leadf
logo-loader
viewFalcon Oil & Gas Ltd

Falcon Oil & Gas says Beetaloo well programme will be advanced without delay

“The decision to execute operations without delay is really good news," said Philip O'Quigley.

Falcon Oil & Gas Ltd - Falcon Oil & Gas says Beetaloo well programme will be advanced without delay

Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) told investors that the Beetaloo joint venture partners have decided to carry out necessary intervention work in the recently drilled Kyalla 117 well without delay.

As previously announced in November, the well had continued to produce frack fluid during a prolonged ‘flowback’ phase and a measurable gas breakthrough had yet to occur.

READ: Falcon highlights strong financial position

The partners planned to re-enter the well to apply nitrogen lift, which would lower pressure in the well bore and expedite gas breakthrough, however, prior to the onset of the Australian wet season the schedule had not been determined.

Today, Falcon confirms that the programme will be undertaken without delay. All necessary equipment and consumables for the nitrogen lift are now being prepared to mobilise to the well site.

“The decision to execute operations without delay is really good news and we look forward to updating the market as information from operations is available,” said Philip O’Quigley, Falcon chief executive.

Falcon owns a 22.5% interest in the Beetaloo project alongside majority partner and operator Origin Energy Ltd (ASX:ORG).

Quick facts: Falcon Oil & Gas Ltd

Price: 6.85 GBX

AIM:FOG
Market: AIM
Market Cap: £67.26 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Falcon Oil & Gas Ltd named herein, including the promotion by the Company of Falcon Oil & Gas Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Market Report: FTSE lacks appetite as chocolate lovers and holiday planners...

FTSE 100 started on the front foot as it anticipates the return of US trading after Wall Street was closed on Monday. London’s leading index surged 43 points to 6,763 in early deals. easyJet PLC (LON:EZJ) said summer bookings at its holidays arm have rocketed 250% compared to last year. Boss...

on 19/1/21

2 min read