Falcon Oil & Gas completes extended-production text

Falcon Oil & Gas has confirmed the completion of an extended-production test (EPT) on Amungee NW-1H by Origin Resources, which it said was a significant milestone.

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The test outcome was initial production over the first 30 days at an average of 1.11 MMscf/d.

There was 63 MMscf was produced over the 57 days of the EPT, at an average rate of 1.10 MMscf/d. The final rate of the EPT was 1.07 MMscf/d.

Falcon said a final discovery report was being prepared for submission to the DPIR in Q1 2017.

Chief executive Philip O'Quigley commented that the extended production test on Amungee NW-1H is a "significant milestone" in the exploration programme.

"This data, together with results obtained from the drilling program to date will be used in evaluating the contingent resource in the Beetaloo."

At about 13:56 GMT, shares in AIM-listed Falcon were down 2.5% to 4.88p.