Falcon Oil & Gas Ltd. (FO.V), announced today that it has
entered into an Agreement with Chevron Business Development South
Africa Limited which allows both parties to jointly co-operate to
seek unconventional exploration opportunities in the Karoo Basin,
Falcon currently has a Technical Cooperation Permit (
), which gives it exclusive rights to obtain an Exploration Permit
covering approximately 7.5 million acres in the southern part of
the Karoo basin.
The Agreement today provides for Falcon to work exclusively with
Chevron for a period of five years in jointly obtaining Exploration
Permits in the Karoo Basin subject to the parties mutually agreeing
participation terms applicable to each permit.
Chevron will make immediate cash payment of up to $1 million to
Falcon as a contribution to past costs.
Falcon is now trading at 19 cents. Close to 350,000 shares have
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