UPDATE: Falcon and Chevron to jointly Explore Karoo Basin in South Africa; Falcon Up 11%

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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, South Africa.

Falcon currently has a Technical Cooperation Permit ( TCP ), 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 been traded.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: TCP

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