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Falcon Oil & Gas successfully completes vertical section of Beetaloo

Chief executive Philip O'Quigley said it represents an excellent re-start to the Beetaloo project.

Falcon Oil & Gas Ltd - Falcon Oil & Gas successfully completes vertical section of Beetaloo
Horizontal drilling will start soon.

Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) told investors that it has completed drilling the vertical section of the Kyalla 117 N2-1 appraisal well, in Australia’s Beetaloo basin.

The well is located between the previously drilled Beetaloo W-1 and Amungee NW-1H wells.

It was drilled down to 1,895 metres and confirmed the continuation of the Kyalla shale play. Elevated gas shows were observed across the shale.

Preparations are now underway for the horizontal phase of drilling through the Kyalla. Work will start once final analysis of the vertical section is completed.

“Preliminary results of the Kyalla 117 N2-1 vertical appraisal well represents an excellent re-start to the Beetaloo drilling program,” said Philip O’Quigley, Falcon chief executive.

“The election by the JV to immediately proceed to the drilling of the horizontal section signifies the JV’s confidence in the potential of the Kyalla shale.”

He added: “Whilst it is still early days to fully understand reservoir characteristics and completion quality, drilling results to date are very encouraging.

“Electric logs calibrated by core analysis results together with the planned fracture stimulation of the horizontal section will give us a more quantitative view on this play.

“We look forward to updating the market as soon as more results become available.”

Quick facts: Falcon Oil & Gas Ltd

Price: 7.4 GBX

Market: AIM
Market Cap: £72.66 m

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