Falcon Oil to test gas flow at major Australian project
Irish oil and gas company Falcon oil plans to test the gas flow rates on its potentially huge shale venture in Australia in the third quarter of 2016, its chief executive said.
Speaking at the company's annual general meeting in Dublin yesterday, CEO Philip O'Quigley said that the company is to drill two more wells in Australia with its two project partners in the first half of 2016.
The 4.6m-acre area in the Beetaloo basin, almost the size of Wales, is the firm's flagship asset. Falcon's 30pc share of the drilling costs will be paid by the partners, who each hold a 35pc stake.
After the wells are drilled it is planned that fracking will commence. If successful it will then be possible to test the gas flow rates from the project.
It is estimated the licence area could contain 160 trillion cubic feet of gas, about 100 times the amount at Kinsale Head.