Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) chief executive Philip O’Quigley says it is a big day for the company, but, also for the Northern Territory and Australia.
The lifting of a moratorium on hydraulic fracturing has cleared Falcon and its operating partner Origin Energy - Falcon owns 30% of the shale project while Origin has the other 70%.
It means a five well campaign can now be advanced “as soon as practical”.
“It is brilliant news,” O’Quigley said in a Proactive Investors interview.
He added: “It is a huge resource to go after, and the lifting of the moratorium means we can get back to work.”