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Ryder Scott Issues Update on Beetaloo Basin
Ryder Scott Issues Update on Beetaloo Basin
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\nOct. 27, 2009 (Canada NewsWire Group) -- DENVER, Oct. 27 /CNW/ ---Shenandoah-1 Well Results Support Estimates-Falcon Oil & Gas Ltd. (TSXV: FO) (\"Falcon\" or the \"Company\"), a global energy company focused on acquiring, exploring and developing large acreage positions of unconventional and conventional oil and gas resources, announced that Ryder Scott Company provided a letter to Falcon, dated October 23, 2009 (the \"Letter\"), which supports the Ryder Scott Company-Canada Resource Analysis Report, dated August 5, 2009, effective date July 1, 2009 (\"Report\"), on the Company's Beetaloo Basin Project in the Northern Territory (NT), of Australia.Ryder Scott engaged in a preliminary review of all the newly available data from the deepening of the Shenandoah-1 well, including the logs and cores. Based on Ryder Scott's review of these data, the Ryder Scott Letter states, \"This work supports the resource estimates and conclusions presented in the Report. The preliminary analyses indicate that both the Lower Kyalla and Middle Velkerrie organic rich shales likely contain significant amounts of adsorbed gas. In the deepened Shenandoah #1 Well, the mud-log recorded very high gas readings while drilling through both shale intervals and gas was observed in the drilling mud. High mud-log gas readings and high resistivities were also observed from the top of the Moroak Sandstone (1,718 meters) down to approximately 1,806 meters at which point both the gas readings and log resistivities dropped. Preliminary log analyses suggest the possibility of a gas/water contact at that point and the possible existence of a conventional gas accumulation in the Moroak Sandstone in the well.\"The Letter also includes various cautionary notes regarding the uncertainty and preliminary nature of the findings and data at this stage in the exploration of the properties.Falcon's interest in the Beetaloo Basin consists of four Exploration Permits (the \"Permits\") comprising approximately 28,200 square kilometers (7 million gross acres), covering the majority of the Beetaloo Basin and basin margin highs. Through its wholly owned Australian subsidiary, Falcon Oil & Gas Australia Pty Ltd, the Company owns an undivided 75 percent working interest in the Permits, and is the operator of the Permits.Their resource evaluation of the Beetaloo Basin is as follow...