LONDON (ShareCast) - (Sharecast News) - Falcon Oil & Gas announced on Thursday that drilling operations, including casing and cementing, on the Kyalla 117 N2-1H ST2 well have been successfully completed.
The AIM-traded firm said the well was drilled to a total measured depth of 3,809 metres, including a 1,579 metre lateral section from 90 degrees in the Lower Kyalla Formation.

It said preparatory work, including the drilling of water impact monitoring bores, which is a new requirement of the Code of Practice for onshore petroleum activities in the Northern Territory of Australia, would begin in the coming month, ahead of the next stage of operations.

The joint venture would continue its in-depth shale evaluation programme of all the technical data gathered from the conventional cores, sidewall cores, diagnostic fracture injection tests (DFIT) and "extensive" wireline logging, to build an understanding of the prospectivity of the Kyalla Formation.

"We are delighted to have successfully completed the Kyalla horizontal well section and we now look forward to the next phase of operations with the fracture stimulation of Kyalla 117 N2-1H ST2," said chief executive officer Philip O'Quigley.

"We will continue to update the market as results become available."

At 1110 GMT, shares in Falcon Oil & Gas were up 10.09% at 12.5p.

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