DUBLIN-based explorer and producer Falcon Oil & Gas said it is in a solid financial position for its upcoming drilling and fraccing program with Origin Energy in the Beetaloo Basin, onshore Northern Territory.
Falcon released its interim six month financials overnight, noting it had US$14.6 million cash in the bank, double what it had at the end of 2018.
The company posted a net loss of US$900,000 for the six months to June 30, compared to a net loss of $1.1 million for the same time last year.
It also announced it would cease trading on Euronext Dublin on September 25.
It will however remain on the AIM exchange in London and Canada's TXS venture exchange.
Over the last six months Falcon which holds a 30% stake ion EP76, EP98 and EP117, alongside Origin Energy (70%) announced contingent resource estimates for the Middle Velkerri B Shale Pool with an estimated 2C gas resource estimate of 6.6 trillion cubic feet of gas.
In January the joint venture signed a rig contract with Ensign Australia for Rig 963 for stage 2 of the Beetaloo drilling program with an option to extend the contract to 2020.
Preparatory work is ongoing in the Beetaloo and Falcon notes that two horizontal appraisal wells will be drilled this calendar year.
The environmental management plan for both drilling, fraccing and testing the wells was approved by the Northern Territory government last week.
The first well to be drilled will be the Kyalla 117-N2 well, targeting the Kyalla shale liquids rich gas fairway.
Source: Energy News Bulletin
Read more here