Proactive Investors - Run By Investors For Investors

Falcon Oil & Gas boss O'Quigley hopes for “not too distant” restart of Australian shale drilling

Falcon’s partner Origin Energy will complete a nine well exploration and appraisal programme, if the moratorium is lifted.
onshore drilling operations
"We are hopeful of a favourable outcome and the resumption of drilling in the not too distant future."

Shale group Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) chief executive Philip O'Quigley told investors he is hopeful of a favourable outcome to the current hiatus in Australia, where there is presently a moratorium on fracking.

Drilling operations may resume “in the not too distant future”, according to O'Quigley.

In Falcon’s financial results for 2016, the company described a landmark year in which a major shale discovery in Australia’s Northern Territory - and, in February 2017, the size of the discovery was estimated ‘world class’ potential of 6.6 trillion cubic feet.

Falcon’s partner Origin Energy will complete a nine well exploration and appraisal programme, if the moratorium is lifted.

O'Quigley said: “2016 was a landmark year for our company with the first extended production test in the Beetaloo basin and the announcement of a material gas resource.

“Our 2017 drilling program is delayed pending the outcome of the independent scientific inquiry on hydraulic fracturing, however we are hopeful of a favourable outcome and the resumption of drilling in the not too distant future."

Falcon reported a strong financial position, ending the year with US$10.1mln of cash.

The growth company, which has nominal revenue, reported a US$3.7mln loss for the year whilst noting that it reduced general and administrative expenses by 18% to US$2mln. 

 

CLICK HERE to sign up to the Proactive daily newsletter

View full FOG profile View Profile

Falcon Oil & Gas Ltd Timeline

Related Articles

The Rex drill site at Wizard Lake project
March 18 2019
Proved and probable reserves at the Albertan province project are 225,000 barrels of oil.
1548047910_757z468_1543882077_Carnarvon-noble-tom-prosser.jpg
January 21 2019
The company aims to expand its portfolio of hydrocarbon resources as it prepares oil and gas projects for production and continues its regional exploration work.
oil rig
May 29 2019
Wressle public inquiry scheduled for 5 November 2019 and expected to last six days.

© Proactive Investors 2019

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