logo-loader
viewFalcon Oil & Gas Ltd

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

AIM:FOG
Market: AIM
Market Cap: £67.99 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Falcon Oil & Gas Ltd named herein, including the promotion by the Company of Falcon Oil & Gas Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Morning Report: FTSE 100 rises for second day on optimism spread of virus in...

The FTSE 100 is expected to rise for a second day on growing optimism that the spread of coronavirus in Europe in slowing. Wall Street jumped 7.7% overnight while Asian markets were also higher. WH Smith has raised £166mln from a placing. The price was at a 4% discount to the last...

on 7/4/20

2 min read