Falcon Oil & Gas Ltd (UK) (GB:FOG) has released an update.
Falcon Oil & Gas Ltd announces a fundraising initiative aimed at raising $8.5 million through the placement of new Common Shares and direct subscriptions. The funds raised are intended to support the company’s capital expenditure on the Shenandoah South Pilot Project in Australia, which includes drilling and testing two horizontal wells in the Beetaloo Sub-basin. Additionally, Falcon Oil & Gas Australia Limited will grant overriding royalty interests to third parties in exchange for cash payments, subject to legal and government approvals.
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