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Falcon Oil & Gas Ltd - Australia, Hungary and South Africa-focused oil and gas company - Says the SS-1H well in EP117, in the Beetaloo sub-basin in the Northern Territory, Australia achieved an average 30-day initial production flow rate of 3.2 million standard cubic feet per day. Adds that results from the well significantly exceeded pre-drill expectations. Also notes that at the end of January, cash held was $5 million. Chief Executive Officer Philip O’Quigley says: ‘We can now look forward with confidence to commencing the proposed 40 MMcf/d pilot development project which will start with the drilling of the first of six 10,000 [foot] development wells in Q2 2024, subject to stakeholder approval and funding, and look forward to updating the market as those plans begin to materialise.’ Current stock price: 12.94 pence, up 16% 12-month change: up 35% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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