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Falcon Oil & Gas CEO: Industry starting to take note of Beetaloo potential

Philip O’Quigley, chief executive of Falcon Oil & Gas (LON:FOG CVE:FO), says industry players are beginning to take note of the commercial potential of the Beetaloo acreage in Australia.

It comes as Falcon told investors last week that Amungee NW-1, its second Australian shale well, has encountered some 500 metres of gross pay in Velkerri shale intervals, with 150 metres of net pay.

Partners Origin and Sasol have decided to bring forward horizontal drilling, previously planned for late 2016, which will now take place in the coming weeks.

Falcon’s focus is to monetise assets by selling at a significant premium to acquired cost. O’Quigley says there is a possibility that Falcon will offload its stake 30% stake in the Beetaloo venture earlier than planned.

But the AIM junior under no pressure to do so given that it has no debt and is carried on a nine well programme through until 2018. “Ultimately we are sellers, but not at any price," says the CEO.

Quick facts: Falcon Oil & Gas Ltd

Price: 6.875 GBX

Market: AIM
Market Cap: £67.5 m

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Falcon Oil & Gas Ltd excited to be back drilling in the Beetaloo Basin

Falcon Oil & Gas Ltd’s (LON:FOG) (CVE:FO) CEO Philip O'Quigley says it's exciting times for the business as exploration re-commences at Beetaloo. In October, the Kyalla 117 N2-1 was spudded - It is the first well in the ‘Stage 2’ drill programme. The well is located some 32 kilometres...

on 10/10/19

2 min read