Philip O'Quigley, the chief executive of Falcon Oil & Gas (LON:FOG, CVE:FO), described himself as "more than pleased" with the report submitted by partner Origin Energy on its shale acreage in the Beetaloo Basin in the Northern Territory, Australia. It put a gross best estimate of gas in place at a world-class 496 trillion cubic feet - or up to 82bn barrels of oil equivalent - for the Velkerri B shale horizon.
But as O'Quigley points out that's just one horizon at Beetaloo. There are also the A and C horizons.
"So there's a lot more to go after but at a starting point of 496 trillion cubic feet (TCF) just for the middle Velkerri it's a pretty good place to start."
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