Page 13 - AsianOil Week 47

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NEWS IN BRIEF
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and geophysical reviews, 80 km magnetic survey (Year 3), 200 km 2D seismic survey (Year 3), Satellite imagery (visible imagery), Drill one well (year 4), Interpretation studies.
ATP 924 (PCL earning 25% in Ace Area) Geological and geophysical reviews, 80 km magnetic survey (Year 3), 80 km 2D seismic survey (Year 3), Satellite imagery (visible imagery), Drill one well (Year 1), Drill one well (Year 4), Interpretation studies
KEY PETROLEUM, November 26, 2019
Falcon encouraged by Kyalla 117 N2-1 drilling data
Falcon Oil & Gas is pleased to announce that drilling of the vertical section of the Kyalla 117 N2-1 appraisal well in the Beetaloo Sub-Basin, Australia has been completed to a vertical total depth of 1,895 metres.
Preliminary drilling data from the vertical section of the Kyalla 117 N2-1 appraisal well confirms: The continuation of the regionally pervasive Kyalla Fm between the Beetaloo W-1 and Amungee NW-1H wells. Elevated gas show with relatively high C3, C4 and
C5 components were observed across the carbonaceous shales.
Other work carried out as part of this drilling operation included: 45 metres of conventional coring was acquired in each
of the Upper and Lower Kyalla reservoir sections. Sidewall cores and extensive wireline logging have been acquired.
Horizontal drilling, stimulation and testing: The JV is now preparing to drill
the horizontal section within the Kyalla formation. Horizontal drilling will commence following the final evaluation of the vertical well results. Once completed, the horizontal section will be fracture stimulated, and production tested. The JV has prepared for continued operations during the wet season. FALCON OIL & GAS, November 22, 2019
Comet Ridge to raise up to
A$13 million to accelerate
gas to market plans
Comet Ridge is pleased to announce it has successfully received binding commitments for a A$10 million placement ahead of launching a share purchase plan to raise up to an additional A$3 million.
The placement price of $0.19 per share represents a discount of 10% to the 5-day VWAP of $0.21 per share up to Friday, 22 November 2019. The company will issue approx. 52.6 million placement shares within its current placement capacity, representing 7.2% of its current issued capital.
Comet Ridge Managing Director, Tor McCaul thanked existing shareholders for their support of the placement which will be used to accelerate the company’s plans to supply Australia’s tightening east coast gas market. He also welcomed new investors to the register.
“First gas from our flagship Mahalo
Gas Project by late 2021 remains our
highest priority, but at the same time we are pursuing early production opportunities at Mahalo North to achieve scale economies, higher overall offtake and higher value for stakeholders in the project,” Mr McCaul said.
“This capital raising also enables the company to progress the certification of gas reserves at Mahalo North and for our Albany wells in the Galilee Deeps.”
The net proceeds of the placement will be used for: Mahalo North CSG Project - tenure management, engineering, Phase 1 drilling and seismic survey; Mahalo Gas Project – pre-FID joint venture activities; Galilee “Deeps” Project – Testing of Albany 1 and 2, tenure management and resource certification in conjunction with joint venture partner, Vintage Energy; and
General corporate costs and working capital purposes.
COMET RIDGE, November 27, 2019
Vintage aims to farm in to PRL 211
Vintage Energy Ltd is pleased to announce that it has executed a term sheet with a
90 day exclusivity period to negotiate a binding farm-in agreement for PRL 211 on the South Australian side of the Cooper/ EromangaBasins.
Under the proposed joint venture, Vintage will become the operator with 42.5%, Bridgeport will have 21.25%, Metgasco Ltd 21.25% and a subsidiary of Senex Energy Ltd 15%, with Senex to be free carried through the drilling of the first well. PRL 211 is a
98.49 km2retention licence that is close to infrastructure and has an initial five-year term expiring in October 2022, with an option to renew the permit for a further five years.
The licence is located immediately adjacent to ATP 2021 (Vintage 50% and Operator). Senex is currently the operator and 100% interest holder of PRL 211.
The main target in PRL 211 is the Odin structure, which is fully covered by recent 3D seismic and has gas potential in the Patchawarra and Toolachee formations. Odin is located on the southern flank
of the Nappamerri Trough near the producingreservoirs at the Bow, Beckler and Dullingarigas fields.
Stratigraphic upside similar to that seen in theBeckler-Bowfield area is also possible at Odin.The prospect straddles the border between PRL 211 and ATP 2021 and is similarto the Vali prospect scheduled for drilling by the ATP 2021 joint venture in December 2019(refer ASX releaseson1 October and 12 November 2019).
VINTAGE ENERGY, November 22, 2019
Week 47 27•November•2019
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