Falcon Oil & Gas has received written notices from ExxonMobil and MOL Hungarian Oil and Gas Plc ("MOL"), stating that neither company will proceed to the Appraisal Work Program in the joint production and development project located in the Mako Trough in Hungary and exit the Production and Development Agreement ("PDA").
In accordance with the PDA, ExxonMobil's and MOL's respective participating interests in the Contract Lands, the Foldeak-1 well, and all other interests will automatically revert to Falcon. Falcon now becomes operator of the Contract Area. Concurrently, the Company is seeking alternative strategic partners and is in active discussions with multiple parties to continue evaluation of Falcon's 247,000 acres under the long-term production license.
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