Positive shale gas exploration results in Australia’s remote Northern Territory have seen UK-listed Falcon Oil & Gas’ share price treble since Friday on expectations that the Beetaloo basin could be on par with shale gas plays in North America.
The Northern Territory (NT) government in Australia has lifted a moratorium on fracking.
Falcon Oil & Gas has strengthened its team with the appointment of a new chairman. JoAchim Conrad, a non-executive director of the company since 2008, takes up the role from John Craven.
Falcon Oil and Gas has elected a new member to its board. Maxim Mayorets was appointed to the company's board of directors as a non-executive director at the annual general and special meeting of shareholders in Ireland. Mr Mayorets is currently a member of the executive board and head of mergers and acquisitions at Renova.
Irish explorer Falcon Oil and Gas has been awarded a shale gas exploration licence in South Africa’s Karoo Basin. The company announced its application had been approved by the Petroleum Agency of South Africa (PASA). In December 2012, the company announced it would be working exclusively with Chevron Business Development South Africa for a period of five years on jointly obtaining exploration licences.