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Falcon Oil & Gas Ltd

Falcon Oil & Gas looks forward to new drill operations at Beetaloo

“We look forward to updating the market when the joint venture re-commences drilling in the highly prospective Beetaloo Sub-basin in 2019,” said Philip O’Quigley.

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Two new wells are planned for this year

Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) gave investors an update on operations at the Beetaloo basin project, in Australia’s Northern Territory, where preparations are underway for a drill programme.

Two horizontal wells are slated for the second half of this year as the shale gas project gets back on track after the prior moratorium in the Northern Territory.

READ: Falcon Oil & Gas lands funds for upcoming  well campaign

The upcoming programme is targeting the two main plays, Kyalla and Velkerri.

“We look forward to updating the market when the joint venture re-commences drilling in the highly prospective Beetaloo Sub-basin in 2019,” said Philip O’Quigley, Falcon chief executive.

Kyalla is a ‘liquids rich’ gas play. The project operator, Origin Energy, has secured the water extraction licence and drilling approval is expected in August. Operations are currently focused on the construction of the access road and well pad, which are nearing completion.

For Velkerri, also a ‘liquids rich’ gas play, the operator is awaiting approvals for the well pad and drilling.

 

 

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Price: £0.13

Market: AIM
Market Cap: £128.87 m
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