Falcon Oil & Gas Ltd - Dublin-based oil and gas company focused on Australia, South Africa and Hungary - Provides an operational update on the stage three work programme at the Beetaloo sub-basin in Australia on Wednesday. Programme was progressed with joint venture partner Origin Energy B2 Pty Ltd and will include the acquisition of a 58 kilometre line if high spec 2D seismic and the drilling of one 1,000 metre horizontal well on the Amungee NW-1H pad and another on the Amungee Member B shale. Explains the primary project of the two wells is to obtain a production rate over the first 30 days between 2 to 3 million standard cubic feet per day. This is so a multi-well pilot programme can be supported.

Chief Executive Philip O’Quigley says: ‘This is an extremely important period for the Beetaloo Sub-Basin and Falcon believes the modified work programme which now includes a step out location will provide further valuable evidence and help accelerate the programme towards a multi-well pilot programme in CY23/24.’

Current stock price: 11.71 pence, down 3.4%

12-month change: up 73%

Copyright 2022 Alliance News Limited. All Rights Reserved.