Proactive Investors - Run By Investors For Investors

Falcon Oil & Gas Ltd to drill Beetaloo in second quarter

The Australia, South Africa and Hungary-focused group said drilling preparations were at an advanced stage
Falcon Oil & Gas Ltd to drill Beetaloo in second quarter
Falcon said exploration activity in 2016 could transform the company

Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) said it expected drilling at its Beetaloo basin project in Australia to start in the second quarter of this year.

Falcon, which also has interests in South Africa and Hungary, said preparations for the drilling programme at the site in the Northern Territory were at an advanced stage.

It was finalising drilling locations for two new vertical wells, which would penetrate condensate rich gas mature through to dry gas mature sections of the Middle Velkerri shale.

Tendering and contracting for hydraulic stimulation and key well services were ongoing.

Falcon Australia holds a 30% interest in 4.6 million gross acres in exploration permits 98, 76, and 117 covering most of the Beetaloo Basin.

Chief executive Philip O'Quigley said Falcon remains fully carried throughout on Beetaloo by its partners Origin Energy (ASX:ORG) and Sasol Petroleum Australia Limited.

"We are delighted to report that preparations for the 2016 Beetaloo drilling and testing programme are underway," he said.

"Our shareholders can look forward to another exciting year of exploration activity which has the potential to transform the value of the company."

Falcon also said it expected South African authorities to grant it a licence to explore for shale gas in the Karoo basin sometime in 2016.

The Petroleum Agency of South Africa recently confirmed it expects to finalise a recommendation to the country's mineral resources minister on Falcon's licence application by May.

Shares in Falcon fell 0.1p, or 2.1%, to 4.65p in early London trading.

Why Invest In Falcon Oil & Gas Ltd? Read More Here

Register here to be notified of future FOG Company articles
View full FOG profile

Falcon Oil & Gas Ltd Timeline

Related Articles

Offshore oil operations
June 30 2016
The Toronto Ventures quoted oil explorer has a 40% stake in the neighbouring block, and as such feels a significant boost along with the rest of Guyana’s emerging oi sector.
March 29 2016
The Australia and New Zealand oil and gas junior could potentially invest in either the UK or Brazil, chairman John Barr said in a Proactive Investors interview.
oil barrels
A scan of Icewine’s inventory reveals some very bold numbers: 3.6bn is estimated in shale, whereas conventional oil could exceed 750mln barrels.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.