Beetaloo work programOrigin Energy, the lame operator, woke up again and has sent the Beetaloo work program to Falcon:
The 2021 work programme is expected to include the following:
- Resume clean-up operations of Kyalla 117 N2-1H ST2 (“ Kyalla 117 ”) and commence an extended production test (“ EPT ”)
- Drill Velkerri 76 S2-1 vertical well (“ Velkerri 76 ”)
- Perform a production test at Amungee NW 1H
https://stockhouse.com/news/press-releases/2021/03/19/falcon-oil-gas-ltd-planned-2021-work-programme-beetaloo-sub-basin
Obviously the market is not impressed and the reaction of the market did not show any higher share prices for Falcon. The government promised some short term subsidies for E&P work in the Beetaloo, that means some parts for the bills for the production test at Kyalla, for the production test at the Amungee and for the drilling of Velkerri will be sponsored by the government. But the biggest problem: Origin and Falcon have not cracked the code, have not discovered the sweet spots of the Beetaloo and are still struggling to prove commercially for this asset.