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Falcon Oil & Gas’s Aussie shale discovery declared official

Tuesday, October 11, 2016 23:25
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(Before It's News)

Falcon Oil & Gas Ltd (LON:FOG, CVE: FO) has told investors that its joint venture partner Origin Energy has officially declared Amungee as a new discovery.

It follows successful drilling. The most recent results, from the Amungee NW-1H well are encouraging and evaluation work continues.

Origin, the project operator, has submitted a notification of discovery and an initial report on discovery to the Department of Primary Industry and Resources of the Northern Territory, Australia.

This confirms that there’s sufficient data to confirm the discovery of a petroleum accumulation. Specifically it is confirmed by production testing data, petrophysical logs and core analysis.

Origin noted the gas rates ranging between 0.8 and 1.2 million standard cubic feet per day. The flow back of hydraulic fracture stimulation fluid of volumes continues, with the recovery of between 100 and 400 barrels per day.

Initial estimates suggest a dry gas composition with less than 4% CO2, it added.

It said the discovery has a thickness of 30 metres. The discovery has porosity between 4.0% and 7.5%, gas saturation is measured between 50% to 75%, and permeability between 50 and 500 nano-Darcy.

Work continues to determine the size of the discovered resource.

Philip O’Quigley, Falcon chief executive, described the filing with the Australian authorities as an “exciting development” and he added that it provides further evidence of the scale of resource potential of the Beetaloo Basin.

“We look forward to updating the market when the evaluation to determine the resource size is concluded,” O’Quigley said.

Story by ProactiveInvestors

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