The written approval covers all oil and gas in an area underlying the company’s two exploration licences in southeast Hungary. It will allow Falcon Oil & Gas Ltd., through its Hungarian operating subsidiary TXM Oil and Gas LLC, to implement its drilling and development plan for what it calls a “large hydrocarbon resource.” The company now plans to put necessary systems and personnel in place to develop the resource. The production licence will continue as long as Falcon continues operations on the properties. “The issuance of the long-term production licence is the culmination of years of dedicated work,” CEO Marc Bruner said in a release. Falcon also has operations in Romania. Tuesday afternoon on the TSX Venture Exchange, Falcon Oil stock was up eight cents, or 2.2%, at $3.67 in trading of 1.5 million shares. (oilweek.com)
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