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Falcon Oil & Gas Ltd. (“Falcon” or “Company” ) Binding Letter of Intent Executed with New Joint Venture Partner 11 October 2022 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) is pleased to announce that its c.98% owned subsidiary, Falcon Oil & Gas Australia Limited (“ Falcon Australia ”), has entered into a binding Letter of Intent (“ LOI ”) with Tamboran (B1) Pty Limited (“ Tamboran ”), a joint venture between Sheffield Holdings LP and Tamboran Resources Limited, pursuant to which the parties have agreed to amend the terms of the Joint Operating Agreement (“ JOA ”) and the Farm-In Agreement (“ FIA ”), each dated 2 May 2014 (as amended), entered into with Origin Energy B2 Pty Ltd (“ Origin ”) in respect of Falcon Australia’s interest in the Beetaloo Sub-Basin exploration permits. The Board believes that the proposed amendments to the FIA and JOA will significantly improve Falcon’s future capital preservation and optionality. The key terms of the LOI provide for: Falcon Australia to earn an additional carry on future well costs of up to AU$30m (AU$6.75m net to Falcon Australia); the introduction of limited proration units on sole risk operations to a maximum […]
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