logo-loader
viewFalcon Oil & Gas Ltd

Falcon Oil & Gas continues its advance into Beetaloo's shale potential

Snapshot

  • Beetaloo is the focus, followed by South Africa and Hungary
  • Kyalla well set for sidetrack horizontal to overcome challenges
  • Exploration and appraisal programmes ongoing through 2020
Northern Territory

Quick facts: Falcon Oil & Gas Ltd

Price: 6 GBX

AIM:FOG
Market: AIM
Market Cap: £58.91 m
Follow

 

What Falcon Oil & Gas does:

Beetaloo - Falcon Oil & Gas Ltd’s (LON:FOG) (CVE:FO) (OTCMKTS:FOLG) Australia arm holds a 30% interest in 4.6mln gross acres in exploration permits EP76, EP98 and EP117 covering the most prospective core area of the Beetaloo Sub-basin.

The Beetaloo Sub-basin is located in the Northern Territory, 600 kilometres south of Darwin and close to infrastructure including a highway, a pipeline and a railway.

Some 6.6Tcf has been booked as a contingent gas resource before results from the upcoming drilling programme - which will see up to four wells drilled.

Falcon is carried for A$113mln of the costs.

Karoo Basin - Karoo covers an area of 7.5mln acres. Falcon submitted its application to the Petroleum Agency of South Africa in 2010. 

Mako Trough - Falcon has been active in the Makó Trough since 2004 when it acquired the Makó and Tisza exploration licences

How it's doing:

In February, drilling of the Kyalla 117 N2-1H ST2 horizontal well at Beetaloo was completed successfully.

The well was drilled to a total of 3,809 metres, including a 1,579m lateral in the Lower Kyalla formation.

The joint venture continues its in-depth shale evaluation programme, the company said, with technical data available from conventional cores, sidewall cores, DFITs and extensive wireline logging.

Falcon and partner Origin Energy are working to expand the known footprint of the shale play whilst also exploring and de-risking the engineering and commercial understanding of the project – ahead of what could be a very large-scale development.

Huge volumes of gas could potentially be unlocked for export into energy-hungry Asian markets.

Karoo, Mako

In South Africa, Falcon expects the exploration right over the acreage in the Karoo Basin will be awarded soon.

This licence is about 173 million acres and contains thick, organic-rich shales such as the Permian Whitehill formation.

Falcon is continuing to review its operations in Hungary, which includes the Makó Trough. 

Inflexion points:

  • Drilling progress and flow rate at Beetaloo
  • Drilling, fracking and production test results
  • Exploration licences granted for Karoo Basin acreage

What the boss says: Philip O'Quigley, chief executive

“We are delighted to have successfully completed the Kyalla horizontal well section and we now look forward to the next phase of operations with the fracture stimulation of Kyalla 117 N2-1H ST2,”

Latest video 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Falcon Oil & Gas Ltd named herein, including the promotion by the Company of Falcon Oil & Gas Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Falcon Oil & Gas Ltd excited to be back drilling in the Beetaloo Basin

Falcon Oil & Gas Ltd’s (LON:FOG) (CVE:FO) CEO Philip O'Quigley says it's exciting times for the business as exploration re-commences at Beetaloo. In October, the Kyalla 117 N2-1 was spudded - It is the first well in the ‘Stage 2’ drill programme. The well is located some 32 kilometres...

on 10/10/19

2 min read