StockMarketWire.com - Falcon Oil & Gas said results from drilling the Velkerri 76 S2-1 vertical appraisal well in Beetaloo Sub-Basin, Northern Territory, Australia was 'very encouraging.'

The preliminary evaluation of the Velkerri-76 well was 'very encouraging' and confirmed; the presence of four prospective intervals within the Amungee Member;the A, AB, B and C shales, as established in the Amungee NW-1 and 1H, Beetaloo W-1 and Kalala S-1 wells.

'The Amungee Member is likely within the wet gas maturity window as evidenced by mud gas data during drilling,' the company said.

'This is another very encouraging development for the nationally-important Beetaloo Sub-Basin and, with results to come from flow testing of two horizontal wells at the neighbouring Santos-operated blocks, which are also targeting the Velkerri play, we see now as a key period in the step towards commercialisation of the Beetaloo,' it added.




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