logo-loader
viewFalcon Oil & Gas Ltd

Falcon Oil & Gas CEO: Industry starting to take note of Beetaloo potential

Philip O’Quigley, chief executive of Falcon Oil & Gas (LON:FOG CVE:FO), says industry players are beginning to take note of the commercial potential of the Beetaloo acreage in Australia.

It comes as Falcon told investors last week that Amungee NW-1, its second Australian shale well, has encountered some 500 metres of gross pay in Velkerri shale intervals, with 150 metres of net pay.

Partners Origin and Sasol have decided to bring forward horizontal drilling, previously planned for late 2016, which will now take place in the coming weeks.

Falcon’s focus is to monetise assets by selling at a significant premium to acquired cost. O’Quigley says there is a possibility that Falcon will offload its stake 30% stake in the Beetaloo venture earlier than planned.

But the AIM junior under no pressure to do so given that it has no debt and is carried on a nine well programme through until 2018. “Ultimately we are sellers, but not at any price," says the CEO.

Quick facts: Falcon Oil & Gas Ltd

Price: 12.725 GBX

AIM:FOG
Market: AIM
Market Cap: £123.71 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Falcon Oil & Gas Ltd named herein, including the promotion by the Company of Falcon Oil & Gas Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Everybody is on the Falcon Oil & Gas Plc bandwagon - Zak Mir

Chartist Zak Mir takes a closer look at Falcon Oil & Gas Ltd (LON:FOG) after its shares doubled last week. The Tip TV technical analyst says Falcon is on the front foot, as far as fundamentals are concerned, while the chart points to the share price potentially going higher still.

on 02/20/2017

2 min read