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.