Falcon Oil & Gas Ltd (UK) (GB:FOG) has released an update.
Falcon Oil & Gas Ltd has successfully completed a fundraising initiative, securing approximately $4.9 million through the issuance of 64.8 million new shares at 6p each. The funds raised, in conjunction with other capital resources, will be directed primarily towards the company’s share of capital expenditures for the Shenandoah South Pilot Project in the Beetaloo Sub-basin, Australia. This project involves drilling and testing two horizontal wells and acquiring a 3D seismic survey in the upcoming year.
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