Falcon Oil & Gas Beetaloo Sub-basin joint venture farm down
Falcon Oil & Gas (TXSV: FO, AIM: FOG) (Falcon) has agreed with its joint venture partner, Origin Energy Limited (ASX: ORG) (Origin), to farm down 7.5% of its 30% participating interest in the Beetaloo Sub-basin joint venture in exchange for Origin increasing its carry of Falcon’s share of costs by A$150.5 million to $263.8 million.
The transaction demonstrates both Falcon’s and Origin’s continued commitment to the Beetaloo Sub-basin. The Beetaloo is a geological region in the Northern Territory, around 500 kilometres south-east of Darwin with the Falcon Origin joint venture being the registered holders of approximately 18,619km2. Drilling results to date have estimated there is a gross contingent resource of 6.6 trillion cubic feet over an area of 1,968 km2.
“The Beetaloo Sub-basin is a significant gas resource, known as a frontier region to watch by the industry. This is a great opportunity for both parties for further investment in this area. We are delighted to have successfully led this transaction” said Louise Horrocks, McCullough Robertson Resources and Renewables Partner.
Further information on this transaction is available here.