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Falcon Oil & Gas exits non-core assets in Canada

It comes as the AIM-quoted explorer continues to see encouraging results from wells at the Beetaloo project in Australia's Northern Territory

Falcon Oil & Gas Ltd - Falcon Oil & Gas exits non-core assets in Canada

Falcon Oil & Gas Ltd (CVE:FO, LON:FOG) told investors it is exiting non-core assets in Canada, assigning its interests to a large Canadian-based company.

The company noted that the assets – which comprise three-producing wells, one shut-in well and associated infrastructure – have been loss making and have generated minimal revenue for Falcon of the last number of years (it yielded just US$5,000 of revenue at a cost of US$10,000 in 2019, for example).

To exit, Falcon agreed to pay C$37,000 to cover its net working interest share of abandonment and reclamation obligations.

Quick facts: Falcon Oil & Gas Ltd

Price: 6.925 GBX

Market: AIM
Market Cap: £67.99 m


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