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DENVER, Oct. 28 (UPI) -- Colorado-based Falcon Oil & Gas Ltd. announced it secured a technical cooperation permit to conduct a survey of reserves in the Karoo Basin in South Africa.
Falcon under the terms of the permit has one year to appraise the 7.5 million-acre basin in central South Africa.
The basin includes reserves of gas in fractured shale and sandstone. It is located about 120 miles northeast of Cape Town.
Preliminary estimates of one of the established wells at the Karoo Basin encountered a flow rate of 1.84 million cubic feet of gas per day.
"The acquisition of the permit gives Falcon access to another potential unconventional energy basin and an additional option for Falcon's exploration portfolio," said Marc A. Bruner, chief executive officer and president of Falcon Oil & Gas.
The permit does not obligate the drilling of wells during the appraisal period. It establishes Falcon, however, in a key position for future exploration rights in the permit area.
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