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Falcon Oil & Gas shares boosted as well test impresses

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Falcon Oil & Gas shares boosted as well test impresses By Proactive Investors

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Published Feb 26, 2024 10:08

© Reuters. Falcon Oil & Gas shares boosted as well test impresses

Proactive Investors – Falcon Oil (LON:FOG) shares strengthened in Monday’s early deals, buoyed by news from its operations at the Beetaloo joint venture, in Australia’s Northern Territory.

The company, in a statement, described well test results from the Shenandoah South project as “stellar” with gas rates – averaging 3.2 million cubic feet per day over 30 days – significantly exceeding pre-drill expectations.

It highlighted that the well test spanned around half the length of the horizontal well, and as such indicated that a ‘normalised’ rate would be expected at around 6.4 million cubic feet per day.

Falcon and its partners now believe the at project is above the commercial threshold needed to progress its Beetaloo venture into pilot development later this year, subject to funding and stakeholder approval.

“We will continue flow testing the well for the next 60 days to achieve an IP90 flow rate which will better determine what that resource potential is,” chief executive Philip O’Quigley said.

“We can now look forward with confidence to commencing the proposed 40 MMcf/d pilot development project which will start with the drilling of the first of six 10,000 ft development wells in the second quarter 2024, subject to stakeholder approval and funding, and look forward to updating the market as those plans begin to materialise.”

In London, Falcon shares rose around 15% higher, to trade at 12.91p. The AIM-quoted oil and gas share is up around 40% in 2024 to date.

Read more on Proactive Investors UK

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