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Falcon Oil & Gas Ltd

Falcon Oil & Gas 'taking Beetaloo shale project forward at pace'

Philip O'Quigley, chief executive of Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) tells Proactive's Andrew Scott that they, along with their partner Origin Energy, have agreed to accelerate exploration activity for the Beetaloo shale project.

Together they now deem the Stage 1 campaign to be complete, essentially meaning that in light of the 2014 successes – drilling three vertical wells and one horizontal, fracture stimulated well – that it is now appropriate to move ahead.

In all, the Stage 2 cost cap is now A$65mln. Any portion of the additional budget not spent in Stage 2 will carry over into Stage 3 (which presently has a cap of A$48mln).

''This is a huge step forward now''

''The moratorium is gone, the recommendations are being implemented by the government ... working with industry... and we're now taking this forward at pace''.

''This is a huge step forward for the Beetaloo Basin, for Falcon and for Origin ... it's a good day''.

Quick facts: Falcon Oil & Gas Ltd

Price: £0.13

Market: AIM
Market Cap: £128.87 m
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