LONDON (ShareCast) - (Sharecast News) - Falcon Oil & Gas announced the start of the sidetrack to drill the new horizontal production hole section of the Kyalla 117 N2-1H ST2 well in the Beetaloo Sub-Basin, Australia on Thursday.
The AIM-traded firm said the new horizontal section would again target a lateral length of 1,000 to 2,000 metres within the Lower Kyalla shale, at a depth of around 1,800 metres.

"Drilling results to date have been encouraging, and Falcon remains very optimistic about the potential of the Lower Kyalla shale play," said chief executive officer Philip O'Quigley.

"We look forward to updating the market as further results become available."

At 1026 GMT, shares in Falcon Oil & Gas were up 0.53% at 11.44p.

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