Falcon Oil & Gas, announces that, further to its press release dated the 24th May 2013, it has received approval from the shareholders of Falcon Oil & Gas Australia for the acquisition of Sweetpea Petroleum Pty 50 million shares or 24.22% interest in FOGA. Closing of the acquisition is anticipated to occur within the next 5 business days and is subject to TSX Venture Exchange final approval.
Falcon Oil & Gas, is pleased to announce that it has repaid the full amount outstanding on its Convertible Loan Note of CAD $10.657m. The 11% Convertible Debt was issued on 30th June 2009 to a small number of Institutional and retail debenture holders and was due to expire on the 30th June 2013. The conversion price at the time of the Issue was CAD 0.60 per common share.
Falcon Oil & Gas, announces that Hess Australia, did not elect to commit to drilling the five wells required to earn their interest in the Beetaloo permits by the agreed deadline of 10pm Friday the 28th June. In accordance with the Participation Agreement dated 28th April 2011, as amended on the 2nd August 2012, which granted Hess the first extension, failure to elect on time means that Hess forfeits their right to earn [...]
Falcon Oil & Gas is pleased to announce that further to its announcement on 23 May 2013, the first of three exploration wells "Kútvölgy-1", to evaluate the gas potential of the Algyö Formation at a depth of approximately 3,000m in the Mako Trough, was spudded on the 11th June, 2013. Drilling of this first well is expected to take approximately 40 days. It is planned to drill into the Algyö Formation, log and suspend the [...]
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