Falcon Oil & Gas Ltd shares soared nearly 20% higher in Friday’s early deals, after it completed the stimulation of its Shenandoah SS-2H ST1 well in the Beetaloo, in Australia’s Northern Territory.
It was a 35-stage stimulation process along a 1,671-metre horizontal section of the Amungee B-shale – and the company now awaits ‘cleanout’ before initial flow backs and production testing begins.
“We are extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling,” chief executive Philip O’Quigley said in a statement.
He added: “We look forward to updating the market on the IP30 flow test results as soon as they become available.”
