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''.