 Well
2:00 AM ET 10/9/19 | GlobeNewswire
Falcon Oil & Gas Ltd. - Spudding of Kyalla 117 N2-1 Well
Falcon Oil & Gas Ltd.
("Falcon")
Spudding of Kyalla 117 N2-1 Well
9 October 2019 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce the spudding of the Kyalla 117 N2-1 appraisal well in the Beetaloo Sub-Basin, Australia.
Highlights:
-- Kyalla 117 N2-1 is the first well in the Stage 2 drilling programme to
target the Kyalla shale liquids rich gas play.
-- Located within Exploration Permit 117 approx. 32 kilometres north of the
Beetaloo W-1 well.
-- A vertical pilot hole will target a total vertical depth of approximately
1,750 metres into the Kyalla Formation.
-- A subsequent horizontal section is planned for approximately 1,000 metres
that will be drilled, completed, stimulated and production tested in the
prospective Kyalla shale reservoir interval.
-- Origin Energy B2 Pty Ltd ("Origin"), as Operator, will drill the Kyalla
117 N2-1 well.
-- Origin hold a participating interest of 70% and Falcon Oil & Gas
Australia Limited hold the other 30% participating interest over the
Beetaloo Exploration Permits, 76, 98 and 117.
The principal objectives for the drilling of the Kyalla 117 N2-1 well are to:
-- Penetrate the Kyalla Formation to assess hydrocarbon maturity, saturation
and reservoir quality.
-- Provide further information on the areal distribution of the Kyalla
Formation.
-- Collect data for subsequent horizontal drilling, completion, stimulation
and production testing; including ability to flow liquids rich gas.
Formation evaluation, including reservoir characterisation, will be carried out through petrophysical interpretation, geo-mechanical studies and core analysis.
Philip O'Quigley, CEO of Falcon commented:
"The spudding of the Kyalla 117 N2-1 appraisal well is an exciting development for Falcon and marks the re-commencement of the drilling programme with our JV partner. We look forward to updating the market as soon as results become available".
Ends
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
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