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Falcon Oil & Gas reveals ‘very encouraging’ early flow rates from Australian shale well

“Preliminary results of the first horizontal exploration well in the Beetaloo are very encouraging," said chief executive Philip O'Quigley.

onshore drilling operation
Falcon will now prepare an extended production test

Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) has told investors that early gas flow rates from the horizontal Amungee NW-1H well, in Australia’s Beetaloo basin, are encouraging.

The flow regularly exceeded rates of one million cubic feet per day, and were consistently between 0.4 and 0.6 million cubic feet per day.

“Preliminary results of the first horizontal exploration well in the Beetaloo are very encouraging. The planned testing programme utilising a production tubing string aims to evaluate the potential gas flow rate of the well, said Falcon chief executive Philip O’Quigley.

“We look forward to updating the market when further results become available.”

In a statement this morning Falcon confirmed that an eleven stage hydraulic stimulation programme was successfully completed along a 1,000 metre horizontal well section in the Middle Velkerri B shale zone.

It added that the flow-back of fracture stimulation fluid continues to return to surface.

A work-over rig is now being mobilised so that production tubing can be installed to enable an extended production test.

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Price: 12.725 GBX

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Market Cap: £124.94 m
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