Ireland's Falcon Oil & Gas Ltd. provided Wednesday the following operational update for its operations in Australia, South Africa and Hungary.
Australia – 2016 Drilling & Testing Preparations Underway in the Beetaloo Basin
Preparations are underway for the Group’s 2016 Beetaloo drilling and testing program in Northern Territory, comprising:
The principal objectives of the 2016 drilling program are to:
South Africa – Processing of the Exploration License by the Petroleum Agency of South Africa (PASA) Continues to Progress
The PASA recently confirmed that it expects to finalize a recommendation to the Minister of Mineral Resources on Falcon’s application for a shale gas exploration license in South Africa’s Karoo Basin, by May 2016. The Company expects that the Minister of Mineral Resources will issue Falcon with a license to explore for shale gas in 2016.
Falcon was granted a Technical Cooperation Permit in 2009 covering 7.5 million acres (30,327 square kilometers) in the southern part of the Karoo Basin. The Company has a cooperation agreement (as announced on Dec. 12, 2012) with Chevron Business Development South Africa Limited (Chevron), which enables the Group to work with Chevron for a period of five years in jointly obtaining exploration licenses.
Hungary – Review of Operations
Falcon continues to review its operation and future plans in Hungary, evaluating all options available to the Group to deliver shareholder value. The Group maintains its 100 percent interest in the Mako Trough.
Following the closure of the London office of GMP Securities Europe LLP, engagement with GMP Securities Europe LLP, Falcon’s joint broker has now ended.
Philip O’Quigley, CEO of Falcon commented:
“We are delighted to report that preparations for the 2016 Beetaloo drilling and testing program are underway. Our shareholders can look forward to another exciting year of exploration activity which has the potential to transform the value of the company. Falcon remains fully carried throughout by our partners Origin and Sasol.”
“Also, we welcome the recent confirmation by the PASA and are optimistic on securing a shale gas exploration license in South Africa’s Karoo Basin in 2016.”
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles