Falcon Oil & Gas Ltd informs about Beetaloo Farm-Out

Falcon Oil & Gas Ltd (LON: FOG) has informed about Beetaloo Farm-Out.

  • The company has stated that Falcon Oil & Gas Australia Limited (around 98% subsidiary of the company), has executed an agreement with Origin Energy B2 Pty Ltd.
  • The agreement includes a restated Farm-Out Agreement and Joint Operating Agreement with Origin Energy B2 Pty Ltd, a subsidiary of Origin Energy Limited.
  • The agreement is for farm down 7.5 per cent of Falcon Australia’s 30 per cent participating interest in the Exploration Permits in the Beetaloo Sub-basin.
  • In consideration of Falcon Australia moving 7.5 per cent of its participating interest, Origin will increase the gross cost cap of the work program by A$150.5 million.
  • On 7th April 2020, at the time of writing, GMT 08:41 AM, FOG shares were trading at GBX 6.50, up by 0.30 points or 4.84% against the previous day closing price.