Falcon Oil & Gas Ltd. (“Falcon”)
Moratorium lifted, Beetaloo exploration to resume as soon as practical
17 April 2018 – Falcon Oil & Gas Ltd. (TSXV:FO, AIM: FOG, ESM: FAC)) welcomes the decision by the Northern Territory (“NT“) government to lift the moratorium on hydraulic fracturing.
- The decision by the NT government follows the independent scientific inquiry conclusion that not only could the risks associated with an onshore shale gas industry be minimised to an acceptable level, in some instances, they can be avoided altogether.
- Well testing completed just prior to the moratorium indicated a very promising material gas resource in the Beetaloo sub-basin. As detailed in our 15 February 2017 press release, a resource study based on the Amungee NW-1H well results and other key wells in the Beetaloo Basin estimated an OGIP of 61 TCF and 6.6 TCF gross contingent resource, over an area of 1,968 km2.
- Resumption of work with our joint venture partner, Origin Energy Limited (“Origin“) will start as soon as practical, adopting recommendations of the scientific inquiry and obtaining necessary approvals to complete the remaining work programme.
- Origin plans to drill and fracture stimulate a further five wells to complete the exploration permit commitments.
Philip O’Quigley, CEO of Falcon, commented:
“We are very pleased with the fact-based decision made by the NT government to lift the moratorium on hydraulic fracturing. 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.
For further information, please contact:
|Falcon Oil & Gas Ltd.||+353 1 676 8702|
|Philip O’Quigley, CEO||+353 87 814 7042|
|Anne Flynn, CFO||+353 1 676 9162|
|Davy (NOMAD & Joint Broker)|
|John Frain / Barry Murphy||+353 1 679 6363|
|RBC (Joint Broker)|
|Matthew Coakes / Martin Copeland||+44 20 7653 4000|
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