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Falcon Oil & Gas to pursue “all options” in Hungary

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Falcon Oil & Gas (LON:FOG) told investors it will pursue “all options” to generate shareholder value from the company’s interests in the Mako Trough licence in Hungary.

The company’s deadline for farm-in partner Naftna Industrija Srbije to complete a three-well drill programme has now passed, without the agreed programme being completed.

Nafta drilled and tested two of the three commitment wells. An extension of the original July 2014 deadline had given Nafta until December 31 2014 to complete.

"We would like to thank NIS for their partnership over the last two years.

“The first two wells in the three-well programme were drilled and tested professionally. However, we are very disappointed that NIS has not fulfilled its obligations in accordance with the terms of the agreement and we will now pursue all options available to the company."

"Falcon remains focused on the potential farm-out of the Mako deep play and is currently working with industry to evaluate potential options."

The company now retains 100% interest in the Mako Trough Licence in Hungary, including the deep play.

Quick facts: Falcon Oil & Gas Ltd

Price: 13.1 GBX

AIM:FOG
Market: AIM
Market Cap: £128.62 m
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