Falcon Seeks Second Partnership for Shale Gas Exploration In Australia

Falcon Oil & Gas plans to form a second partnership to develop additional fields in Australia’s Northern Territory. The company is currently in partnership with Hess Corp in the area.

Falcon is seeking a shale specialist to fund exploration in two areas spanning about 700,000 acres of the Beetaloo Basin, Bloomberg reported quoting Chief Executive Officer Robert Macaulay.

The Denver based company holds almost 15 million acres in three projects in Australia, Hungary and South Africa. Falcon agreed to a venture with New York-based Hess last year to develop three blocks of the Beetaloo Basin.

“The opportunities in Australia are tremendous. It’s going to become more attractive,” Macaulay said.