Falcon Oil & Gas Rises After Positive Fracking Assessment In Australia

27th Mar 2018 12:11

LONDON (Alliance News) - Shares in Falcon Oil & Gas Ltd were up on Tuesday after the publication of a government report in Australia saying the risks of fracking can be appropriately managed.

Falcon shares were trading at 20.00 pence each on Tuesday in London, up 11%.

The inquiry, conducted by the Northern Territory state government, said a number of measures can mitigate the risks involved in fracking, including: using appropriate land; using new technology when it becomes available; a comprehensive approval and monitoring system; and an independent regulator, amongst others.

The report concluded: "Of course, nothing is guaranteed. And with any new industry, it is not uncommon for problems to emerge.

"However, it is the panel's opinion that, provided that all of the recommendations made in this report are adopted and implemented in their entirety, not only should the risks associated with an onshore shale gas industry be minimised to an acceptable level, in some instances, they can be avoided altogether."

Falcon Chief Executive Philip O'Quigley said: "We are very pleased with the conclusions reached by the scientific inquiry as set out in the final report and encouraged by the final position of the panel regarding strategic regional environmental and baseline assessment, which requires some elements to be implemented immediately while others can proceed in parallel with the relatively small activity footprints associated with exploration.

"We look forward to the government's decision on the moratorium, which we hope will be announced soon."

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