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Falcon Oil & Gas reveals “exciting development” for Beetaloo project

The company described it as an exciting development.

oil and gas operations
It owns 30% of the project

Falcon Oil & Gas Ltd (LON:FOG) told investors that the environmental management plan for the Kyalla 117 N2 exploration well has been accepted.

It is proposed that the well will be drilled, stimulated and tested.

A 28 consultation period will now start from today, before the Northern Territory Department of Environment and Natural Resources makes a decision.

READ: Falcon Oil & Gas is in good financial health

“Today’s announcement of acceptance for assessment of the Kyalla 117 N2 Exploration Well EMP targeting the Kyalla shale is an exciting development for Falcon shareholders as the JV prepares to re-commence drilling in the highly prospective Beetaloo Sub-basin in 2019,” said Philip O’Quigley, Falcon chief executive.

“We look forward to updating the market as work progresses over the coming months.”

The EMP details how project operator Origin Energy will ensure the environmental impacts and risks associated with the well operations will be reduced to a level that is as low as reasonably practicable and acceptable.

It is part of the expansive Beetaloo shale project, 30% owned by Falcon, which is presently estimated to host some 85 trillion cubic feet of technically recoverable gas resources.

Quick facts: Falcon Oil & Gas Ltd

Price: 6.2 GBX

AIM:FOG
Market: AIM
Market Cap: £60.87 m
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