Falcon Oil & Gas Ltd. has signed a termination agreement with Naftna Industrija Srbije jsc 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.
Oilfield Services Contract
In January 2013, Falcon and NIS agreed to complete a three-well drilling programme targeting the relatively shallow Algyo Play, by July 2014.