SHEFFIELD Holdings has acquired a 9.24% stake in Beetaloo Basin explorer Falcon Oil & Gas.

The acquisition comes shortly after the Northern Territory government advised it had implemented all the recommendations from an independent inquiry into fraccing, paving the way for industry to begin large-scale production from what has been described by some as the "hottest play on the planet".

Dublin-headquartered Falcon Oil & Gas holds a 22.5% interest in exploration permits EP76, EP98 and EP117 coving around 4.6 million acres of the Beetaloo Sub-Basin alongside operator Tamboran Resources.

This week, the company told the market Sheffield Holdings had acquired 96.47 million shares, representing 9.24% of Falcon's issued and outstanding shares.

The move by billionaire Brian Sheffield to acquire a substantial stake in the minority partner follows an initial investment where Sheffield acquired 38.78% of the permits via a deal with Tamboran.

The permits make up the Amungee project with gas contracted to Origin Energy in a binding 10-year gas sales agreement for up to 36.5 petajoules per annum.

In total Amungee should produce around 100 terajoules per day.

Big rig to deliver big results

Last month, project operator Tamboran announced the arrival of the largest onshore drilling rig to Australia.

In March, US drilling contractor Helmerich & Payne mobilised a massive 2000 horsepower FlexRig to the Northern Territory.

Once operational, it will be the largest and most powerful onshore drilling rig in the country. 

Helmerich & Payne are major investors in Tamboran Resources which will use the rig across its vast acreage holding in the Northern Territory.

The rig is capable of drilling more than 4000-metre horizontal sections. 

Tamboran has contracted the rig for a minimum of two years. 

Source: ENB - Energy News Bulletin