Falcon Oil & Gas kicks off new Beetaloo shale well drilling
This "exciting development" marks the start of the Stage 2 drill programme, as defined in Falcon's farm-out deal with Origin Energy.
Company
LON:FOG
Falcon Oil & Gas Ltd. (“Falcon” or “Company”) is an international oil and gas company engaged in the acquisition, exploration and development of unconventional oil and gas assets. The Company’s principal interests are located in two major underexplored basins in Australia and South Africa; with further interests in Hungary, covering approximately 12.3 million gross acres. The Company’s interests are in countries with a high regional demand for energy and for Australia and Hungary are close to existing infrastructure allowing for rapid delivery of oil and gas to market.
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This "exciting development" marks the start of the Stage 2 drill programme, as defined in Falcon's farm-out deal with Origin Energy.
The explorer has US$14.5mln of cash ahead of a new appraisal well, due to be drilled next month.
The upcoming well programme represents an important milestone for Falcon and the Beetaloo project.
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A glance at some of the day's highlights from the Proactive Investors newswire
“We look forward to updating the market when the joint venture re-commences drilling in the highly prospective Beetaloo Sub-basin in 2019,” said Philip O’Quigley.
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“This placing will see the company being adequately funded through the next c.US$100mln of capital expenditure on the Beetaloo project," said Phillip O’Quigley.
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A glance at some of the day's highlights from the Proactive Investors newswire
An important and hotly anticipated new well programme is due to kick off in the coming months.
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It was quite a busy week in the small cap oil and gas sector.
The company described it as an exciting development.
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It was another interesting week in the oil and gas sector with project updates, funding news and new well programmes starting up.
Archive
A glance at some of the day's highlights from the Proactive Investors newswire
Investments and investor services
A look at the day's major movers, including Image Scan, Water Intelligence, Laura Ashley, Gulf Marine, Synectics and Synnovia
As it prepares for drilling, Falcon confirmed it ended 2018 with US$6.9mln of cash