Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd. - Australian Government Announcement - Beetaloo Strategic Plan
17 December 2020 - 8:57PM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
("Falcon")
Australian Government Announcement - Beetaloo Strategic Plan
17 December 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased
to note the announcement today by the Australian Government that it
plans to provide up to A$50 million to accelerate exploration activity
in the Beetaloo sub-basin. Falcon holds a 22.5% interest in 4.6 million
gross acres in exploration permits (EP76, EP98 and EP117) covering the
most prospective core area of the Beetaloo sub-basin.
The funding is designed to fast-track drilling by providing grants to
cover 25% of eligible exploration costs, capped at A$7.5 million per
well and three wells per exploration venture. The funding will be put
towards exploration that occurs before June 2022.
The Northern Territory's Geological Survey estimates that the sub-basin
could hold more than 200,000 petajoules of gas (190 Tcf) and that, even
if a very conservative 10% of that gas was recovered, it could still
supply Australia's domestic gas demand for more than 10 years.
A copy of the press release is available at
https://www.globenewswire.com/Tracker?data=vKZ_N0nY0UlmK_3s39Vyz1GbYDLwhK2H0SAAgbC0AtrUe4SAKhN_o7IYXO4uSGqIeHr4mX57WcASwuc6Wc8jO_JXerGczomuda2ubAHnhIHnR0pItjFOKXJQwEwcjuK1l3dslB2p_2DuJLWwJg-NIlycrGs17WTxmEOT-hJV0ptnEnPeMhPv7ZR05I4uq0pGByBkBUAZSuCW5vw4tpqF1P9HsLU_gNfXx6NZndLsUqksJMS5Xna39Q-EI7hR4wUXebfuQGEflY14fa0XBQFQ3JuwcSqWSqz40p2cfdMHdMw6GlpDubm6ERiDZSXaLoFaoj_dMR91J7RsF7SNai7NIbhTV7IRs3fBmU_ieoXcsq7zCmJmetUkl8aM9w8uywv-
https://www.minister.industry.gov.au/ministers/pitt/media-releases/beetaloo-strategic-plan-will-unlock-gas-jobs-and-development.
Philip O'Quigley (CEO of Falcon) commented:
"The announcement by the Australian Government highlights the strategic
and economic importance of the Beetaloo sub-basin which it believes has
the potential to be a world-class gas resource, transform the Northern
Territory economy and generate 6,000 jobs by 2040.
We look forward to continue working with our partners, Origin, and the
state and federal governments and other stakeholders towards the
successful development of the sub-basin."
Ends.
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
Cenkos Securities plc (NOMAD &
Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in
the exploration and development of unconventional oil and gas assets,
with the current portfolio focused in Australia, South Africa and
Hungary.
Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil
& Gas Ltd. Falcon Oil & Gas Australia Limited and a wholly-owned
subsidiary of Origin Energy Limited (ASX: ORG) ("Origin Energy") are
joint venture partners in respect of the Beetaloo project.
For further information on Falcon Oil & Gas Ltd. please visit
https://www.globenewswire.com/Tracker?data=_2LiWp-XuULiDZwNzRN_yiiicqgBVyHGIibnm7VT4F-1pPORXZ9d37GakSce7tICFupyPXxIS-fCHiT9t2HtFF6rlEhWf6UZPMlDCJqRo2A=
www.falconoilandgas.com
About Origin Energy
Origin Energy is a leading Australian integrated energy company. Origin
is a leading energy retailer with approximately 4.2 million customer
accounts, has approximately 7,500 MW of owner and contracted power
generation capacity and is also a large natural gas supplier. Origin is
the upstream operator of Australia Pacific LNG, which supplies natural
gas to domestic markets and exports LNG under long term contracts.
https://www.globenewswire.com/Tracker?data=_2LiWp-XuULiDZwNzRN_yp2TakHh43mcluUidlMc1jJ872XwegKhW9pWaQ0b2Xajty_-r4_NpDjv8rfVgTBy00XV0pdoeGX6-yP9J44Rgic=
www.originenergy.com.au
Glossary of terms
A$ Australian dollar
EP Exploration permit
LNG Liquefied natural gas
MW Megawatt
TcF Trillion cubic feet
Advisory regarding forward looking statements
Certain information in this press release may constitute forward-looking
information. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking information. Forward-looking information typically
contains statements with words such as "may", "will", "should", "expect",
"intend", "plan", "anticipate", "believe", "estimate", "projects",
"dependent", "potential", "scheduled", "forecast", "outlook", "budget",
"hope", "support" or the negative of those terms or similar words
suggesting future outcomes. In particular, forward-looking information
in this press release includes, but is not limited to, comments made
with respect to the type, number, schedule, stimulating, testing and
objectives of the wells to be drilled in the Beetaloo Sub-basin
Australia, the prospectivity of the Middle Velkerri and Kyalla plays and
the prospect of the exploration programme being brought to commerciality,
the availability of Australian government funding towards exploration up
to June 2022. This information is based on current expectations that are
subject to significant risks and uncertainties that are difficult to
predict. The risks, assumptions and other factors that could influence
actual results include risks associated with fluctuations in market
prices for shale gas; risks related to the exploration, development and
production of shale gas reserves; general economic, market and business
conditions; substantial capital requirements; uncertainties inherent in
estimating quantities of reserves and resources; extent of, and cost of
compliance with, government laws and regulations and the effect of
changes in such laws and regulations; the need to obtain regulatory
approvals before development commences; environmental risks and hazards
and the cost of compliance with environmental regulations; aboriginal
claims; inherent risks and hazards with operations such as mechanical or
pipe failure, cratering and other dangerous conditions; potential cost
overruns, drilling wells is speculative, often involving significant
costs that may be more than estimated and may not result in any
discoveries; variations in foreign exchange rates; competition for
capital, equipment, new leases, pipeline capacity and skilled personnel;
the failure of the holder of licenses, leases and permits to meet
requirements of such; changes in royalty regimes; failure to accurately
estimate abandonment and reclamation costs; inaccurate estimates and
assumptions by management and their joint venture partners;
effectiveness of internal controls; the potential lack of available
drilling equipment; failure to obtain or keep key personnel; title
deficiencies; geo-political risks; and risk of litigation.
Readers are cautioned that the foregoing list of important factors is
not exhaustive and that these factors and risks are difficult to
predict. Actual results might differ materially from results suggested
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
securities regulators, which filings are available at
https://www.globenewswire.com/Tracker?data=_2LiWp-XuULiDZwNzRN_yu4OOBgNq0I87YyaBB1U07twFxxTxnNSaPaCtRFulPWnQLGWgx42nXGequkUYe_dnw==
www.sedar.com, including under "Risk Factors" in the Annual Information
Form.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
(END) Dow Jones Newswires
December 17, 2020 04:57 ET (09:57 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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