Irish firm pushes for Australian fracking approval

Shares in Irish-headquartered exploration company Falcon Oil and Gas jumped 17 % on the back of latest research showing the enhanced potential of its chief asset in Australia.

Irish firm pushes for Australian fracking approval

By Geoff Percival

Shares in Irish-headquartered exploration company Falcon Oil and Gas jumped 17 % on the back of latest research showing the enhanced potential of its chief asset in Australia.

The development comes ahead of a make-or-break local government decision on the future of onshore drilling practices in the region.

Dublin-based Falcon owns 30% of the much-heralded onshore Beetaloo Basin shale gas field in Australia’s Northern Territory, where there has been a halt on the controversial practice of hydraulic fracturing — or fracking — for more than two years.

Philip O’Quigley: Called the latest update on the Beetaloo Basin ‘encouraging’.
Philip O’Quigley: Called the latest update on the Beetaloo Basin ‘encouraging’.

A final decision on the future of the moratorium will be made in March, but an independent draft final report, commissioned by local government, hinted at a lifting of the ban in December, when it said that risks associated with fracking in the area would be “manageable”.

Falcon referred to that report, at the time, as an “amber light” towards the resumption of work at the Beetaloo site.

A lifting of the moratorium would allow Falcon and its senior partner at Beetaloo, Origin Energy, to resume drilling and complete a further five-well programme at the massive field.

Origin has now boosted the hype around Beetaloo by detailing, at an energy conference in Sydney, further potential targets in the overall field and the prospect of drilling them in a more cost-effective manner.

Falcon boss Philip O’Quigley called the latest update on the site “encouraging”.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited