Falcon Oil & Gas completes extended-production text

22nd Dec 2016 14:23

(ShareCast News) - 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.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.