From the announcement -
1. In Australia, Falcon holds 100% interest in four exploration permits covering 7 million acres in the Beetaloo Basin, Northern Territory. Falcon's JV agreement with Hess covers significant seismic costs and an option to drill five wells.
2. The regulator, the Northern Territory Department of Mines and Energy, has determined that the acquired seismic satisfies the work commitments for the three permits owned by Falcon Australia. Details of the work completed over the last two field seasons are as follows:
- EP76 - 327 km line kilometres of 2D seismic data
- EP98 - 1,852 km line kilometres of 2D seismic data
- EP117 - 1,311 km line kilometres of 2D seismic data
The information collected is now being processed by Hess.
3. Hess may elect to drill and evaluate five wells to earn a 62.5% equity stake in the licence area covered by the three permits but excluding the 100,000 acres around the Shenandoah well
? Is the missing EP an Exploratation Permit for the Shenandoah Well area and has that been satisfied with the work done by Falcon?
Assuming Hess has been evaluating the seismic as they accumulated the data I would think Hess should be close to announcing and start drilling their first well if it is a slam dunk(Australia has analysised and confirmed the work meets its requirements). ? Any ideas when Hess plans to announce?
