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Falcon Oil & Gas confirms successful placing for well campaign

“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.
oil and gas operations
Up to four wells are planned

Falcon Oil & Gas Ltd (LON:FOG) confirmed the results of its share placing, in an announcement after Friday’s market close.

The company, in a statement, said it had conditionally raised £7mln (US$9mln) with 50.5mln new shares being sold at a price of 14p each.

READ: Falcon launches US$10mln placing to support upcoming campaign

It noted that the injection of funds will primarily be used to fund Falcon’s share of costs for a new programme of drilling, hydraulic fracturing and testing across its shale acreage in Australia’s Northern Territory.

“Falcon is delighted with the proposed placing to conditionally raise c.US$9mln,” said Phillip O’Quigley, Falcon chief executive.

“This placing will see the company being adequately funded through the next c.US$100mln of capital expenditure on the Beetaloo project.

“Preparations continue for the re-commencement of drilling of Stage 2 in mid-2019, which will include the drilling and hydraulic fracture stimulation of two horizontal wells, and we look forward to updating the market in due course.”

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