Three-Well Drilling Campaign Begins in Beetaloo Basin, Northern Australia

Falcon Oil & Gas announced Friday that operations have commenced on a three-well drilling campaign in the Beetaloo Basin, located in Australia's Northern Territory state.

Civil works on the first well, Kalala S-1, are now under way with spud expects at the end of June. Kalala S-1 will be drilled to a total depth of approximately 9,200 feet, which will take from 35 to 50 days to complete, according to Falcon.

Falcon CEO Philip O’Quigley commented in a company statement:

"We are delighted to announce the commencement of drilling operations and the expected spudding of the first of our three well fully funded drilling campaign by the end of June 2015, in this highly attractive basin. We look forward to exploring the potential of the Beetaloo Basin in Australia with our partners and updating the market with further details in due course."

Kalala S-1 is located within exploration permit 98. The well will be operated by Origin Resources Limited, which holds a 35-percent interest in the project. Sasol Petroleum Australia Limited holds a 35-percent stake, while Falcon holds the remaining 30 percent.

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