ExxonMobil, MOL Exit Hungarian Development
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.
Operates 16 Offshore Rigs
- ExxonMobil Jumping in to Mexico Fuel Market With First US Cargo (Dec 06)
- ExxonMobil to Evaluate Offshore Mauritania Blocks (Dec 04)
- ExxonMobil To Merge Refining And Marketing Divisions (Dec 01)
Company: MOL Hungarian Oil & Gas more info
- MOL Group Acquires New Licenses in Hungary (Feb 07)
- MOL Makes Oil, Gas Discoveries in Pakistan (Jul 13)
- MOL Finds Condensate, Gas at Makori East-05 Well in Pakistan's TAL Block (Jul 12)
Company: Falcon Oil & Gas more info
- Falcon Updates on Drilling Ops at Amungee NW-1H Well in Beetaloo Basin (Sep 30)
- Falcon O&G Provides Update on Drilling Ops in Beetaloo Basin in Australia (Jul 26)
- Falcon Outlines Drilling Plans for its Australia's Beetaloo Basin Assets (Apr 29)