Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd.: Draft Final Report From The Scientific Inquiry Into Hydraulic Fracturing

 
TIDMFOG 
 
 
   Falcon Oil & Gas Ltd. ("Falcon") 
 
   Draft Final Report from the scientific inquiry into hydraulic fracturing 
 
   12 December 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) 
notes the publication of the draft Final Report ("Report") by the 
scientific inquiry into hydraulic fracturing. 
 
   The Inquiry Chair, Justice Rachel Pepper noted the following in 
Community Update #26: 
 
 
   -- The work of the Inquiry is to identify and assess the environmental, 
      social, cultural and economic risks associated with hydraulic fracturing 
      for any onshore shale gas. 
 
   -- It is not the role of the Inquiry to make a recommendation whether or not 
      the moratorium on hydraulic fracturing in the Northern Territory should 
      be lifted, that is a matter for Government. 
 
   -- The overall conclusion is that risk is inherent for an onshore shale gas 
      industry. However, if the recommendations made in the Report are adopted 
      and implemented in full, those risks may be mitigated or reduced - and in 
      many cases eliminated altogether - to acceptable levels having regard to 
      the totality of the evidence. 
 
 
   Summary of draft Final Report 
 
   The summary of the draft Final Report provided the following conclusion: 
 
   "No industry is completely without risk. And the development of any 
onshore shale gas industry in the NT [Northern Territory] is no 
exception. But having considered the most current available scientific 
literature and data from a wide range of sources, and noting the recent 
and continuing technological improvements in the extraction of onshore 
shale gas, the conclusion of this Inquiry is that the challenges and 
risks associated with any onshore shale gas industry in the NT are 
manageable by, among other things: 
 
 
   -- releasing land that is environmentally, socially and culturally 
      appropriate for use for shale gas development; 
 
   -- the completion of a SREBA [strategic regional environmental and baseline 
      assessment] to gather essential baseline data prior to any onshore shale 
      gas industry being developed; 
 
   -- implementing an area or regional-based approval system; 
 
   -- mandating world leading engineering standards for the construction, 
      maintenance and de-commissioning of all onshore shale gas wells and for 
      the extraction of shale gas by hydraulic fracturing; 
 
   -- implementing new technologies where relevant as soon as they become 
      available; 
 
   -- requiring the comprehensive monitoring and reporting of all aspects of 
      onshore shale gas operations with real-time public scrutiny of the 
      resulting data; 
 
   -- ensuring that the regulator is independent insofar as the agency that is 
      responsible for promoting any onshore shale gas resource is not the same 
      agency responsible for its regulation; 
 
   -- reforming the current regulatory framework governing onshore shale gas 
      development in the NT to strengthen transparency and accountability of 
      all decision-making and to ensure a stringent system of compliance and 
      enforcement; and 
 
   -- introducing full fee recovery to fund the necessary regulatory reforms 
      and to ensure that strong oversight is maintained. 
 
   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 the 
recommendations made in this 
 
   Report are adopted and implemented, not only should the risk of any harm 
be minimised to an 
 
   acceptable level, in some instances, it can be avoided altogether." 
 
   Draft Final Report 
 
   The full Report can be found on the scientific inquiry website at the 
following link: 
https://frackinginquiry.nt.gov.au/inquiry-reports/draft-final-report. 
 
   Community Update 26 
 
   The community update which accompanied the Report can be found at the 
following link: 
 
   https://frackinginquiry.nt.gov.au/news/community-update-26 
 
   Final Report 
 
   The Final Report will be published in March 2018, following a final 
round of consultations that will commence in late January 2018. 
 
   For further information, please contact: 
 
   CONTACT DETAILS: 
 
 
 
 
Falcon Oil & Gas Ltd.                [phone] 
Philip O'Quigley, CEO               [phone] 
Anne Flynn, CFO                      [phone] 
 
Davy (NOMAD & Joint Broker) 
John Frain / Anthony Farrell         [phone] 
 
RBC (Joint Broker) 
Matthew Coakes / Martin Copeland    [phone] 
 
   About Falcon Oil & Gas Ltd. 
 
   Falcon Oil & Gas Ltd is an international oil & gas company engaged in 
the acquisition, exploration and development of conventional and 
unconventional oil and gas assets, with the current portfolio focused in 
Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is 
incorporated in British Columbia, Canada and headquartered in Dublin, 
Ireland with a technical team based in Budapest, Hungary. 
 
   For further information on Falcon Oil & Gas Ltd. please visit 
www.falconoilandgas.com 
 
   Neither the TSX Venture Exchange nor its Regulation Services Provider 
(as that term is defined in the policies of the TSX Venture Exchange) 
accepts responsibility for the adequacy or accuracy of this release. 
 
   Certain information in this press release may constitute forward-looking 
information. This information is based on current expectations that are 
subject to significant risks and uncertainties that are difficult to 
predict. Actual results might differ materially from results suggested 
in any forward-looking statements. Falcon assumes no obligation to 
update the forward-looking statements, or to update the reasons why 
actual results could differ from those reflected in the forward 
looking-statements unless and until required by securities laws 
applicable to Falcon. Additional information identifying risks and 
uncertainties is contained in Falcon's filings with the Canadian 
securities regulators, which filings are available at www.sedar.com. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Falcon Oil & Gas Ltd. via Globenewswire 
 
 
  http://www.falconoilandgas.com/ 
 

(END) Dow Jones Newswires

December 12, 2017 02:00 ET (07:00 GMT)

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