Falcon Oil & Gas JV reports discovery in Australia's Beetaloo basin
DUBLIN, Ireland -- Falcon Oil & Gas Ltd. has announced that Origin Energy Resources Limited, the company's Joint Venture partner, has submitted a notification of discovery and an initial report on discovery to the Department of Primary Industry and Resources (DPIR) of the Northern Territory, Australia on the A mungee 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 sidewall core analysis confirms the discovery
- Gas rates range between 0.8 and 1.2 MMcfgd, with continuing flowback of hydraulic fracture stimulation fluid of volumes between 100 and 400 bpd
- Initial estimates suggest a dry gas composition, with less than 4% CO2
- Main physical properties of the discovered accumulation are thickness of 30 m, 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
