Falcon Gets Extension on Australian Permits

Falcon Oil & Gas has said that the company got a 12 month extension for each of the Permits EP76, EP98 and EP117 which include the majority of the seven million acres (28,000 sq km) in the Beetaloo Basin, Northern Territory, which are held 100% by Falcon Oil & Gas Australia, a 73% owned subsidiary of Falcon.

Separately, the DME has also granted a 12 month extension to Falcon for adjacent EP99 which is the Permit held 100% by Falcon Oil & Gas Australia, and which is excluded from the Farm-Out arrangement with Hess.

The Beetaloo Basin is situated 600 km south of Darwin within the Northern Territory of Australia and EP’s 76, 98, 117 and 99 cover an area of 7m acres. Oil and gas bleeds and data confirm all necessary elements of productive shale oil and gas play exist in multiple independent petroleum systems. A Ryder Scott report carried out in 2010 estimates recoverable resources of 18 MMBO and 64 TCF gas from three primary shale and two sandstones.