"This is a colossal, monumental even, potential discovery," says oil analyst Malcolm Graham Wood, referring to the Falcon Oil & Gas (LON:FOG, CVE:FO) Northern Territory news today.
In a report, Origin Energy, its partner and operator of 16,000-square kilometres of licences, put the gross best estimate of gas in place at a world-class 496 trillion cubic feet (TCF).
Converting that to oil equivalent, it stacks up to 82bn barrels.
"Whichever number you look at, it's very substantial indeed," said Graham Wood.

Falcon Oil & Gas has "colossal" potential gas discovery, says Wood
Quick facts: Falcon Oil & Gas Ltd
Price: 7.8 GBX
Market: AIM
Market Cap: £76.58 m
Follow
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