The agreement 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 and as such, there will be future announcements by Falcon when an exploration permit is awarded.

Well completion operations began on September 4, 2012 and following an 11 stage fracture stimulation and well clean out to ensure all ports were open.