Falcon Oil & Gas Ltd. (FOG.L) Planned 2021 Work Programme – Beetaloo Sub-Basin

19 March 2021 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to provide details of the 2021 work programme in the Beetaloo Sub-Basin, Northern Territory, Australia with our joint venture partner, Origin Energy B2 Pty Ltd., a wholly-owned subsidiary of Origin Energy Limited (“Origin”).

The 2021 work programme is expected to include the following:

  • Resume clean-up operations of Kyalla 117 N2-1H ST2 (“Kyalla 117”) and commence an extended production test (“EPT”)
  • Drill Velkerri 76 S2-1 vertical well (“Velkerri 76”)
  • Perform a production test at Amungee NW 1H
  • 2021 Work Programme Detail

Kyalla 117
Background

  • As announced by Falcon on 19 January 2021, Origin submitted a notification of discovery and an initial report on discovery to the Northern Territory Government.
  • Unassisted gas flow rates ranging between 0.4-0.6 MMscf/d were recorded over seventeen hours, which are preliminary indications of well performance, and an EPT is now required to determine the long-term performance of Kyalla 117.

2021 work programme includes:

  • Resumption of reservoir clean-up operations using an artificial lift technique.
  • If the Kyalla 117 clean-up is successful, progress to an EPT.

Velkerri 76
Background

  • Targeting the Velkerri play along the south-eastern flank of the Beetaloo Sub-basin, which is predicted to be in a liquids rich gas window.
  • 2021 work programme includes:
  • Drill a vertical pilot well to acquire core and log and run diagnostic fracture injection test data across the Velkerri.

Amungee NW 1H
Background

  • On 22 December 2016 Falcon announced that, following a 57-day EPT of the well, production averaged 1.10 MMscf/d.
  • On 15 February 2017 Falcon announced that Origin had submitted the Results of Evaluation of the Discovery and Preliminary Estimate of Petroleum in Place for the Amungee NW-1H Velkerri B Shale Gas Pool to the Northern Territory Government amounting to a gross contingent resource of 6.6 TCF, 1.46 TCF net to Falcon.

2021 work programme includes:

  • A production test to be carried out to determine if all frack stages contributed to the initial EPT conducted in 2016.
    Philip O’Quigley (CEO of Falcon) commented:

“This year’s programme covering three different plays in the Beetaloo will provide key information that will help determine the future appraisal and development programme. The prospect of multiple positive results is exciting, and we look forward to providing these results as soon as they become available. Falcon is fully carried for the 2021 work programme costs.”

About Falcon Oil & Gas Ltd.
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.

Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd. Falcon Oil & Gas Australia Limited and a wholly-owned subsidiary of Origin Energy Limited (ASX: ORG) (“Origin”) are joint venture partners in respect of the Beetaloo project.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

About Origin
Origin 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. Origin is the upstream operator of Australia Pacific LNG, which supplies natural gas to domestic markets and exports LNG under long term contracts.

www.originenergy.com.au


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