Falcon Oil & Gas Ltd. Falcon Oil & Gas Ltd.: Termination Of The Overriding Royalty Interest With Cr Innovations Ag
03 October 2018 - 4:00PM
UK Regulatory
TIDMFOG
Falcon Oil & Gas Ltd.
Termination of the Overriding Royalty Interest with CR Innovations AG
3 October 2018 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG, ESM: FAC)
notes the following.
Falcon Oil & Gas Australia Ltd. ("Falcon") and Origin Energy B2 Pty Ltd.
("Origin") entered into a call option agreement in 2014 with CR
Innovations AG ("CRIAG") to acquire its remaining 1% overriding royalty
interest over the Beetaloo Sub-basin exploration permits EP76, EP98, and
EP117 in the Northern Territory, Australia ("ORRI"). Under the relevant
agreement, Falcon and Origin had a five-year option to terminate the
ORRI at a cost of US$5 million, to be paid in proportion to their
respective interests in the exploration permits.
CRIAG was adjudicated bankrupt on 21 March 2017 following which Falcon
and Origin approached the liquidator of CRIAG (the "Liquidator") with a
view to terminating the ORRI. Falcon and Origin have signed a
termination agreement with the Liquidator and paid CHF150,000
(approximately US$151,000) to the Liquidator and the 1% ORRI has been
terminated.
For further information, please contact:
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Davy (NOMAD & Joint Broker)
John Frain / Barry Murphy +353 1 679 6363
RBC (Joint Broker)
Matthew Coakes / Martin Copeland +44 20 7653 4000
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas company engaged in
the acquisition, exploration and development of conventional and
unconventional oil and gas assets, with the current portfolio focused in
Australia, South Africa and Hungary. Falcon Oil & Gas Ltd is
incorporated in British Columbia, Canada and headquartered in Dublin,
Ireland with a technical team based in Budapest, Hungary.
For further information on Falcon Oil & Gas Ltd. please visit
www.falconoilandgas.com
About Origin Energy
Origin Energy (ASX: ORG) is a leading Australian integrated energy
company. Origin is a leading energy retailer with approximately 4.2
million customer accounts, has approximately 6,000 MW of power
generation capacity and is also a large natural gas supplier. Origin is
also a 37.5% shareholder of Australia Pacific LNG, which supplies
natural gas to Australian domestic markets and exports LNG to
international markets.
For further information on Origin Energy, please visit
www.originenergy.com.au
Glossary
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Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Falcon Oil & Gas Ltd. via Globenewswire
http://www.falconoilandgas.com/
(END) Dow Jones Newswires
October 03, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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