Falcon Oil in ‘strong financial position’

Irish onshore exploration company Falcon Oil and Gas has reported itself debt free and in “a strong financial position” ahead of a ruling on whether or not a ban on the practice of fracking in the area of Australia where one of its major assets lies will be lifted.

The Dublin-based company — headed by former Providence Resources finance director Philip O’Quigley — owns 30% of the Beetaloo Basin shale gas field situated in Australia’s Northern Territory, one of the world’s largest ‘unconventional’ gas fields and roughly 100 times the size of the Corrib gas field off the west coast of Ireland.

If fracking is allowed the path would be clear for Falcon and its Australian partner Origin to further develop the asset, with the Australian firm footing the bill as agreed in the two parties’ initial farm-out deal.