The firm has shot 470 line-km of 2D seismic last year and 630 line-km so far this year and is on track to complete the entire planned 3,600 line-km on EPs 76, 98, and 117 by the end of 2012.
Falcon said in its operation update that Hess has until 30 June 2013 to commit to the drilling of five exploratory wells to earn a 62.5% interest in the three permits.
This is a revised date agreed with Falcon that will allow Hess sufficient time to complete the acquisition and processing of the 2D seismic.
Should Hess commit to the drilling, Falcon’s interest will reduce to 37.5%, but Falcon will be fully carried through the drilling of the five wells.
Falcon retains 100% of EP99 and the 100,000 acres surrounding the Shenandoah well area, a well completed and tested last year.
The Dublin-based firm focuses on unconventional oil and gas exploration and producing assets in Hungary, Australia and South Africa.
