Petroleum Africa
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Friday, August 28, 2015
In its half-year results, Falcon Oil & Gas issued an update on its ongoing efforts to move forward with shale gas exploration in South Africa’s Karoo Basin. The company said that the processing of the exploration license by the Petroleum Agency of South Africa (“PASA”) continues to progress.
The company expects that the Department of Mineral Resources will issue Falcon a license to explore for shale gas before the end of the year.
Falcon has invested a significant amount waiting to move forward in the Karoo Basin. The company was originally granted a Technical Cooperation Permit in 2009 covering 7.5 million acres in the southern part of the basin.
In December 2012 the company entered into a cooperation agreement with Chevron Business Development South Africa Ltd., which enabled the group to work with Chevron for a period of five years in jointly obtaining exploration licenses.
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