Falcon Secures Permit to Evaluate South African Properties
Falcon Oil & Gas has secured a Technical Cooperation Permit to evaluate the Karoo Basin in central South Africa.
Falcon has up to one year to conduct a technical appraisal of the area covered by the Permit which will include review of the South African Petroleum Data Base. The Permit does not require Falcon to drill any wells during the one-year appraisal period, and establishes Falcon in a priority position for exercising future exploration rights within the lands covered by the Permit.
The principal focus of the 7.5 million acre Karoo Basin Technical Cooperation Permit, located about 120 miles northeast of Cape Town, South Africa, is gas from fractured shale and sandstone in Permian age rocks. Nine wells have been drilled in the area (late 60s and early 70s) and all have encountered gas shows. One of the wells, drilled in 1968, had an unstimulated flow rate of 1.84 million cubic feet of gas per day from fractures.*
"The acquisition of the permit gives Falcon access to another potential unconventional energy basin and an additional option for Falcon's exploration portfolio," stated Marc A. Bruner, CEO and President of Falcon Oil & Gas.
*Geological well completion report of borehole CR 1/68, Leith, M.J., 1970, Soekor Drilling Geology
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