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Falcon Oil & Gas resumes operations for the Kyalla well at the Beetaloo project in Australia

A production test will take place before the end of the year, with results expected in the first quarter of 2021.

Falcon Oil & Gas Ltd -

Falcon Oil & Gas Ltd (LON:FOG) told investors that operations have resumed at the Kyalla 117 N2-1H ST2 well at the Beetaloo project in Australia’s Northern Territory, with a fracture stimulation of the well.

A production test is expected to follow during the fourth quarter, with results due in the first quarter of 2021, the group said.

READ: Falcon Oil & Gas confirms strong financial position

Results from the Kyalla well will help inform an anticipated decision to either further evaluate this liquids-rich gas play or commence activities in the Velkerri liquids-rich gas play, it added.

“We look forward to the next phase of operations with the production testing of the Kyalla 117 well and will update the market as results become available,” Philip O’Quigley, Falcon chief executive said in a statement.

Kyalla 117 was drilled successfully in February - confirming good reservoir continuity, conductive natural fractures and continuous gas shows – before operations were suspended in March due to the coronavirus (COVID-19) pandemic.

Interim financial results released last month confirmed Falcon’s strong cash position, with US$11.8mln

The exploration project is led by Australian firm Origin Energy.

Quick facts: Falcon Oil & Gas Ltd

Price: 11.85 GBX

AIM:FOG
Market: AIM
Market Cap: £116.35 m
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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