Falcon Oil & Gas - CEO, Philip O’Quigley.
CEO, Philip O’Quigley.
Source: Falcon Oil & Gas.
  • The well drilled to a vertical total depth of 2,129 metres in the Beetaloo Sub-Basin, Northern Territory, Australia 
  • Preliminary evaluation of the Velkerri-76 well confirms the presence of four prospective intervals within the Amungee Member
  • 93 metres of continuous conventional core was acquired in the Velkerri B and AB shales and extensive wireline logging data was collected 
  • Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets
  • Falcon Oil & Gas Ltd. (FO) is up 12 per cent, trading at C$0.14 at 12:24 pm ET

Falcon Oil & Gas Ltd. (FO) has released drilling results from the Velkerri 76 S2-1 vertical appraisal well.

The well drilled to a vertical total depth of 2,129 metres in the Beetaloo Sub-Basin, Northern Territory, Australia with joint venture partner, Origin Energy B2 Pty Ltd., a wholly-owned subsidiary of Origin Energy Limited.

Preliminary evaluation of the Velkerri-76 well confirms the presence of four prospective intervals within the Amungee Member (formerly known as the Middle Velkerri), the A, AB, B and C shales, as established in the Amungee NW-1 / 1H, Beetaloo W-1 and Kalala S-1 wells.

The continuation of the regionally pervasive Amungee Member within the Velkerri Formation towards the eastern flank of the Beetaloo Sub-Basin approximately 78 kilometres from the Amungee NW-1H and 73 kilometres from the Beetaloo W-1 wells.

The Amungee Member is likely within the wet gas maturity window as evidenced by mud gas data during drilling.

93 metres of continuous conventional core was acquired in the Velkerri B and AB shales and extensive wireline logging data was collected to enable detailed formation evaluation of the prospective zones within the Amungee Member. The diagnostic fracture injection test (DFIT) is to be carried out shortly and will provide further understanding for future appraisal of the Velkerri wet gas play.

Philip O’Quigley, CEO of Falcon commented,

“The preliminary drilling results at Velkerri 76, together with the revised normalized gas flow rate equivalent to 5 MMscf/d at Amungee NW-1H announced in September 2021, is really exciting news for Falcon shareholders as attention shifts to future activity in the Beetaloo.”

The results at Velkerri 76 emphasize the ever-growing significance of the Velkerri play.

Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of 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.

Origin Energy is a leading Australian integrated energy company. Origin is a leading energy retailer with approximately 4.2 million customer accounts, has approximately 7,500 MW of owner and contracted power generation capacity and is also a large natural gas supplier.

Falcon Oil & Gas Ltd. (TSXV: FO) is up 12 per cent, trading at C$0.14 at 12:24 pm ET.

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