Falcon Oil & Gas Ltd. - Australian Government Announcement - Beetaloo Strategic Plan

Falcon Oil & Gas Ltd.
(“Falcon”)

Australian Government Announcement - Beetaloo Strategic Plan

17 December 2020 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to note the announcement today by the Australian Government that it plans to provide up to A$50 million to accelerate exploration activity in the Beetaloo sub-basin. Falcon holds a 22.5% interest in 4.6 million gross acres in exploration permits (EP76, EP98 and EP117) covering the most prospective core area of the Beetaloo sub-basin.

The funding is designed to fast-track drilling by providing grants to cover 25% of eligible exploration costs, capped at A$7.5 million per well and three wells per exploration venture. The funding will be put towards exploration that occurs before June 2022.

The Northern Territory’s Geological Survey estimates that the sub-basin could hold more than 200,000 petajoules of gas (190 Tcf) and that, even if a very conservative 10% of that gas was recovered, it could still supply Australia’s domestic gas demand for more than 10 years.

A copy of the press release is available at https://www.minister.industry.gov.au/ministers/pitt/media-releases/bee ....

Philip O’Quigley (CEO of Falcon) commented:

“The announcement by the Australian Government highlights the strategic and economic importance of the Beetaloo sub-basin which it believes has the potential to be a world-class gas resource, transform the Northern Territory economy and generate 6,000 jobs by 2040.

We look forward to continue working with our partners, Origin, and the state and federal governments and other stakeholders towards the successful development of the sub-basin.”

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	[phone]
Philip O'Quigley, CEO	[phone]
Anne Flynn, CFO	[phone]
Cenkos Securities plc (NOMAD & Broker)
Neil McDonald / Derrick Lee	[phone]

About Falcon Oil & Gas Ltd.