Falcon Oil & Gas Ltd.: Technical & Operational Update - Beetaloo Drilling Programme
(firmenpresse) - DUBLIN, IRELAND -- (Marketwired) -- 04/28/16 -- Falcon Oil & Gas Ltd. (TSX VENTURE: FO)(AIM: FOG)(ESM: FAC) is pleased to provide the following technical and operational update for its operations in the Beetaloo Basin, Australia.
2015 Drilling Programme - Technical Results
The results from the in-depth shale evaluation program and petrophysical analysis of the three wells drilled in 2015 confirm the following:
2016 Drilling and Testing Programme - Objectives
The objectives of the 2016 Beetaloo drilling and testing programme comprise:
2016 Drilling and Testing Programme - Operational Schedule
Preparations for the joint venture''s 2016 drilling, testing and hydraulic stimulation programme are progressing and on schedule:
Philip O''Quigley, CEO of Falcon commented
"I am delighted to update the market on the results of the in-depth shale evaluation program and petrophysical analysis carried out of all the technical data gathered on the three wells drilled during 2015. The results confirm early indications, as previously communicated, that this is a highly prospective basin.
Falcon''s shareholders can look forward to another exciting year of exploration activity which has the potential to transform the value of your company. Falcon remains fully carried throughout 2016 by our partners Origin and Sasol."
Background - Australia
On 2 May 2014, Falcon announced it had entered into a Farm-Out Agreement and Joint Operating Agreement with Origin and Sasol (collectively referred to herein as the "Farminees") with each farming into 35% of the Falcon''s exploration permits in the Beetaloo Basin, Australia through its 98% subsidiary, Falcon Oil & Gas Australia Ltd. ("Falcon Australia"). The Farminees will carry Falcon in a nine well exploration and appraisal programme from 2015 to 2018.
Stacking a Rig
Stacking a Rig means leaving a rig idle but operational. A ready or warm stacked rig typically retains most of its crew and can deploy quickly if an operator requires its services. In a ready stacked state, normal maintenance operations similar to those performed when the rig is active are continued by the crew so that the rig remains work ready. Thus, a rig is kept in a ready stacked state when its owner anticipates that the rig will be able to return to work shortly - either due to having a commitment in hand or the owner''s perception that work will be secured relatively quickly.
This announcement has been reviewed by Dr. Gabor Bada, Falcon Oil & Gas Ltd''s Head of Technical Operations. Dr. Bada obtained his geology degree at the Eotvos L. University in Budapest, Hungary and his PhD at the Vrije Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in the acquisition, exploration and development of conventional and unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.
For further information on Falcon Oil & Gas Ltd. please visit .
About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its leadership in the supply of green energy, Origin also aspires to be the number one renewables company in Australia.
Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia''s biggest CSG to LNG project based on the country''s largest 2P CSG reserves base.
About Sasol
Sasol is an international integrated chemicals and energy company that leverages the talent and expertise of about 31,000 people working in 37 countries. Sasol develops and commercialise technologies, and build and operate world-scale facilities to produce a range of high-value product streams, including liquid fuels, chemicals and low-carbon electricity.
Sasol, through its subsidiary, Sasol Exploration and Production International ("E&PI") develops and manages the group''s upstream interests in oil and gas exploration and production in Mozambique, South Africa, Australia, Canada and Gabon. It produces natural gas and condensate from Mozambique''s Pande and Temane fields, shale gas from their share in the Farrell Creek and Cypress A assets in Canada, and oil in Gabon through their share in the offshore Etame Marin Permit. E&PI sells Mozambican gas under long-term contracts to Sasol Gas and external customers, condensate on short term contracts, while selling Canadian gas into the market at spot prices. Oil is sold to customers under annual contracts. For more information go to .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Such information may include, but is not limited to comments made with respect to the type, number, schedule, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected contributions of the partners, the prospectivity of the Middle Velkerri & Kyalla shale plays and the prospect of the exploration programme being brought to commerciality. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon''s filings with the Canadian securities regulators, which filings are available at .
Contacts:
Falcon Oil & Gas Ltd.
+353 1 417 1900
Falcon Oil & Gas Ltd.
Philip O''Quigley
CEO
+353 87 814 7042
Falcon Oil & Gas Ltd.
Michael Gallagher
CFO
+353 1 417 0814
Davy (NOMAD & Broker)
John Frain
+353 1 679 6363
Davy (NOMAD & Broker)
Anthony Farrell
+353 1 679 6363
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Datum: 28.04.2016 - 00:00 Uhr
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