|
Falcon Oil & Gas Ltd on Tuesday saw its shares climb higher as it reported approval from the Northern Territory government allowing for the sale of appraisal gas from the Shenandoah South Pilot project. Shares in Falcon Oil & Gas rose 13% to 8.30 pence late on Tuesday morning in London. The Australia, Hungary and South Africa-focused oil and gas explorer said the approval was secured by Falcon Oil & Gas Australia Ltd’s joint venture partner Tamboran (B2) Pty Ltd for the beneficial use of gas agreement. Falcon Oil said the green light means the venture partners can sell appraisal gas from EP98 in the Beetaloo sub-basin under the beneficial use of gas legislation. It noted that this is the first such approval granted by the Northern Territory government under the legislation. The company said that the joint venture partners now possess all the required approvals to sell gas from the Shenandoah South Pilot project, located in Australia’s Northern Territory. Falcon Oil noted that the partners recently inked the beneficial use of gas agreement with the native titleholders, with it permitting the sale of appraisal gas of up to 60 terajoules per day from the pilot project over a three-year period. The company further noted that the partners has contracted an initial 40 million cubic feet per day to supply the Northern Territory government until mid-2041, with this expected to provide energy security for the region. Falcon Oil added that work is set to begin in September on the Northern Territory’s first ever Beetaloo pipeline. With regard to its 2025 drilling programme, Falcon Oil said it is progressing with the intermediate section of all three wells succesfully drilled. ‘It is great to see this increased activity in the Beetaloo with not only the batch drilling of three new wells, but also the start of construction by APA on the 37 kilometre Sturt Plateau Pipeline and the continuation of the work on the Sturt Plateau Compression Facility by our BJV partner Tamboran (B2) Pty Ltd,’ said Chief Executive Philip O’Quigley. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
