Falcon Oil & Gas Announces Amungee NW-1H Discovery in the Beetaloo Basin
Wednesday 12 October 2016
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 Primary Industry and Resources of the Northern Territory, Australia ('DPIR') on the Amungee NW-1H well in the Beetaloo Basin, Australia. The Notification of Discovery is a requirement per the Reporting a Petroleum Discovery Guideline under the NT Petroleum Act.
Details of Notification of Discovery from Origin to the DPIR are as follows:
Origin has now gathered sufficient data to confirm the discovery of a petroleum accumulation
Production test data supported by petrophysical log data along with full and sidewall core analysis confirms the discovery
Gas rates range between 0.8 and 1.2 million standard cubic feet per day with continuing flow back of hydraulic fracture stimulation fluid of volumes between 100 and 400 barrels per day
Initial estimates suggest a dry gas composition with less than 4% CO2
Main physical properties of the discovered accumulation are thickness of 30 meters, between 4.0% and 7.5% porosity, a gas saturation range of 50% to 75%, and permeability between 50 and 500 nano-Darcy
Evaluation to determine the resource size is underway
Philip O'Quigley, CEO of Falcon commented: 'The Notification of Discovery issued by Origin is an exciting development and provides further evidence of the scale of the resource potential of the Beetaloo Basin. We look forward to updating the market when the evaluation to determine the resource size is concluded.'