Falcon Oil & Gas confirmed the roll-out of its Australian drilling campaign in the Beetaloo Basin today.
Drilling locations have been finalised for two new vertical wells. Drilling is expected to start in the second quarter of this year. Rig 185 remains warm stacked until the official start day.
Chief executive Philip O’Quigley said: “We are delighted to report that preparations for the 2016 Beetaloo drilling and testing programme are underway. Our shareholders can look forward to another exciting year of exploration activity which has the potential to transform the value of the company. Falcon remains fully carried throughout by our partners Origin and Sasol.
“Also, we welcome the recent confirmation by the PASA and are optimistic on securing a shale gas exploration licence in South Africa’s Karoo Basin in 2016.”
The drilling campaign will test gas productivity of the Middle Velkerri shale by means of multi stage hydraulic stimulation, determine the areal extent of the Middle Velkerri shale, gauge the levels of gas saturation in the southern section of the basin and explore the shallower, oil prone sections of the Middle Velkerri shale.