Falcon Oil & Gas Provides Operational Update
Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(FOG.L)(FAC) announced the following operational update for its operations in Australia, South Africa and Hungary.
Preparations for 2016 Beetaloo Basin, Australia, drilling programme at an advanced stage.
Drilling locations being finalised for the two new vertical wells following technical evaluation undertaken by Origin, Sasol and Falcon.
Well locations to penetrate condensate rich gas mature through to dry gas mature sections of the Middle Velkerri shale.
Drilling expected to start Q2, 2016.
Rig 185 remains “warm stacked” in the Beetaloo basin.
Tendering and contracting for hydraulic stimulation and key well services ongoing.
US$3.7 million cash settlement agreed with NIS – received in December 2015.
US$12.7 million (unaudited) in cash and cash on deposit at 31 December 2015.
Philip O’Quigley, CEO of Falcon commented
“We are delighted to report that preparations for the 2016 Beetaloo drilling and testing programme are underway. Our shareholders can look forward to another exciting year of exploration activity which has the potential to transform the value of the company. Falcon remains fully carried throughout by our partners Origin and Sasol.”
“Also, we welcome the recent confirmation by the PASA and are optimistic on securing a shale gas exploration licence in South Africa’s Karoo Basin in 2016.”
Read Full Release: Australia – 2016 drilling & testing preparations underway in the Beetaloo Basin
Source: Falcon Oil & Gas Ltd.
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