Falcon Oil and Gas (FOLGF)

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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. [phone]

Philip O'Quigley, CEO [phone]

Anne Flynn, CFO [phone]

Cenkos Securities plc (NOMAD &