Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Announces ‘successful completion’ of 10-stage stimulation programme over a 500-metre horizontal section of the Amungee Member B-Shale within the Shenandoah South 1H well in EP117. Says programme delivered proppant intensity of 2,212 pounds per foot and rates of 100 barrels of oil per minute. EP117 is one Falcon’s three exploration permits in Australia’s Beetaloo sub-basin. 30-day initial production testing will commence in mid-December.

Chief Executive Officer Philip O’Quigley says: ‘The stimulation program went extremely well...achieving injection rates up to 100 bpm, a Beetaloo Sub-Basin rate record, and average proppant injection per stage of 356,000 pounds, in line with the initial design. We look forward to this next phase of operations in the Beetaloo with the installation of production tubing ahead of flow back of stimulation fluid and the commencement of the IP30.’

Current stock price: 7.40 pence, up 8.8% in London on Thursday afternoon

12-month change: up 14%

Copyright 2023 Alliance News Ltd. All Rights Reserved.