Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO) shares climbed 10% on Thursday, as the explorer and its partners in the Beetaloo project secured Native Title Holder consent to sell gas.
The agreement covers sales from exploration permits EP98 and EP117 of up to 60 terajoules per day from the proposed Shenandoah South pilot project over three years, subject to terms and ministerial approval.
The joint venture, which includes Falcon Oil & Gas Australia and Tamboran, has committed an initial 40 million cubic feet per day to the Northern Territory Government until mid-2041.
Gas sales are expected to start in mid-2026 via the Sturt Plateau Compression Facility, with the timeline subject to weather and final approvals.
“This is a significant development for our operator Tamboran B2, being the first operator in the Beetaloo Basin to secure Native Title Holder approval to sell gas under the legislated appraisal framework,” said Falcon chief executive Philip O’Quigley.
In London, Falcon shares gained 10.2% to change hands at 7.99p - at this level, the small-cap is up close to 80% in 2025 to date.