Falcon Oil & Gas has announced that Origin Energy Resources, its Joint Venture partner, has submitted a notification of discovery and an initial report on the discovery.
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 ft3/d with continuing flow back 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 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.'
Read the article online at: https://www.oilfieldtechnology.com/exploration/13102016/falcon-oil-gas-announces-amungee-nw-1h-discovery-in-the-beetaloo-basin/