NIS to Pay Falcon Oil & Gas $3.7 Million Cash Settlement

Source: www.gulfoilandgas.com 12/3/2015, Location: Europe

Falcon Oil & Gas Ltd. (Falcon) has signed a termination agreement with Naftna Industrija Srbije jsc (NIS) terminating the Oilfield Services Contract entered into between the parties in January 2013. NIS has agreed to pay US$3.7 million to Falcon in fulfilment of its contractual obligations. Falcon retains a 100% interest in the Mako Trough Licence in Hungary including the deep play.

In January 2013, Falcon and NIS agreed to complete a three-well drilling programme (the "Agreement") targeting the relatively shallow Algyo Play, by July 2014. Under the terms of the Agreement, NIS made a cash payment of US$1.5 million and agreed to carry Falcon for 100% of all costs associated with the drilling and testing programme. The July 2014 deadline for completion of drilling and testing of the three-well programme was subsequently extended by Falcon to 31 December 2014 to enable NIS to fulfil its three-well obligation. As of 31 December 2014, NIS had only drilled and tested two wells.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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