Falcon Oil & Gas has "colossal" potential gas discovery, says Wood
"This is a colossal, monumental even, potential discovery," says oil analyst Malcolm Graham Wood, referring to the Falcon Oil & Gas (LON:FOG, CVE:FO) Northern Territory news today. In a report, Origin Energy, its partner and operator of 16,000-square kilometres of licences, put the gross best estimate of gas in place at a world-class 496 trillion cubic feet (TCF). Converting that to oil equivalent, it stacks up to 82bn barrels. "Whichever number you look at, it's very substantial indeed," said Graham Wood.