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Falcon Oil & Gas boss O’Quigley reacts to “big well” result for Australian shale venture

“This is a big well in the Beetaloo for many reasons, largely because it is a step out of 85 kilometre step out from the two wells we drilled in 2015,” O’Quigley says.
“We were targeting the very encouraging shale, encountered last year on both of those two wells, and we again encountered a very significant shale in this well deep in the south [of the basin].”
O’Quigley also highlights that the Kyalla formation, also encountered by the well, was seen as very encouraging with significant gas show observed.
“So we’ve now got two huge targets 85 kilometres south of what we were drilling in 2015.”
The Falcon boss now looks forward to gas flows from the recently fracked and “much anticipated” Amungee well, which are expected to come in the coming weeks.
O’Quigley also discusses the ‘time out’ on fracking in Australia’s Northern Territory, which was called by the country’s newly elected government. He says the news was “no surprise to anybody” but the company would have to wait to see what the implications could be for the Beetaloo project.

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Price: 13.1 GBX

AIM:FOG
Market: AIM
Market Cap: £128.62 m
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