Beetaloo Basin seismic acquisition completed on exploration permits 76, 98 and 117
Tuesday, Jan 22, 2013
Falcon Oil & Gas Ltd. (TSX VENTURE:FO) ("Falcon" or the "Company"), a Toronto listed and Dublin headquartered company focused on unconventional oil and gas exploration and production assets in Australia, South Africa and Hungary, is pleased to announce the completion of the acquisition of seismic data by Hess Australia (Beetaloo) Pty Ltd ("Hess") on Exploration Permits 76, 98 and 117 held by Falcon's 73% subsidiary, Falcon Oil & Gas Australia Limited ("Falcon Australia") in the Beetaloo Basin of the Northern Territory, Australia.
The information collected is now being processed by Hess.
Following completion of the seismic programme, Hess may elect to drill and evaluate five wells to earn a 62.5% equity stake in the licence area covered by the three permits but excluding the 100,000 acres around the Shenandoah well (Falcon fully carried). Hess has until the 30th June 2013 to make this election.
Philip O'Quigley, CEO of Falcon commented:
"The completion of the fieldwork associated with the seismic data collection marks a significant milestone for Falcon's Beetaloo project. Falcon is pleased Hess has been able to complete its ambitious program. The estimated $55m expenditure ensured that the extensive fieldwork of the last 18 months delivered very high quality data, necessary to build on Falcon's earlier work and move the evaluation of the resource potential of the Beetaloo Basin to the next level. Falcon now looks forward to the announcement of Hess' decision on the exercise of its option to drill five wells in exchange for a significant stake in the assets."
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