I could have predicted in advence the arrival of Boo-birds also known as the Backroomroom Boy's minions. They will try to convince you that the precious stone in your hand is nothing but a piece of black coal.

Mr. Philip O'Quigley reports

FALCON OIL & GAS LTD. - AMUNGEE NW-1H - NORMALISED GAS FLOW RATE EQUIVALENT TO 5 MMSCF/D PER 1,000M HORIZONTAL

Falcon Oil & Gas Ltd. has provided results of the production log test at the Amungee NW-1H well. The results suggest a normalized gas flow rate equivalent of between 5.2 million to 5.8 million standard cubic feet per day per 1,000 metres of horizontal section.

Amungee is located in the Beetaloo subbasin, Northern Territory, Australia, and the testing conducted is part of the 2021 work program, which is operated by Falcon's joint venture partner, Origin Energy B2 Pty. Ltd., a wholly owned subsidiary of Origin Energy Ltd.

Amungee background:

• It is located in exploration permit 98, approximately 60 kilometres east of Daly Waters, just south of the Carpentaria Highway.
• It was the first horizontal well to be drilled and first well to be fracked with Falcon's JV partner and operator, Origin.
• In November, 2015, the JV successfully drilled the well to a total measured depth of 3,808 m, including a 1,100 m horizontal section.
• In September, 2016, 11 hydraulic stimulation stages were completed along the horizontal section in the Middle Velkerri B shale zone.
• In December, 2016, a 57-day extended production test (EPT) was completed, with production averaging 1.10 mmscf/d.
• In February, 2017, the results of evaluation of the discovery and preliminary estimate of petroleum in place were published for the Velkerri B shale gas pool, confirming a gross contingent resource of 6.6 trillion cubic feet, 1.46 trillion cubic feet net to Falcon; full details are contained in Falcon's annual information form.

Details of Amungee testing:

• The well was successfully put back on production testing on Aug. 7, 2021.
• Initial flow rates during the first 48 hours of testing ranged between two million and four million standard cubic feet per day with rates averaging 1.23 mmscf/d over the first 23 days.
• A PLT was run on Aug. 19, 2021, to 3,098 metres measured depth, just prior to the casing deformation at 3,112 m md.
• The PLT data confirm that: Only 5 to 15 per cent of the production came from stages 1 to 7 beyond the casing deformation point at 3,112 m md. Eighty-five to 95 per cent of the production came from stages 8 to 11, spanning a 200 m horizontal section, prior to the casing deformation.
• The low contribution from stages 1 to 7 is likely the result of a restriction caused by the casing deformation or the plugs having not milled out, or both.
• Conclusion: Stages 8 to 11 may be representative of the deliverability that can be achieved within the Middle Velkerri B shale at Amungee.
• The PLT test results equate to a normalized gas flow rate of between 5.2 million and 5.8 million standard cubic feet per day per 1,000 m of horizontal section.
• A typical future production well would be likely to have a horizontal production section of up to three kilometres.
• The result validates the decision to undertake a second EPT in order to run a PLT.

Philip O'Quigley, chief executive officer of Falcon, commented: "With our unique and extensive position in the Beetaloo subbasin, this is really exciting news for Falcon shareholders and this significant development provides line of sight to the commercialization of the Beetaloo, for which we remain carried for further activity.

"A recent report by an industry analyst suggests that gas flows greater than three mmscf/d from a 1,000 m horizontal well are required to demonstrate the commerciality of the Beetaloo. Not only does this test result significantly exceed these parameters and significantly increase our assessment of the Velkerri dry gas play, but it also puts the Beetaloo on a par with other shale gas basins in North America.

"While we wait for further news from our operations at Kyalla 117 N2-1H ST2 and Velkerri 76 S2-1, we look forward to working with our JV partner, Origin, in establishing the next phase of work on the Middle Velkerri B shale.

"With other drilling activity in neighbouring Santos-operated blocks targeting the Velkerri dry gas play, this is an important moment for the nationally significant Beetaloo subbasin."

Take away:

Do not sell any of your Falcon shares under $10.00

The Beetaloo Strategic Basin Plan released as part of the gas-fired economic recovery 

https://falconoilandgas.com/company-presentations/#1541158622782-52acf8a2-2f7f

Sooo.. If you Boys want our shares you can start paying $10.00 

So hold and do not sell any of your shares under $10.00 

Apparently the manipulators are back. Many thanks to the BackroomBoys to prove just how badly they yearn to possess your Falcon shares. 

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