Energy Club

Northern Territory

  • Home
  • News
  • Falcon cashed up for Beetaloo campaign

Falcon cashed up for Beetaloo campaign

30 Aug 2019 2:28 PM | Sonia Harvey (Administrator)

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

Energy Club NT is an Incorporated Association 

The information contained in this website is for general information purposes only. The information is provided by Energy Club NT Inc and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Through this website you are able to link to other websites and files which may not be owned, authored or under the control of Energy Club NT Inc. We have no control over the nature, content and availability of other websites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

Powered by Wild Apricot Membership Software