Falcon Oil & Gas its a Massive BUY for Australia Onshore Drilling Come Spring

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Falcon Oil & Gas (LSE:FOG) today released that its shallow drilling programme in Hungary is basically over after partner failed to drill third well at nil costs to Falcon Oil.  The shares have fallen however this is an oustanding BUY for onshore drilling to come in Australia for the spring of 2015.

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At the moment the plays are in the Falklands regarding oil companies in the short term (LSE:RKH) Rockhopper Exploration or (LSE:FOGL) Falkland Oil & Gas. However any falls like this should be bought into regarding (LSE:FOG) Falcon for drilling in Australia . I for one will start buying more on Tuesday.

The main attraction for Falcon is Australia Beetaloo Basin with 21 billion barrels of gross recoverable and 75tcf to be drilled late Spring time. Yes more potential than the North Sea in assets with a market cap of 51m. Which makes well break-even sub $30 a barrel due to the size of this unconventional play.

Broker city internal notes from Charles Stanley say 19.7p intial drill and 51p on suceess with a 75% chance of success and 50% commercial flow rate.

Add to this is South Africa lifting of the ban soon in March 2015 with already agreed farm in partner Chevron make interesting reading. Adding another 18.5p to the total. Together with a large cash balance of $18.5m and $200m exploration carry its a giant buy.

Falcon is the Onshore play of 2015 as mentioned by me at Shareprophets, however plenty of time to add. A giant detail article on Falcon will appear next month with geo and technical analysis from Chrisoil.

More information on (LSE:FOG) Falcon Oil & Gas can be heard from me by re listening to Jan 8th 2015 Justin Waite ADVFN Podcast Show at http://www.chrisoil.blogspot.co.uk

If your interested in Advfn they have excellent data and level 2 well worth registering below to gain more knowledge about Falcon Beetaloo Basin

Until the next time more ramblings from the castle @chrisoil

 

 

 

 

 

 

 

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