This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Falcon Oil & Gas receives South African permit 2009-10-27 11:28 ET - News Release Mr. Marc Bruner reports FALCON OIL & GAS SECURES PERMIT TO EVALUATE SOUTH AFRICAN PROPERTIES
Falcon Oil & Gas Ltd. has secured a technical co-operation permit to evaluate the Karoo basin in central South Africa.
Falcon has up to one year to conduct a technical appraisal of the area covered by the permit which will include review of the South African petroleum database. The permit does not require Falcon to drill any wells during the one-year appraisal period, and establishes Falcon in a priority position for exercising future exploration rights within the lands covered by the permit.
The principal focus of the 7.5-million-acre Karoo basin technical co-operation permit, located about 120 miles northeast of Cape Town, South Africa, is gas from fractured shale and sandstone in Permian age rocks. Nine wells have been drilled in the area (late 1960s and early 1970s) and all have encountered gas shows. One of the wells, drilled in 1968, had an unstimulated flow rate of 1.84 million cubic feet of gas per day from fractures. The remainder is available to Stockwatch subscribers.
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