Exploration & Production | Deals - Joint Ventures
Karoo Basin Shale Gas Target of Falcon, Chevron JV
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Falcon Oil & Gas Ltd. has entered into an Agreement (the Agreement) with Chevron Business Development South Africa Limited (Chevron) which allows both parties to jointly co- operate together in order to seek unconventional exploration opportunities in the Karoo Basin, South Africa.
Falcon currently has a Technical Cooperation Permit (TCP), which gives Falcon exclusive rights to obtain an Exploration Permit covering approximately 7.5 MM acres in the southern part of the Karoo basin.
The Agreement today provides for Falcon to work exclusively with Chevron for a period of five years in jointly obtaining Exploration Permits in the Karoo Basin subject to the parties mutually agreeing participation terms applicable to each permit and as such, there will be future announcements by Falcon when an…
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