On 16 August 2018 Falcon Oil and Gas reported that it and farm-in partner Origin Energy Ltd had signed an agreement to mark Stage 1 of Originâs farm-in to Falconâs Beetaloo Basin assets as complete.Â  The signing was an amendment to the original agreement, reducing the work commitments planned under stage 1.  The joint venture has drilled three vertical wells and fracture stimulated one horizontal well as part of the stage one programme. One further horizonal well was planned to be included in stage one, but the joint venture has determined that it is more beneficial to move onto phase two of the farm-in.Â  Therefore stage one has been signed as complete, though remains subject to government approval.  The farm-in is seeing Origin acquiring 70% interest in three exploration permits within the Beetaloo Sub-basin: EP 117, EP 76 and EP 98. The farm-in is being conducted over three stages, with stage one complete as announced on 16 August 2018.  The farm-in agreement was entered into in 2014, at which time both Origin and Sasol Petroleum were to acquire interest. However in May 2017 Sasol announced it would withdraw from the farm-in, and Origin took its share of the deal. Â   The first phase well results were better than anticipated and drilling and fracture stimulation of Amungee Northwest 1 was brought forward in the programme, being originally planned for after all the vertical holes that had been drilled.   The full programme is to consist of nine exploration and appraisal wells. In phase two further wells will be drilled and stimulated. The budget has been increased by AUD 15 million, after the removal of the additional well in phase one, and will now be completed at a capped cost of AUD 65 million.Â  Any of the additional AUD 15 million not utilized, will be rolled over to phase 3.  In phase 2, planned for 2019, an additional vertical well will be drilled as well as drilling and stimulation of two horizontal wells.Â  Preparation is ongoing as of August 2018. Once stage 2 is complete, drilling locations targeting the most prospective play will be outlined for stage 3.  Origin has estimated total contingent resources within the permits of 6.6 Tcf gas. The Beetaloo Basin Project covers a total of 18,618 sq km through permits EP 117, EP 76 and EP 98 which are scheduled to expire on 29 April 2019. Â Origin now holds 70% interest and operates the project. Falcon Oil & Gas Australia Pty Ltd holds the remaining 30%.
On 16 August 2018 Falcon Oil and Gas reported that it and farm-in partner Origin Energy Ltd had signed an agreement to mark Stage 1 of Originâs farm-in to Falconâs Beetaloo Basin assets as complete.  