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Origin Energy

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5 May 2017 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC) is pleased to note Origin Energy Limited ("Origin") announced today it has acquired Sasol Petroleum Australia Limited's ("Sasol") 35% interest in in the Beetaloo Joint Venture*, bringing its interest to 70%. Sasol departs the Joint Venture to focus its capital investment on its African and North American footprint. This transaction is subject to the satisfaction of certain conditions, including Government approval. The transaction will not impact Falcon's 2014 farmout agreement as Origin will now assume 100% of the future costs of the farmout. Philip O'Quigley, CEO of Falcon, commented: "Having recently announced the discovery of a material shale gas resource in the Beetaloo Basin, Origin's doubling of its interest in the Beetaloo Joint Venture is a significant endorsement in what some regard as the Northern Territory's most prospective onshore basin for shale gas. We look forward with Origin to progressing our understanding of the entire play while maturing the contingent resources to reserves over time, subject to the outcome of the Northern Territory's inquiry into hydraulic fracturing. Falcon recognises Sasol's contribution to the Beetaloo Joint Venture and wishes them the very best for the future." About Origin Origin (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.2 million customer accounts), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,204 PJ of 2P reserves and annual production of 75 PJe). Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base. About Sasol Sasol is an international integrated chemicals and energy company that leverages the talent and expertise of about 30,100 people working in 33 countries. Sasol develops and commercialise technologies, and build and operate world-scale facilities to produce a range of high-value product streams, including liquid fuels, chemicals and low-carbon electricity. Sasol, through its subsidiary, Sasol Exploration and Production International ("E&PI") develops and manages the group's upstream interests in oil and gas exploration and production in Mozambique, South Africa, Australia, Canada and Gabon. It produces natural gas and condensate from Mozambique's Pande and Temane fields, shale gas from their share in the Farrell Creek and Cypress A assets in Canada, and oil in Gabon through their share in the offshore Etame Marin Permit. E&PI sells Mozambican gas under long-term contracts to Sasol Gas and external customers, condensate on short term contracts, while selling Canadian gas into the market at spot prices. Oil is sold to customers under annual contracts. For more information go to www.sasol.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. Such information may include, but is not limited to comments made with respect to the awarding of an exploration license in South Africa, to the type, number, schedule, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, expected contributions of the partners, the prospectivity of the Middle Velkerri shale play and the prospect of the exploration programme being brought to commerciality. 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.


News Article | April 27, 2017
Site: www.theguardian.com

Gas producers have labelled the government’s imposition of export controls an “almost unprecedented” sovereign risk that threatens investment in gas production that would increase supply. But Australian industrial gas users, represented by the Australian Industry Group, have cheered the “bold” changes to secure domestic supply. Malcolm Turnbull initially said gas prices should halve as a result of new export restrictions announced on Thursday but was forced to clarify that wholesale prices may halve but retail prices paid by households would not. Under the plan the government would gain a power to impose a limit on exports, acting on advice from the Australian Energy Market Operator and the competition regulator that a shortage existed. The Australian Petroleum Production and Exploration Association chief executive, Malcolm Roberts, said that the move was “almost unprecedented for Australia”. “At a time when we need billions in new investment to create more gas supply, any intervention which creates sovereign risk is alarming.” He said the industry would consider the details of the announcement in the “very short consultation period” before they come into effect on 1 July. Roberts accepted that the east coast gas market was “tight” but blamed regulations imposed by the New South Wales, Northern Territory and Victorian governments preventing development of gas projects. “The only solution is more gas, not more regulation.” The Australian Industry Group chief executive, Innes Willox, said the introduction of export controls was “an appropriate and welcome response to an extraordinary crisis”. Willox said the policy gave the gas industry flexibility “to make commercial agreements to fill the hole in domestic supply due to the over-commitment to exports”. “We are hopeful that the government’s intervention will see the gas supply and price crisis ease in the near future – and that these steps will also take pressure off electricity prices.” AiGroup has called for the government to facilitate swaps to allow more gas to be used by domestic industry and has long advocated a national interest test for exports. In an interview with ABC Brisbane, Malcolm Turnbull said lifting bans on exploration and production would provide a long-term solution but the export controls would help protect Australian jobs in the short term. The prime minister said the policy would ensure that the price of gas in Australia was comparable to levels in the international market. “It will be cheaper than the prices that are being offered now. People are being offered prices of $20 a gigajoule. It should be around half that or less.” At a press conference on Thursday Bill Shorten seized on the comments, claiming Turnbull had said that “under him gas prices will halve, for industry, for householders”. “Mr Turnbull needs to explain exactly when gas prices will halve.” Responding to gas producers’ claims the export limit would harm production, Shorten said new fields had to be developed but “we’ve got a crisis right now … just focusing on that is like promising a drowning man that you will build a boat, it will be too late”. At a later press conference, Turnbull clarified that if the wholesale price for gas in Australia was based on the export price “it would be less than half $20”. “This is not saying that all gas prices will be halved as a result of these changes,” he said. “Wholesale gas, for example, if you’re a household, a family, the wholesale price of gas is between 15 and 20% of the cost on your gas bill because the gas company has to get the gas to you.” Turnbull has said the policy would affect exporters who were not net contributors to the domestic market – that is, they drew more from the market than they put in. “They will be required to outline how they will fill the shortfall of domestic gas as part of their overall production and exports,” he said. Shell’s Queensland Curtis LNG and the Origin Energy-led Australia Pacific LNG are both net suppliers of gas into domestic markets and are unlikely to be impacted. The policy is expected to have the biggest impact on Gladstone LNG because, according to Santos’s own figures, the project used its own product for just 43% of the LNG it exported in the last quarter, relying on third-party gas supply to meet export contracts. Gladstone LNG is a joint venture in which Santos has the largest stake (30%), followed by Malaysia’s Petronas, which owns 27.5%, Total with 27.5% and Korea’s Kogas, which owns 15%. The Tax Justice Network has noted that one-third of Queensland’s LNG capacity will be owned by foreign governments through state-owned enterprises by 2020, arguing that Australia has failed to secure its own gas supply that has been snapped up by countries. In a statement to the Australian Securities Exchange after its shares dropped more than 6%, Santos noted the policy announcement and said it would “seek clarification” of how it would work in practice and how offers to boost domestic supply were being considered. “As an Australian company, Santos has been a long-term supplier of natural gas at affordable rates in support of the domestic market.” Santos promised “to supply more gas into the Australian domestic market than it purchases for its share of LNG exports”.


PALO ALTO, CA--(Marketwired - May 15, 2017) - Internet of Things (IoT) and artificial intelligence (AI) software company, People Power, today announces its Series B-1 financing which includes $2 million from innogy SE (ETR: IGY), a subsidiary of RWE and Germany's leading energy company with more than 23 million customers, and $1.2 million from Origin Energy ( : ORG), Australia's largest energy retailer, in addition to other investments. This funding brings the company's total investments to $14 million and fuels the expansion of People Power's IoT deployments for service providers around the world. Recognized as the only integrated solution of its kind, People Power's IoT Suite enables intelligent device connectivity for powerful and easily managed consumer IoT programs for energy retailers and digital service providers. The suite integrates AI using bots in order to understand real-time data streams from a user's life and learn patterns to provide more intelligent outcomes. These types of IoT services will revamp how the energy market interacts with consumers, while reimagining the kind of connected services consumers can engage with and how they are delivered. "We're enabling exciting new services for utility companies and service providers that deliver improved lifestyle experiences to their customers, and this additional funding will help us accelerate our efforts to keep up with global demand," said Gene Wang, CEO and co-founder of People Power. "Energy providers can utilize our offerings to bring their customers solutions beyond typical energy services including home security and safety, improved energy management and more." innogy and Origin are partnering with People Power to curate pilot programs in Germany and Australia, leading to broader market trials of smart home services. By bringing AI to IoT, People Power's ready-made white-label solutions deliver recurring revenues from smart home services for leading companies like innogy and Origin. "Bot-enabled machine learning services are the next big step in the smart home market, and People Power is already there," said Florian Kolb, Managing Director of innogy New Ventures, Palo Alto. "Combining People Power's technology with innogy's platform will allow us to accelerate user participation and evolve our energy services in Germany. Its IoT services enhance our own sustainable and innovative energy solutions by enabling us to better scale and manage programs. The intelligence provided by People Power's technology opens new market and revenue possibilities." "The rise of renewables is transforming energy markets around the world, however the biggest disruption has proven to be new technologies," said Cameron Briggs, Origin's Head of Future Energy. "To stay ahead of our competitors in Australia and provide valuable connected home services to our customers, we turn to partners like People Power. Utilizing People Power's solutions will help us to drive customer adoption and deliver key IoT services, establishing us as a market leader and helping us go beyond the basic utility model." About People Power Founded in 2009, People Power Company is an award-winning software company with unique expertise and success in creating mobile and cloud technology. The People Power IoT Suite enables rapid IoT device and program connection, engagement, delivery and management for digital service providers, telecoms and manufacturers. Bringing artificial intelligence to IoT for recurring revenues in security, energy and care services, its ready-made cloud and mobile software stacks connect consumers to valued lifestyle experiences. Services from concept through commercial release enabled by People Power are available as white-label solutions for customers around the world. For more information, visit www.peoplepowerco.com. About innogy innogy SE is Germany's leading energy company. With its three business segments -- Grid & Infrastructure, Retail and Renewables -- innogy addresses the requirements of a modern, decarbonised, decentralised and digital energy world. Activities are focus on its 23 million customers, offering innovative, sustainable products and services that enable customers to use energy more efficiently and improve quality of life. innogy New Ventures is the Palo Alto-based unit of innogy focused on securing future business through three core activities: market entry, venturing and innovation. This includes leading strategic investments in early- and later-stage companies, group-wide data-driven business model programs, and testing and launching new businesses for innogy. More information at www.innogy.com. About Origin Origin is an Australian integrated energy solutions provider with leading positions across energy retailing, power generation and natural gas production. Origin is scaling up its capabilities in digital metering, data and analytics to create innovative and differentiated energy solutions for its millions of customers. More information at www.originenergy.com.au.


News Article | May 8, 2017
Site: www.topix.com

Origin Energy has agreed to sell its under-development Stockyard Hill wind farm project in Victoria to Chinese wind power developer Goldwind for $110 million. The sale is part of Origin's asset sale program announced in 2015, which has targeted raising $800 million through divestment of non-core assets by June 2017. Start the conversation, or Read more at Yahoo!.


News Article | May 8, 2017
Site: www.greentechmedia.com

A combination of breezy and sunny weather in the north and warm weather in the south saw Germany’s May 1 holiday weekend powered almost exclusively by renewable resources, according to the Agora Energiewende Initiative. Most of Germany’s coal-fired power stations were not even operating on Sunday, April 30, with renewable sources accounting for 85 percent of electricity across the country. Nuclear power sources, which are planned to be completely phased out by 2022, were also severely reduced. Patrick Graichen of Agora Energiewende said days like April 30 would be “completely normal” by 2030, as the federal government’s Energiewende (energy transition) initiative continues to add value to the wealth of resources invested in it. A document released by Germany’s government on Thursday showed that money spent on research into energy in Germany has more than doubled since 2006. Origin Energy has set a stunning new benchmark for renewable energy offtake deals in Australia – and sounded the alarm for energy incumbents – after committing to a long-term power-purchase agreement of below $60/MWh for the 530 MW Stockyard Hill Wind Farm in Victoria. Under the terms of the deal, Origin will sell Stockyard Hill Wind Farm – Australia’s largest wind development – to Chinese company and wind turbine manufacturer Goldwind for $110 million. At the same time it has agreed to buy all of the power generated by it, and the associated Renewable Energy Certificates, for less than $60/MWh, from the commencement of operations in 2019 to 2030. RenewEconomy understands that the strike price for the wind farm output is “well below” $60/MWh and closer to $50/MWh than $60/MWh. Green Car Reports: Energy Use for Hydrogen Fuel-Cell Vehicles Higher Than Electrics, Even Hybrids (Analysis) It's now clear that the zero-emission vehicles of the future will be powered by electric motors. The electricity to power those motors, however, will come from one of two competing technologies: high-capacity batteries or hydrogen fuel cells. The debate over which technology is superior, which has the lowest wells-to-wheels carbon footprint, and which is likely to appeal more to mass-market buyers has become ... epic. Our reader Victor A. Ettel, an electrochemical engineer and retired R&D executive, has had a lifelong interest in advanced transportation technologies, including hydrogen fuel-cell vehicles. He submitted an analysis comparing the energy usage of the two approaches that we felt was worthy of publication. BGR: With Zero Advertising, Elon Musk Says Model 3 Reservations Are Increasing Every Week When Elon Musk introduced the Model 3 last year, the excitement was palpable; hardly a surprise given that Tesla enthusiasts had been waiting years to see what the company’s more affordable version of the Model S was going to look like. And with a pricepoint of just $35,000, reservations for Tesla’s mass-market EV began skyrocketing almost immediately. Just 24 hours after the Model 3 was introduced to the world, Musk indicated that the cumulative number of reservations had surpassed 180,000. About 12 hours after that, Musk took to Twitter and said that the number of Model 3 reservations — which require a refundable $1,000 deposit — had reached 276,000. A few weeks later, word surfaced that Model 3 reservations were approaching 400,000 and that the car was effectively sold out through mid-2018. In fact, with so many preorders on the books, there’s a strong chance that anyone who puts an order in for a Model 3 today won’t receive the car until late 2018 at the absolute earliest. In a telling statement, Musk said that Model 3 “reservations continue to climb week after week.” That’s quite an impressive feat, especially given that Tesla, as Musk proudly pointed out, has done no advertising for the car and provides no test drives. By the time Midwesterners fire up their furnaces this fall, the $2 billion Nexus pipeline is supposed to be pumping natural gas to heat homes from frosty Ohio to frostier Ontario. But six months out, the 255-mile (410-kilometer) pipeline exists only on paper. Until President Donald Trump fills key vacancies at an energy regulator, Nexus and other sprawling energy projects are in limbo, unable to secure permits to begin construction. For Nexus developers DTE Energy Co. and Spectra Energy Partners LP, each week that passes threatens the project’s ability to meet winter demands. Nexus is just part of at least $50 billion worth of ventures slowed or stalled while the agency that approves them, the Federal Energy Regulatory Commission, awaits presidential appointments. For the first time in FERC’s 40-year-history, the agency doesn’t have enough commissioners for a quorum to vote on project applications.


News Article | May 26, 2017
Site: www.greentechmedia.com

Making microgrids operate more efficiently can rightly be considered a clean technology innovation, even if the technology is largely being put to use in the oil industry. That's what Houston-based FlexGen Power Systems is known for, and what the company recently raised a funding round to do. FlexGen, a startup that makes power conversion devices and the software to stabilize islanded power grid generators, has raised $2.65 million of a $7 million funding round, according to an SEC filing. FlexGen last raised money in 2015, when it landed a $25.5 million Series A investment led by Denver-based Altira Group and the venture capital arms of General Electric and Caterpillar. Back then, CEO Josh Prueher told the Houston Chronicle that the company’s hybrid power system was being used at seven wells for three different operators, with contracts for 60 more rigs for nine large shale gas operators. FlexGen’s Adaptive Control Technology platform comes in a cargo container and installs at off-grid sites, including areas owned by the U.S. military and oil companies. Its power conversion products, including silicon carbide power converters, can operate on their own and with energy storage to provide power quality and stability, controlled through software that monitors island grid AC or DC bus voltage, current and frequency at tenths-of-a-millisecond intervals. Keeping microgrid power stable requires a fine-tuning of generation and loads to manage the lack of inertial stability provided by big power plants. This is particularly important, and a number of companies have built specialized combinations of technologies to handle this challenge. One, ABB’s PowerStore, uses flywheels plus batteries and generators to back up both off-grid industrial operations and large-scale solar farms in Australia. Startups Tendril and People Power have been around since the heyday of home energy management about a decade ago, when companies were garnering tens of millions of dollars in investment from venture capitalists and utilities. As evidenced by our coverage since then, the market has yet to blossom into a hugely profitable business, unless you count Nest thermostats. Even so, Tendril has managed to keep its hand in the game, albeit not without some near-death moments, emerging from utility pilot project limbo into ongoing work with partners such as Duke and American Electric Power, NV Energy, PPL, Alliant Energy and Fortis. And while Tendril's primarily focused on delivering relatively simple home energy reports, it’s also continued to refine its data analytics capabilities, with an eye on turning homes into more predictable, flexible grid resources. The company also raised more than $100 million in investment, most recently with the close of a $5 million round, according to this SEC filing. Tendril previously raised $20 million from SunPower in 2014, and $25 million in 2012 from investors including GE and Siemens. People Power has had less public success with its approach to the smart energy market. The Redwood City, Calif.-based startup launched as a home energy software platform provider, albeit with its own range of smart thermostats and gadgets. It then shifted to seeking home appliance and office equipment partners, such as cable and power strip manufacturer Monster. Now People Power calls itself a comprehensive IOT solution for service providers and manufacturers, via its Presto and Virtuoso platforms. Apparently this iteration of its technology is getting some interest from utilities. Earlier this month, People Power announced an additional $4 million in Series B-1 financing, bringing its total capital raised to date to $14 million. The new financing includes $2 million from innogy SE, the new subsidiary of German energy giant RWE, and $1.2 million from Origin Energy, Australia’s largest energy retailer. Speaking of IOT, startup Riptide IO announced last week that it has raised $1 million in additional financing, closing a $4 million round first launched in 2014. The Santa Barbara, Calif.-based startup was founded in 2012, and last year launched its platform to control lighting, door locks, refrigeration, and heating and cooling in small businesses. The small commercial sector is a tough market for energy management services, requiring technology that’s cheap and simple enough to work in a fast-paced restaurant or retail environment, and scalable enough to cover hundreds or thousands of sites. Riptide claims its system can be installed and operated with little or no training, and is “affordable for even the most modest small-business operating budget.” Competitors in this space include existing HVAC and power controls vendors that are building more intelligence into their devices, demand response providers like EnerNOC, startups such as Powerhouse Dynamics, GridPoint, EnTouch and PlotWatt.


News Article | May 11, 2017
Site: cleantechnica.com

Origin Energy has set a stunning new benchmark for renewable energy off-take deals in Australia – and sounded the alarm for energy incumbents – after committing to a long-term power purchase agreement of below $60/MWh for the 530MW Stockyard Hill Wind Farm in Victoria. Under the terms of the deal, Origin will sell Stockyard Hill Wind Farm – Australia’s largest wind development – to Chinese company and wind turbine manufacturer Goldwind for $110 million. At the same time it has agreed to buy all of the power generated by it, and the associated Renewable Energy Certificates, for less than $60/MWh, from the commencement of operations in 2019 to 2030. RenewEconomy understands that the strike price for the wind farm output is “well below” $60/MWh and closer to $50/MWh than $60/MWh. As such, it sets a new benchmark for renewable energy prices in Australia, and its impact should not be underestimated. It is, after all, around half of the wholesale price and comparable to what could be bought directly from a brown and coal fired generator. It compares with the AGL deal to pay just $65/MWh for the output of the Silverton wind farm in the first five years, which beat the previous low price of  $73/MWh price struck in the ACT wind auction for the Hornsdale wind farm, although that price was fixed for 20 years, with no inflation uplift. Origin Energy CEO Frank Calabria says it indicates just how fast Australia’s renewable energy transition is unfolding. “Through our deal with Goldwind, Origin has been able to add a substantial amount of new renewable energy to our portfolio at a market leading PPA price. “And, as Stockyard Hill is in Victoria, this will help to cover a large portion of the load of the recently retired Hazelwood Power Station,” Calabria said. “As Origin looks to a future where renewables will dominate Australia’s energy supply, we are in a very strong position to build one of the nation’s lowest cost renewables portfolios.” Origin has signed a slew of PPAs with wind and solar farms in recent months, including the 110MW Darling Downs solar farm – located adjacent to its large gas generator – which it sold to APA last week. It has also signed contracts for three other solar farms – including the 220MW Bungala solar farm in South Australia and has two more large contracts in the pipeline. Origin, like the other retailers, are expected to shoulder the bulk of the efforts to meet Australia’s renewable energy target of 33,000GWh by 2020, which roughly equates to around 23.5 per cent of total demand. Origin is indicating that it can go further, courtesy of the plunging cost of wind and solar. “By 2020, we expect that renewables will be more than 25 per cent of the energy in our generation mix, allowing us to deliver the cleaner energy our customers want,” Calabria said in a statement. “Last year, we announced our ambition to add up to 1,500MW of new renewables by 2020, and we are now just 300MW short of that target.” Last week, the Clean Energy Regulator said that despite fears to the contrary, the RET was likely to be met, given the huge rush of contracted projects in the last six months, particularly in solar. It says there may be enough commitments made by the end of the year to meet that target. Some doubt that, worrying about the retailers’ appetite beyond the current rush of projects, but Origin’s comments appear to allay those fears. While recent investment has been centered around large scale solar farms, whose costs have fallen dramatically in the last year, the Stockyard Hill deal shows there are still great deals to be found in wind energy, and wind energy costs are still falling. It also suggests that Origin will have to update this graph to the right that it released last week, which highlighted the plunging cost of wind and solar PPAs in Australia over the last few years. Note how Origin make it clear that renewables are the lowest cost new build generation today -it’s not coal, it’s not gas, and it’s certainly not nuclear. Indeed Origin, like AGL Energy, has now dismissed the idea that gas fired generation can play any significant role in the energy transition, with Calabria telling investors last week that only gas peaking plants will play a role, and that they will be “even peakier” than they have been, suggesting they will be used less and less as more wind and solar and more storage is installed. The Stockyard Hill deal, announced on Monday, remains subject to regulatory approvals and still hinges on Goldwind achieving financial close of the project. That financing shouldn’t be an issue, given that Goldwind is one of the biggest  wind turbine manufacturers in the world and is currently building the 175MW White Rock wind project in Barnaby Joyce’s electorate, and is building it without a contract and on a merchant basis. Environment Victoria’s Mark Wakeham said it was clear that the finance industry had decided that renewable energy was the future, but warned that deployment would grind to a halt unless the Turnbull government extended the national renewable energy target and the Victorian government legislated the state renewable energy target. “To meet our national 2020 renewable energy target, all projects will need to be underway this year or next. After that, investment in renewable energy projects could fall off a cliff without longer-term targets.” Check out our new 93-page EV report. Join us for an upcoming Cleantech Revolution Tour conference! Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech daily newsletter or weekly newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.


News Article | February 15, 2017
Site: www.marketwired.com

DUBLIN, IRELAND--(Marketwired - Feb. 15, 2017) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) is pleased to announce that Origin Energy Resources Limited ("Origin"), Falcon's 35% joint venture partner, has submitted the Results of Evaluation of the Discovery and Preliminary Estimate of Petroleum in Place for the Amungee NW-1H Velkerri B Shale Gas Pool ("Report") to the Northern Territory Government. The submission follows the completion of extended production testing at the Amungee NW-1H exploration well of the "B Shale" member of the Middle Velkerri Formation. In addition, Origin undertook a resource study based on the Amungee NW-1H well results and other key wells in the Beetaloo Basin including regional seismic data to determine a 2C contingent gas resource estimate for the Middle Velkerri B Shale Pool within EP76, EP98 and EP117. The Report was submitted in compliance with Section 64 of the Northern Territory Petroleum Act (2016) and as per the Reporting a Petroleum Discovery Guideline. The Report follows the initial submission of the notification of discovery and an initial report on discovery in October 2016. The Report provides the following volumetric estimates and recovery / utilisation factor for the B Shale member of the Middle Velkerri Formation within permits EP76, EP98, and EP117. Understanding the factors controlling deliverability and recovery as well as spatial variation within the gas play/shale pool are in their infancy. A quantitative assessment of the aggregated estimated recoverable resource of the gas play that can handle these complexities will require a statistically significant number of wells testing the gas play. As there is only a single production test within the gas play Origin decided upon a qualitative assessment approach instead to estimate the technically recoverable resource. Factors considered in the qualitative assessment of technically recoverable hydrocarbon resource in the gas play were the SRV recovery factor range, the subsurface utilization factor range and surface utilization factor range. Origin's Contingent Gas Resource Estimates for the Middle Velkerri B Shale Pool within EP76, EP98 and EP117 Origin has prepared a contingent gas resource estimate using probabilistic methods and reservoir evaluation data, in addition to regional seismic data. As noted in Origin's press release the "The contingent resource estimates contained in [their] report are based on, and fairly represents, information and supporting documentation that have been prepared by Alexander Côté who is a full-time Origin employee and a Qualified Reserves and Resource Evaluator. Mr Côté is a registered professional engineer with specialised unconventional gas resource characterisation and development experience. Mr Côté has consented to the form and context in which these statements appear". Mr Côté is a member of the Association of Professional Engineers and Geoscientists of Alberta. On 14 September 2016, the Northern Territory Government introduced a moratorium on hydraulic fracturing, and subsequently established an independent scientific inquiry. Pending the outcome of this independent inquiry, Origin has requested a suspension of all drilling operations with the DPIR. We await their formal response to the request. "The submission of a discovery evaluation report supporting the existence of a material gas resource in the Beetaloo Basin coupled with Origin's best estimate assessment of a gross contingent gas resource of 6.6 TCF for the Middle Velkerri B shale pool surrounding and adjacent to the Amungee NW-1H exploration well are exciting developments for Falcon. Additional exploration and appraisal activity will be required to refine the pool size and better assess the recoverable resource range and ultimately the commerciality of the play. However, it is interesting to note that in Origin's opinion the Marcellus and Barnett Shales in the USA are analogous, commercially-productive fields that are similar to the Middle Velkerri B Shale reservoir." Please refer to Appendix A for a copy of Origin's ASX/Media Release "Beetaloo Basin drill results indicate material gas resource". This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 of the European Parliament and of the Council. Further information relating to disclosure of resources Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "outlook", "budget", "hope", "support" or the negative of those terms or similar words suggesting future outcomes. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Such information may include, but is not limited to, comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, the prospectivity of the Middle Velkerri play and the prospect of the exploration programme being brought to commerciality, risks associated with the introduction of a moratorium, fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation. Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks 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, including under "Risk Factors" in the Annual Information Form. This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE. 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 Origin Energy (ASX:ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its leadership in the supply of green energy, Origin also aspires to be the number one renewables company in Australia. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base. 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. To view Appendix A - Origin's ASX/Media Release, please visit the following link:


News Article | February 15, 2017
Site: globenewswire.com

DUBLIN, IRELAND--(Marketwired - Feb. 15, 2017) - Falcon Oil & Gas Ltd. (TSX VENTURE:FO)(AIM:FOG)(ESM:FAC) is pleased to announce that Origin Energy Resources Limited ("Origin"), Falcon's 35% joint venture partner, has submitted the Results of Evaluation of the Discovery and Preliminary Estimate of Petroleum in Place for the Amungee NW-1H Velkerri B Shale Gas Pool ("Report") to the Northern Territory Government. The submission follows the completion of extended production testing at the Amungee NW-1H exploration well of the "B Shale" member of the Middle Velkerri Formation. In addition, Origin undertook a resource study based on the Amungee NW-1H well results and other key wells in the Beetaloo Basin including regional seismic data to determine a 2C contingent gas resource estimate for the Middle Velkerri B Shale Pool within EP76, EP98 and EP117. The Report was submitted in compliance with Section 64 of the Northern Territory Petroleum Act (2016) and as per the Reporting a Petroleum Discovery Guideline. The Report follows the initial submission of the notification of discovery and an initial report on discovery in October 2016. The Report provides the following volumetric estimates and recovery / utilisation factor for the B Shale member of the Middle Velkerri Formation within permits EP76, EP98, and EP117. Understanding the factors controlling deliverability and recovery as well as spatial variation within the gas play/shale pool are in their infancy. A quantitative assessment of the aggregated estimated recoverable resource of the gas play that can handle these complexities will require a statistically significant number of wells testing the gas play. As there is only a single production test within the gas play Origin decided upon a qualitative assessment approach instead to estimate the technically recoverable resource. Factors considered in the qualitative assessment of technically recoverable hydrocarbon resource in the gas play were the SRV recovery factor range, the subsurface utilization factor range and surface utilization factor range. Origin's Contingent Gas Resource Estimates for the Middle Velkerri B Shale Pool within EP76, EP98 and EP117 Origin has prepared a contingent gas resource estimate using probabilistic methods and reservoir evaluation data, in addition to regional seismic data. As noted in Origin's press release the "The contingent resource estimates contained in [their] report are based on, and fairly represents, information and supporting documentation that have been prepared by Alexander Côté who is a full-time Origin employee and a Qualified Reserves and Resource Evaluator. Mr Côté is a registered professional engineer with specialised unconventional gas resource characterisation and development experience. Mr Côté has consented to the form and context in which these statements appear". Mr Côté is a member of the Association of Professional Engineers and Geoscientists of Alberta. On 14 September 2016, the Northern Territory Government introduced a moratorium on hydraulic fracturing, and subsequently established an independent scientific inquiry. Pending the outcome of this independent inquiry, Origin has requested a suspension of all drilling operations with the DPIR. We await their formal response to the request. "The submission of a discovery evaluation report supporting the existence of a material gas resource in the Beetaloo Basin coupled with Origin's best estimate assessment of a gross contingent gas resource of 6.6 TCF for the Middle Velkerri B shale pool surrounding and adjacent to the Amungee NW-1H exploration well are exciting developments for Falcon. Additional exploration and appraisal activity will be required to refine the pool size and better assess the recoverable resource range and ultimately the commerciality of the play. However, it is interesting to note that in Origin's opinion the Marcellus and Barnett Shales in the USA are analogous, commercially-productive fields that are similar to the Middle Velkerri B Shale reservoir." Please refer to Appendix A for a copy of Origin's ASX/Media Release "Beetaloo Basin drill results indicate material gas resource". This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 of the European Parliament and of the Council. Further information relating to disclosure of resources Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "outlook", "budget", "hope", "support" or the negative of those terms or similar words suggesting future outcomes. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Such information may include, but is not limited to, comments made with respect to the type, number, schedule, stimulating, testing and objectives of the wells to be drilled in the Beetaloo basin Australia, the prospectivity of the Middle Velkerri play and the prospect of the exploration programme being brought to commerciality, risks associated with the introduction of a moratorium, fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation. Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks 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, including under "Risk Factors" in the Annual Information Form. This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd's Head of Technical Operations. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Aniversiteit Amsterdam, the Netherlands. He is a member of AAPG and EAGE. 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 Origin Energy (ASX:ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.3 million customers), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe). To match its leadership in the supply of green energy, Origin also aspires to be the number one renewables company in Australia. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia's biggest CSG to LNG project based on the country's largest 2P CSG reserves base. 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. To view Appendix A - Origin's ASX/Media Release, please visit the following link:


News Article | February 15, 2017
Site: en.prnasia.com

BRISBANE, Australia, Feb. 16, 2017 /PRNewswire/ -- Today, Dawney & Co releases an open letter to shareholders of AWE Limited. The content is as follows: Dawney & Co Pty Ltd ("Dawney & Co", "we", "us" or "our") AWE Limited ("AWE" or "the Company") At the time of writing AWE's share price was circa $0.55. We refer to our letter dated 4 October 2016 and subsequent statement released on 2 November 2016. We have written this open letter because the AWE Board has chosen not to engage with us. There is currently an abundance of corporate activity in AWE's realm that we feel the Board is not prepared or willing to capitalise on (an early decision for an early bonus beats a drawn out result every day): Meanwhile, the AWE Board remains closed and complacent. As noted in our letter, the Board swiftly rejected the $0.80 per share takeover approach by Lone Star in May 2016. In the same disdainful manner, during December 2013 the Board rejected a friendly 1.9:1 merger proposal from Senex Energy Limited (SXY) (effective offer price received of six month VWAP $1.37 per share and 12 December 2013 close of $1.44 per share). With the exception of Managing Director Biggs all present Directors were part of that Board. We sense a pattern is emerging; in both circumstances, the Board reasoned underlying value and better times ahead. They then faced impairment of $246.2M in FY15 and $291.7M in FY16. Intentional or not, it appears the Board has a hostile and dismissive attitude toward merger and acquisition approaches. This is disconcerting for shareholders and not how we want the investment community or potential future bidders to view the Company. At the Annual General Meeting, Chairman Phillips declared "your Board governs the Company for the medium to long term shareholders and not short term traders". We assumed his criticisms were aimed at our unanswered communications. We raised the FY16 $291.7M impairment of assets and asked if those assets were, at the time of investment decision, considered long term in nature; Mr. Phillips responded "yes". Mr. Phillips also commented that AWE is entering an investment phase. With $772.1M of issued capital resulting in $436.7M of accumulated losses (-56.6% ROI), the long-term investment strategy is clearly not working and should be reviewed. We would like to formalise our response to Mr. Phillips: Before any investment, we analyse the fundamentals and direction of a prospect and make a judgment call about its future. While analysing AWE we formed a view that the Board has presided over substantial value destruction and that shareholders would be best served realising their assets before additional losses are incurred. Our campaign is based entirely on preserving shareholder value, regardless of the time period we've been invested. We agree AWE has valuable assets, but value doesn't change positively unless good management and catalysts are creating it. It is what a buyer is prepared to pay at a point in time. At the AWE Annual General Meeting Mr. McEvoy stated that after a 40-year career he was ready to retire from the Board of Directors. However, he has signed on for a further term as the retirement of Chairman Phillips took precedence. We question how motivated and committed Mr. McEvoy will be in his twilight years. Further, Mr. McEvoy is a Non-Executive Director of Seven Group Holdings (the largest shareholder of Beach Energy which is said to be looking over Origin Energy's upstream assets). With corporate activity brewing, which shareholders will benefit most from Mr. McEvoy's focus, Seven Group or AWE? AWE could be seen as a second prize for unsuccessful Origin upstream bidders. Has Mr. McEvoy discussed this at Seven Group Board level? When Chairman Phillips retires from the Board, the continuing Director shareholdings will be Biggs 10,000 shares, 920,282 cash share rights, McEvoy 30,000 shares, Williams 80,000 shares, Betros 70,000 shares, Penrose 50,000 shares. A total of 240,000 shares equal to 0.045% of the Company (the latest 3B confirmed 528,156,857 on issue). Each of these Directors have held high level Executive positions over their careers and yet collectively own only $134,750 worth of AWE shares (240,000 x $0.55 per share). There has been little buying. Having rejected two offers ($1.37 and $0.80) on the basis of underlying value, why haven't these historically successful Executives invested more of their net worth at recent prices? On another note, Perennial Value, a long-term value investor, ceased being a substantial shareholder on 7 December 2016 with final reported sales at 63.25/63.5 cents per share. Evidently, we're not the only shareholders concerned about the Boards direction. Although the Board impaired net assets to $0.54 per share and rejected much higher offers, they have failed to provide ample information supporting their decisions. When asked at the AGM by another shareholder to discuss contracted gas prices and expected cash flows available for distribution Chairman Phillips told the meeting he was not able to provide those details. As the Board won't open up to shareholders or engage with interested M&A parties we believe it is time for change. We invite like-minded shareholders to contact us.

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