Falcon strikes gas in Beetaloo

Australia

DARWIN, September 1, 2015 – Falcon Oil & Gas announced on Monday “an excellent start” to its first well in the Kalala field in Australia’s Beetaloo Basin. At 2,619 metres, the Kalala S-1 exploration well hit its primary target, in the Middle Velkerri formation.

The well hit a shale gas interval of more than 500 metres, with 150 metres of net pay. Additionally, it found between 50 and 80 metres of sand and silt reservoirs, which could be tapped through horizontal drilling in the future.

Falcon has estimated recoverable reserves at the basin of up to 2.7 billion barrels of oil and and 2.11 tcm (74.5 tcf) of gas. Kalala S-1, first spudded on July 14, 2015, is the company’s first of three exploration wells scheduled for the Kalala field.

“This well represents the first step in unlocking the resource potential of our Beetaloo acreage. It will provide key input to the planning of multi-stage fracking and production testing in the scheduled vertical and horizontal exploration and appraisal wells,” Falcon chief executive Philip O’Quigley said.

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