Falcon Oil & Gas Ltd 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
(CVE:FO, ) 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.
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