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Falcon Oil & Gas pauses Australian shale well operations due to coronavirus

Fracking of the horizontal Kyalla shale well will now be expected in the "latter part" of 2020

Falcon Oil & Gas pauses Australian shale well operations due to coronavirus

Falcon Oil & Gas Ltd (LON:FOG) has told investors that its new Beetaloo shale well, in Australia, will be suspended before fracking as the operator responds to the coronavirus (Covid-19) pandemic.

The AIM-quoted explorer, in a statement, said that partner Origin Energy has been adhering to advice from the Northern Territory and Federal Government on health and safety and social distancing.

READ: Falcon Oil & Gas delighted as Kyalla well’s horizontal drilling is successful

Presently, the Kyalla well has been prepared for the next phase of operations which include fracking.

The joint venture partners have now decided to temporarily pause work and it will reduce on-site headcount to essential personnel only, required under regulatory and environmental management terms.

It is presently planned that well operations will resume in the latter part of 2020.

“We find ourselves in unprecedented circumstance due to COVID-19 where it is imperative that the JV acts responsibly and quickly to ensure the health and safety of people and communities,” said Philip O’Quigley, Falcon chief executive.

“While the JV is committed to the Beetaloo project and results to date are encouraging, the focus at this time must be on the health and safety of people.”

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Price: 6.05 GBX

AIM:FOG
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Market Cap: £59.4 m
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