Falcon Oil & Gas Ltd. (TSXV: FO), a Dublin-headquartered company focused on unconventional oil and gas exploration and producing assets in Australia, Hungary, and South Africa, announced today that it has entered into an agreement with Chevron Business Development South Africa Ltd. which allows both parties to jointly co- operate together in order to seek unconventional exploration opportunities in the Karoo Basin, South Africa.
Falcon currently has a technical cooperation permit (TCP), which gives Falcon exclusive rights to obtain an exploration permit covering approximately 7.5 MM acres in the southern part of the Karoo basin.
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.
Chevron will make immediate cash payment of up to $1 million to Falcon as a contribution to past costs and from today will work with Falcon to secure exploration permits.
Recommended Reading
Exclusive: ‘Regulatory Tsunami’ a Top Priority for American Producers, Says AXPC’s Bradbury
2024-04-22 - Regulatory considerations have significant implications for how oil and gas companies evaluate risk, and it’s a top priority for American energy producers right now, said American Exploration & Production Council CEO Anne Bradbury at CERAWeek by S&P Global.
Global Energy Watch: Corpus Christi Earns Designation as America's Top Energy Port
2024-02-06 - The Port of Corpus Christi began operations in 1926. Strategically located near major Texas oil and gas production, the port is now the U.S.’ largest energy export gateway, with the Permian Basin in particular a key beneficiary.
CERAWeek: Energy Secretary Defends LNG Pause Amid Industry Outcry
2024-03-18 - U.S. Energy Secretary Jennifer Granholm said she expects the review of LNG exports to be in the “rearview mirror” by next year.
US Asks Venture Global LNG to Justify Filing of Confidential Documents
2024-03-13 - The FERC request comes days after Venture Global LNG customers had challenged the company's request for a one-year extension of its startup and urged the regulator to make Venture Global release the confidential commissioning documents.
Israel Says Gas Exports to Egypt, Jordan Rose 25% in 2023
2024-02-26 - Israel said on Feb. 26 that gas supplies to Egypt and Jordan rose by about 25% in 2023.