LONDON (Alliance News) - Falcon Oil & Gas Ltd on Wednesday said drilling results from the Beetaloo Basin project in Australia's Northern Territory indicate a material shale gas resource at the site.
Falcon, which is working on the project under a joint venture with Origin Energy Resources Ltd, said Origin's report on the Middle Velkerri B indicates a gross 496 trillion cubic feet of gas in place.
Drilling operations at the project have been suspended following a moratorium placed on fracking in the Northern Territory by local authorities. Falcon said it is awaiting the outcome of the independent inquiry which has been launched into fracking.
Falcon Chief Executive Philip O'Quigley said the results of the work at the project were "exciting" and said further exploration and appraisal activity will be needed to refine the pool size and better assess the recoverable resources at the site.
Falcon has a 29.43% working interest in the project.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Falcon Oil (FOG)