Strong Beetaloo Flow Rates from Origin / Falcon Oil & Gas Amungee NW-1H

Empire Energy is pleased to advise shareholders that the Origin Energy (ASX:ORG) / Falcon Oil & Gas (FO.V / FOG.L) Beetaloo Basin joint venture has reported strong flow rates from its Amungee NW-1H well in the Beetaloo Basin.

Amungee NW-1H was the first horizontal well drilled in the basin in 2016 targeting the Velkerri B shale. The Origin / Falcon joint venture recently re-entered the well. New flow testing data demonstrates that 85% – 95% of the 1.23 mmcf / day (average over 23 days) is coming from only 4 fracture stimulation stages over a 200m horizontal section. Falcon has announced that this flow rate equates to a normalised gas flow rate of 5.2 – 5.8 mmcf / day per 1,000m of horizontal section in future production wells.

Falcon CEO, Philip O’Quigley, commented: “this is really exciting news for Falcon shareholders and this significant development provides line of sight to the commercialisation of the Beetaloo”. Falcon’s share price increased by 104% in London trade and 94% in Canadian trade on Friday night.

This result comes amidst significant appraisal activity in the basin. Santos is currently undertaking a 2 well horizontal appraisal program in EP161 adjacent to Empire’s 100% owned EP187 tenement, with flow test results expected in Q4. The Origin / Falcon JV is currently drilling the Velkerri-76 vertical well targeting the liquids-rich window of the Velkerri Shale. Empire expects to recommence flow testing at Carpentaria-1 later this month and is fully funded for its first horizontal appraisal well, for which planning is well advanced.

To read the full announcement click here.