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.
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.
- 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,”