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Falcon Oil & Gas Ltd. Receives Approval of Closing Report for Mining Plot and Provides Operations Update in Hungary
Falcon Oil & Gas Ltd. Receives Approval of Closing Report for Mining Plot and Provides Operations Update in Hungary.
About this update from Falcon Oil & Gas Ltd.
[{"type":"text","content":"\n\n\n\n(TSXV Symbol: FO)\n\n\nBUDAPEST, Hungary, Dec. 21 /CNW/ - Falcon Oil & Gas Ltd. (TSXV: FO)\n(\"Falcon\") announced that it has received written approval from the Hungarian\nMining Authority based on the Geological Closing Report covering the estimated\nresource underlying Falcon's two exploration licenses. The Mining Bureau\napproval is based on the Hungarian Geological Survey recommendation.\n\n\nApproval of Closing Report\n\n\nOn December 21, 2006, Falcon received written acceptance and approval of\nthe formal Closing Report which it submitted to the Hungarian government\nauthorities in October 2006. This government action means that the Hungarian\ngovernment has validated and agrees with Falcon's geological and technical\nevaluation and conclusions about the existence, extent, and potential\nrecoverable volumes of gas within the Basin Centered Gas Accumulation (\"BCGA\")\nunderlying Falcon's exploration licenses. The approved Mining Plot covers 100\nper cent of the area used by the Scotia Group, Inc., for their resource\nestimate, in a report (\"Scotia Report\") dated effective August 15, 2006\n(previously filed at www.Sedar.com). This area is a continuous basin centered\ngas accumulation. The Mining Plot approval is for a period of 35 years with an\nextension for 17 1/2 additional years.\n\n\nMarc A. Bruner, Chairman and CEO of Falcon, stated, \"The approval and\nacceptance of the Closing Report represents a major achievement and the most\nimportant step toward obtaining the long-term production license covering this\nlarge resource. The Hungarian government's formal recognition that this BCGA\nis present in their country will enable Falcon to move forward with its\ndrilling and development plan, and also will have significant benefits for\nHungary, it's citizens and the region.\"\n\n\nDr. Gyorgy Szabo, a member of Falcon's Board of Directors stated further,\n\"The company must still complete its environmental impact study and submit\nother documents in order to obtain the production licenses. Falcon expects\nthis process to take a period of up to several months. However, the\ngovernment's acceptance of Falcon's Closing Report indicates agreement with\nthe Scotia Report and the analogy of this discovery to the Pinedale Field\"\n\n\nCommencement of Completion Operations\n\n\nFalcon has started completion operation...