Previous work carried out by Ryder Scott on the Beetaloo Basin in July 2009 and May 2010 indicated Prospective Resource recoverable volumes of 64 TCF of gas and 18 billion barrels of oil. The work completed by RPS Energy, which considers the potential of the whole of the on-block basin indicates a considerable increase in the Play level Prospective Resource recoverable volumes of 162 TCF of gas and 21 billion barrels of oil.
RPS Energy also updated their previous report on the Mako Trough, including for the first time Prospective Resource recoverable volumes attributable to the shallow “Algyo Play”which the Company and its partner NIS will be targeting this year. According to the RPS CPR report, eight of the ten prospects identified by Falcon contain 568 BCF of prospective recoverable gas resources.
When you talk about 162 TCF of prospective gas as in Trillion and 21 BBO as in Billion Barrels and you have the necessary approvals and equipment on site there will be plenty of interest in the price of Falcon. Once the well is drilled and is flaring there will be pressure on the price. Work progress will result in increased price. As always Patience is required and will be rewarded. The energy is in the ground. The Royalities are low. IMHO the work schedule has caution built into it, and this project will flow faster. Origin wants this done. Hang in there! Life is good.
I think we will be surprised by the interest in Falcon's Mako project as Europe will need secure energy and within two years we should see more drilling in the Alygo horizon and we should have a partner exploring deep horizons in the all ready drilled #4 & #7 wells. Sucess here could come fast.
S Africa is dependent on Politics - No idea of time frame, but the energy will be in the ground.
