Falcon Oil & Gas Finds Gas at Kalala S-1 Well in Australia
September 01 2015 - 2:49AM
Dow Jones News
By Alex MacDonald
LONDON--Falcon Oil & Gas Ltd. (FO.V) said Tuesday that its
Kalala S-1 well in the Beetaloo Basin of the Northern Territory,
Australia, found over 500 meters shale gas with net pay of more
than 150 meters.
Falcon is developing the field with the help of Origin Energy
Ltd. (ORG.AU) and Sasol Ltd. (SOL.JO), which have agreed to fund
exploration in return for a 35% stake each in Falcon's exploration
permits in the Beetaloo Basin, with Falcon holding the remaining
stake.
The two companies will pay for the full cost of completing the
first five wells estimated at A$64 million ($46 million), and will
fund any cost overruns, with work expected to be completed between
2015 and 2016.
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 01, 2015 02:34 ET (06:34 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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