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.
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