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Falcon Oil & Gas looks forward to start of fracking in Kyalla 117 well in Australia

Fracking is slated for 'Q3/Q4' followed by a production test in Q4 and results in Q1 2021

Falcon Oil & Gas Ltd - Falcon Oil & Gas looks forward to start of fracking in Kyalla 117 well

Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) has told investors that it is presently expected, subject to coronavirus (COVID-19) related restrictions, that fracture stimulation of Kyalla 117 well will start in the coming weeks.

The company noted that the Kyalla 117, at the Beetaloo project in Australia’s Northern Territory, 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 pandemic.

READ: Falcon reaffirms strong financial position

It is now anticipated that the fracking programme for Kyalla 117 will happen in the third and fourth quarters, followed by a production test starting later in the fourth quarter.

Results of the test are likely to come in the first quarter of 2021, Falcon added.

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

Falcon noted, meanwhile, that the Velkerri 76 well site construction was completed in December 2019 and approval for that well was approved in late December.

Quick facts: Falcon Oil & Gas Ltd

Price: 7.4 GBX

AIM:FOG
Market: AIM
Market Cap: £72.66 m
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