Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Falcon Oil & Gas looks forward to Aussie shale gas progress

The significant new shale discovery was confirmed in October, but a moratorium on fracking means Falcon and its partners are playing a waiting game.
onshore drilling operation
Drilling in Australia has proved very successful

With the filing of its interim statement Falcon Oil & Gas Ltd (LON:FOG) highlighted that its partner Origin Energy intends to meet with the Northern Territory authorities soon to discuss a revised timetable for its shale gas venture.

It comes amid a moratorium on fracking, put in place following the recent Australian election.

As a new government sponsored assessment of fracking takes place the joint venture - between Falcon, Origin and Sasol – is confined to desktop analysis and evaluation work.

After a successful start to what was supposed to be a nine-well drill programme Origin in October issued an official notification of discovery.

A new resource evaluation report is currently being worked on to further detail the size and scope of the discovery and the potential of its surrounding areas.

Separately, Falcon also highlighted that the government process is ongoing in South Africa, where it is expected that exploration licences will be issued in 2017.

In terms of financials Falcon pointed to its strong positions. It says it had US$10.6mln of cash at the end of September and it was debt free.

The company told investors it continues to focus on strict cost management, and efficient control of its portfolio. General and admin costs were reduced by 13% in the first half of the year, down to US$1.6mln.

View full FOG profile View Profile

Falcon Oil & Gas Ltd Timeline

Related Articles

oil and gas operations
June 04 2018
“I believe that the ENEO issue will be solved as VOG management has prioritised this matter and is focused on achieving a result in the shortest possible timeframe,” chief executive Ahmet Dik
oil and gas operations
May 21 2018
The Alaska-focussed explorer is preparing to restart the Icewine-2 well testing programme which aims to be a commercial test of the HRZ shale discovery
Jack-up oil rig
February 14 2018
'Russia represents a major opportunity for the company'

No investment advice

The Company is a publisher. You understand and agree that no content 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 further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. 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.

© Proactive Investors 2018

Proactive Investors 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.

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