The chief executive of Irish independent Falcon Oil and Gas has predicted great things from its Australian operations after analysis on three well confirmed early indications of high potential.
Falcon Oil & Gas will receive $3.7million from Serbian oil company NIS following the termination of the oilfield services contract signed between the two companies in 2013.
Falcon Oil and Gas, the Irish independent believes its high-quality assets in Australia leave it well positioned to deal with current difficult market conditions.
Falcon Oil and Gas has reported good progress with the first horizontal well drilled in the Beetaloo basin shale play in Australia.
Falcon Oil and Gas is to bring forward horizontal drilling by a year following a successful second drilling programme in Australia’s Beetaloo shale basin.
Falcon Oil and Gas said it would be pursuing “all options” after its partner in a three-well drilling programme failed to complete work on time. Last year Falcon Oil and Gas extended an agreement with Nafta Industrija Srbije jsc (NIS) by five months. The companies had agreed in 2013 to complete a three-well drilling programme targeting the Algyo Play in Hungary.