"We are extremely pleased with the general parameters of the Ryder Scott report. As we continue to evaluate our data and test our theories regarding the potential of significant hydrocarbon deposits that we believe to be in place in the Beetaloo basin, the report helps us to formulate strategic go-forward plans for the region that are in line with the overall goals of our organization. We have entered into a series of service contracts and commenced operations to re-enter, deepen and test the Shenandoah No. 1 well in the basin, which was originally drilled in 2007. With the combination of our own data analysis, the findings of the report, and the shear magnitude and size of our exploration permits, it is likely that we will seek a partner in this endeavour. The Shenandoah well is the first step in Falcon taking a careful and structured approach to further exploration and development of this resource."