Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd.: Draft Final Report From The Scientific Inquiry Into Hydraulic Fracturing
12 December 2017 - 6:00PM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd. ("Falcon")
Draft Final Report from the scientific inquiry into hydraulic fracturing
12 December 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC)
notes the publication of the draft Final Report ("Report") by the
scientific inquiry into hydraulic fracturing.
The Inquiry Chair, Justice Rachel Pepper noted the following in
Community Update #26:
-- The work of the Inquiry is to identify and assess the environmental,
social, cultural and economic risks associated with hydraulic fracturing
for any onshore shale gas.
-- It is not the role of the Inquiry to make a recommendation whether or not
the moratorium on hydraulic fracturing in the Northern Territory should
be lifted, that is a matter for Government.
-- The overall conclusion is that risk is inherent for an onshore shale gas
industry. However, if the recommendations made in the Report are adopted
and implemented in full, those risks may be mitigated or reduced - and in
many cases eliminated altogether - to acceptable levels having regard to
the totality of the evidence.
Summary of draft Final Report
The summary of the draft Final Report provided the following conclusion:
"No industry is completely without risk. And the development of any
onshore shale gas industry in the NT [Northern Territory] is no
exception. But having considered the most current available scientific
literature and data from a wide range of sources, and noting the recent
and continuing technological improvements in the extraction of onshore
shale gas, the conclusion of this Inquiry is that the challenges and
risks associated with any onshore shale gas industry in the NT are
manageable by, among other things:
-- releasing land that is environmentally, socially and culturally
appropriate for use for shale gas development;
-- the completion of a SREBA [strategic regional environmental and baseline
assessment] to gather essential baseline data prior to any onshore shale
gas industry being developed;
-- implementing an area or regional-based approval system;
-- mandating world leading engineering standards for the construction,
maintenance and de-commissioning of all onshore shale gas wells and for
the extraction of shale gas by hydraulic fracturing;
-- implementing new technologies where relevant as soon as they become
available;
-- requiring the comprehensive monitoring and reporting of all aspects of
onshore shale gas operations with real-time public scrutiny of the
resulting data;
-- ensuring that the regulator is independent insofar as the agency that is
responsible for promoting any onshore shale gas resource is not the same
agency responsible for its regulation;
-- reforming the current regulatory framework governing onshore shale gas
development in the NT to strengthen transparency and accountability of
all decision-making and to ensure a stringent system of compliance and
enforcement; and
-- introducing full fee recovery to fund the necessary regulatory reforms
and to ensure that strong oversight is maintained.
Of course, nothing is guaranteed. And with any new industry it is not
uncommon for problems to
emerge. However, it is the Panel's opinion that, provided that the
recommendations made in this
Report are adopted and implemented, not only should the risk of any harm
be minimised to an
acceptable level, in some instances, it can be avoided altogether."
Draft Final Report
The full Report can be found on the scientific inquiry website at the
following link:
https://frackinginquiry.nt.gov.au/inquiry-reports/draft-final-report.
Community Update 26
The community update which accompanied the Report can be found at the
following link:
https://frackinginquiry.nt.gov.au/news/community-update-26
Final Report
The Final Report will be published in March 2018, following a final
round of consultations that will commence in late January 2018.
For further information, please contact:
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Davy (NOMAD & Joint Broker)
John Frain / Anthony Farrell +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in
the acquisition, exploration and development of conventional and
unconventional oil and gas assets, with the current portfolio focused in
Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is
incorporated in British Columbia, Canada and headquartered in Dublin,
Ireland with a technical team based in Budapest, Hungary.
For further information on Falcon Oil & Gas Ltd. please visit
www.falconoilandgas.com
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(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking
information. This information is based on current expectations that are
subject to significant risks and uncertainties that are difficult to
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in any forward-looking statements. Falcon assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon's filings with the Canadian
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Source: Falcon Oil & Gas Ltd. via Globenewswire
http://www.falconoilandgas.com/
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December 12, 2017 02:00 ET (07:00 GMT)
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