Sign up Australia
Proactive Investors - Run By Investors For Investors

Falcon Oil & Gas clear to advance major Australian shale project as fracking ban is lifted

A five well drill campaign will now be targeted for the Beetaloo shale project, which is estimated to contain some 6.6 trillion cubic feet of gas
oil and gas operations
Future work will be subject to the recommendations of the scientific review

Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) is now clear to get to work with its major shale discovery in Australia’s Northern Territory after the regional government lifted its moratorium on hydraulic fracturing.

It is long awaited good news for the junior oil and gas firm, which has essentially been on hiatus while the suspension was in place.

The lifting of the moratorium followed a scientific review which recently concluded that the risk associated with the controversial well treatment could be managed.

Falcon shares started higher in Tuesday’s early deals, rising 1.4p or 5.9% to trade at 24.9p.

READ: Falcon Oil & Gas boasts strong financial position as it awaits Australia fracking decision

Immediately prior to the moratorium there was a successful test, on the Amungee well in the Beetaloo project. It was estimated that the Beetaloo basin could be host to a massive resource, across a 1,968 square kilometre area, with some 61 trillion cubic feet (TCF) of in place gas and 6.6 TCF of gross contingent resources.

Falcon is partnered with Australian gas major Origin Energy and, in today’s statement, it said that work will resume as soon as practical.

The future work will be subject to the recommendations made by the scientific review as well as the securing of necessary approvals.

Origin intends to drill and frack five new wells to complete the obligations under the exploration permit.

"We are very pleased with the fact-based decision made by the NT government to lift the moratorium on hydraulic fracturing,” said Philip O'Quigley, Falcon chief executive.

“We look forward to the recommencement as soon as practical of our multi-well work programme in the Beetaloo basin with our joint venture partner, Origin Energy Limited.”

View full FOG profile View Profile

Falcon Oil & Gas Ltd Timeline

Related Articles

1519654733_uranium.jpg
February 27 2018
Anfield Energy has a suite of attractive assets containing uranium and vanadium
Oilfield
April 26 2018
As well as commercialising well technology, Highlands also produces from its own operations.
Green energy
April 10 2018
PowerHouse Energy has been busy over the past year, establishing its demonstration plant in the UK, signing deals to develop a hydrogen bus, and even trialling its technology in Qatar ahead of the 2022 FIFA World Cup

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use