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Falcon Provides Updates on Kyalla 117 N2-1H ST2

Source: www.gulfoilandgas.com 1/19/2021, Location: Not categorized

Falcon Oil & Gas has announced that Origin Energy Resources, its Joint Venture partner, has submitted a notification of discovery and an initial report on discovery to the Department of Industry, Tourism and Trade of the Northern Territory ('DITT') on the Kyalla 117 N2-1H ST2 well in the Beetaloo Sub-basin, Australia. The Notification of Discovery is a requirement under s64(1) of the Petroleum Act 1984 (Northern Territory) and the NT Guidelines for reporting a petroleum discovery.

Details of the Notification of Discovery from Origin to the DITT are as follows:

- The Notification of Discovery is supported by preliminary production test data and petrophysical modelling.

- This follows the introduction of nitrogen to lift the fluids in Kyalla 117, which has enabled Kyalla 117 to flow unassisted for a period of seventeen hours.

- Unassisted gas flow rates ranging between 0.4-0.6 MMscf/d over seventeen hours were recorded.

- Flow back of hydraulic fracture stimulation water to surface over the same period, averaged between 400-600 bbl/d.

- Initial analysis suggests a liquid-rich gas composition with less than 1% CO2.

- Condensate shows were also observed.

Further Information

- These early-stage flow rates are preliminary indications of well performance, and an extended production test (“EPT”) will be required to determine the long-term performance of Kyalla 117.

- Longer-term measures will be put in place to flow back sufficient hydraulic fracture stimulation water to allow Kyalla 117 to flow continually without assistance and enable an EPT to continue in the coming months during the dry season.

- A further update will be provided when production testing has concluded, and detailed evaluation has been undertaken, expected to be in Q2 2021.

Australian Government

The Australian Government announced last week that it would invest A$217m in economic enabling infrastructure and upgrades to remote roads in the Northern Territory. These upgrades will provide quality infrastructure to support gas development and other industries in and around the Beetaloo Sub-basin. This is in addition to the A$50m being provided by the Australian Government to accelerate exploration activity in the Beetaloo announced last December.

Philip O’Quigley (CEO of Falcon) commented:

'The Notification of Discovery and Initial Report issued by Origin mark an encouraging development and the results to date meet our objective to flow liquids rich gas from the Kyalla formation.

We look forward to our operator, Origin, putting in place longer term measures to flow back sufficient hydraulic fracture stimulation water to allow the well to flow continually without assistance and enable production testing to occur in the coming months during the dry season.

In addition to this we welcome the news from the Australian Government to invest a further A$217m in the Northern Territory in infrastructure to support gas development and other industries in and around the Beetaloo Sub-basin.

We will update the market when production testing has concluded, and a detailed evaluation has been undertaken.'

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