Agoracom: Small Cap Investment - Falcon Oil and Gas Ltd. - Operators Seek to Tap Australia Shale O&G Potential

Falcon is a global energy company with projects in Hungary, Australia & South Africa

Developing large acreage positions of unconventional and conventional oil and gas resources

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Operators Seek to Tap Australia Shale O&G Potential

posted on Jul 04, 2011 10:39PM

Falcon Pursuing Beetaloo Basin Shale

Source: Falcon Oil & Gas

Falcon Oil and Gas subsidiary Falcon Australia owns four exploration permits in in the Beetaloo Basin in Australia's Northern Territory, which cover 7 million acres and are estimated to hold 64 Tcf of gas and 17 billion barrels of oil in multiple conventional and unconventional targets. Eleven wells previously were drilled by Pacific Oil and Gas, a unit of mining company Rio Tinto, all with pervasive oil and gas shows.

Hess Corp., Falcon's joint venture partner in the area, will start acquiring this year between 3,000 and 4,000 km of 2D seismic data. The joint venture covers EP 76, EP 98 and EP 117, excluding approximately 100,000 acres of EP98 around Shenandoah-1 and EP99. Hess will drill and evaluate five wells.

Falcon will test in this year's third quarter the Shenandoah-1 well's Lower Kyalla unconventional wet shale gas, the Moroak sandstone for wet gas, and the Velkerri unconventional for dry shale gas. Falcon drilled the Shenandoah-1 well in 2009 during the dry season, but the 100-year flooding that took place in 2010 prevented Falcon from bringing equipment on site and testing the well.